United Bank for Africa Plc (UBA) has continued to reinforce its position as one of Africa’s leading financial institutions, extending its growth momentum into 2026 with a balance sheet that remains firmly above the N33 trillion threshold. The bank’s latest unaudited financial statements for the quarter ended 31 March 2026 highlight both resilience in core operations and a measured normalisation of profitability following an exceptionally strong prior year.
Total assets stood at N33.1 trillion in Q1 2026, broadly stable when compared with the N33.2 trillion recorded at the end of the 2025 financial year, which itself reflected a 9.4 per cent annual expansion. The sustained asset base underscores the Group’s continued ability to scale its operations across multiple African markets while maintaining balance sheet strength.
Revenue generation remained solid in the first quarter of 2026, with gross earnings rising by 5 per cent year-on-year to N801.5 billion. This performance builds on the approximately N3 trillion in gross earnings recorded for the full 2025 financial year, supported by steady growth across both interest-earning and fee-based businesses.
Interest income increased by 6.9 per cent to N641.1 billion, reflecting continued expansion in lending activities and improved yield dynamics across selected portfolios. Non-interest income also posted strong growth of 17.3 per cent to N137.1 billion, further highlighting the Group’s diversified revenue structure and increasing contribution from transaction-based services.
This revenue mix translated into improved core profitability metrics, with net interest income rising by 10.5 per cent to N383.7 billion. As a result, operating income climbed 12.2 per cent to N520.8 billion, signalling sustained efficiency in the bank’s underlying banking operations.
Despite these gains, reported profitability moderated in line with expectations. Profit before tax declined by 21.4 per cent to N160.7 billion, while profit after tax fell by 22.8 per cent to N146.6 billion. The bank attributed this adjustment to earnings normalisation following exceptional charges recorded in the 2025 financial year, which included significant loan loss provisions and derivative-related fair value impacts.
In the previous year, UBA’s performance was affected by N331 billion in loan loss provisions and N227 billion in fair value losses on derivatives—items the bank described as largely non-recurring in nature and not expected to materially influence future earnings trajectories.
The Group’s funding base remained robust, with customer deposits holding strong at N26.2 trillion in Q1 2026, following an 11.8 per cent expansion in 2025 that lifted deposits to N27.2 trillion. This stable deposit base continues to provide liquidity strength and supports the bank’s ability to finance growth across its operating regions.
Management attributed the Group’s performance to its diversified Pan-African business model and improving earnings quality. Group Managing Director and Chief Executive Officer, Oliver Alawuba, noted that while headline profitability has moderated, underlying fundamentals remain strong, supported by disciplined risk management and expanding digital capabilities.
He also highlighted the bank’s ongoing investments in technology and regional expansion as key drivers of future growth, positioning UBA to deepen financial inclusion and facilitate intra-African trade across its footprint.
From a risk and finance perspective, Executive Director for Finance & Risk Management, Ugo Nwaghodoh, emphasised that the Group’s performance reflects a transition towards a more sustainable earnings structure following its recapitalisation. He noted gradual improvements in key profitability indicators on a year-to-date basis, alongside stable funding costs and strengthening asset quality.
Shareholders’ funds remained strong at N4.25 trillion, supported by share capital and premium of N504 billion, while the capital adequacy ratio stood at a healthy 23.2 per cent, leaving the bank well-capitalised for future expansion opportunities.
Geographically, UBA’s African subsidiaries continued to play a central role in performance, contributing more than half of Group assets, revenue, and profit. Operations in West Africa and East/Central Africa were particularly strong, reinforcing the bank’s position as a truly pan-African financial institution.
Looking ahead, UBA says it remains focused on expanding its risk asset portfolio in selected sectors, strengthening digital infrastructure, and sustaining balance sheet growth as it navigates 2026 and beyond with a strategy centred on scalability, diversification, and long-term value creation.