By Babajide Komolafe
United Bank for Africa Plc (UBA) has sustained its growth trajectory, with total assets crossing the N33 trillion mark and maintaining momentum into the first quarter of 2026, following strong growth in earnings in Full Year 2025 and Q1’26.
The bank’s unaudited results for the first quarter ended March 31, 2026, showed that total assets stood at ?33.1 trillion, reinforcing the strong balance sheet position achieved in the 2025 financial year, when assets rose by 9.4 per cent to ?33.2 trillion.
Gross earnings in Q1 2026 grew by five per cent to ?801.5 billion, building on the N3 trillion earnings recorded in Full Year 2025, supported by expansion across key income lines. Interest income increased by 6.9 per cent to N641.1 billion in Q1’26, while non-interest income rose by 17.3 per cent to N137.1 billion, underscoring the Group’s diversified revenue base.
Net interest income advanced by 10.5 per cent to N383.7 billion in Q1’26, driving a 12.2 per cent increase in operating income to N520.8 billion, reflecting sustained strength in core banking operations.
However, 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, in line with the bank’s guidance on earnings normalisation following the extraordinary charges recorded in the 2025 financial year.
Customer deposits remained strong at N26.2 trillion in Q1’26, building on the 11.8 per cent growth recorded in 2025 when deposits rose to N27.2 trillion, further supporting the bank’s funding base and liquidity profile.
Commenting on the results, Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “UBA’s Q1 2026 performance underscores the strength of our diversified Pan-African model and the resilience of our core banking franchises. While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets, supported by improved earnings quality and disciplined risk management.
“Our continued investments in digital capabilities and regional expansion are enhancing revenue resilience and positioning the Group for sustainable long-term growth. We remain firmly committed to driving financial inclusion, enabling intra-African trade, and delivering superior value to our stakeholders.”
Also speaking, Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said: “The Group’s Q1 performance reflects a deliberate shift towards a more sustainable and scalable earnings profile following our successful recapitalisation. Key profitability indicators, including return on equity and return on assets, show improvement on a year-to-date basis, despite the normalisation of headline earnings.
“Our balance sheet remains robust, supported by a diversified funding base and disciplined loan growth. With stable funding costs and improving asset quality, we are well positioned to drive operating leverage and long-term value creation.”
In the 2025 financial year, UBA recorded gross earnings of N3 trillion, but its bottom line was impacted by loan loss provisions of N331 billion and fair value losses on derivatives of N227 billion. The bank noted that these were largely non-recurring and not expected to significantly affect future earnings.
Shareholders’ funds stood at N4.25 trillion, supported by share capital and premium of N504 billion, while capital adequacy ratio remained strong at 23.2 per cent, positioning the bank for future expansion.
UBA also highlighted strong contributions from its African operations, which accounted for over 50 per cent of Group assets, revenue and profit, with West Africa and East/Central Africa delivering robust growth.
The bank said it remains well-positioned to deepen its footprint across African markets, expand its risk asset base in selected sectors, and sustain asset growth, as it continues to invest in digital transformation and operational scalability in 2026 and beyond.
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