By Chioma Obinagwam
United Bank for Africa (UBA) recorded gross earnings of ₦801.5 billion in the first quarter of 2026, a 5% rise from the same period last year, as the pan-African lender reported growth across its core revenue lines despite a drop in overall profit.
The bank told Confiance News in a statement on Saturday.
Interest income grew 6.9% to ₦641.1 billion, while non-interest income jumped 17.3% to ₦137.1 billion. Net interest income climbed 10.5% to ₦383.7 billion, pushing operating income up 12.2% to ₦520.8 billion.
Profit before tax, however, fell 21.4% to ₦160.7 billion, with profit after tax declining 22.8% to ₦146.6 billion. The bank attributed the drop to what it described as an expected normalisation of earnings following its recapitalisation.
On the efficiency side, Confiance News reports that return on average equity improved to 13.7% and return on assets rose to 1.77%. Cost of risk fell to 2.02%, and cost of funds eased slightly to 3.73% from 3.83% in December 2025.
The bank closed the quarter with total assets of ₦33.1 trillion and customer deposits of ₦26.2 trillion.
Group Managing Director and CEO Oliver Alawuba said the results reflect the strength of UBA’s diversified model across Africa. “While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets,” he said, pointing to continued investment in digital capabilities and regional expansion.
Executive Director for Finance and Risk Management Ugo Nwaghodoh described the quarter as a deliberate shift toward a more sustainable earnings model. “Our balance sheet remains robust, supported by a diversified funding base and disciplined loan growth,” he said.
UBA said it expects 2026 to remain a transition year, with focus on digital transformation, tighter risk management, and deeper reach across African markets.
Confiance News gathered that the bank currently serves more than 45 million customers through 1,000 offices across 20 African countries, with additional operations in New York, London, Paris, and Dubai.
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