UBA assets hit N33trn, sustain growth momentum into Q1’26
UBA Reports Strong Q1 2026 Growth Amid Earnings Normalization
By Babajide Komolafe
United Bank for Africa Plc (UBA) has reported robust growth as total assets surpassed the N33 trillion mark, reflecting continued momentum into the first quarter of 2026. The bank’s preliminary results, released for the quarter ending March 31, 2026, show total assets rose to N33.1 trillion, building on a 9.4% increase from N30.3 trillion in the previous financial year.
In terms of earnings, UBA recorded a five percent increase in gross earnings, reaching N801.5 billion in Q1 2026, a continuation of the N3 trillion achieved in the full year of 2025. This growth was attributed to successful expansions across key income areas. Notably, interest income increased by 6.9% to N641.1 billion, while non-interest income surged by 17.3% to N137.1 billion, demonstrating the bank’s diversified revenue streams.
Net interest income rose by 10.5% to N383.7 billion, contributing to a 12.2% increase in operating income, which reached N520.8 billion. Despite these gains, profit before tax saw a decline of 21.4% to N160.7 billion, and profit after tax fell by 22.8% to N146.6 billion. This adjustment aligns with the bank’s guidance for earnings normalization following extraordinary costs in the 2025 financial year.
Customer deposits remained stable at N26.2 trillion in Q1 2026, reflecting an 11.8% growth from the previous year when deposits reached N27.2 trillion. Strong deposits continue to support UBA’s liquidity profile and funding base.
Oliver Alawuba, Group Managing Director and Chief Executive Officer of UBA, commented on the results, emphasizing the strength of the bank’s diversified Pan-African model. He noted the moderation in profitability aligns with expectations for a transition year and highlighted strong underlying momentum across markets supported by improved earnings quality and disciplined risk management.
“Our ongoing investments in digital capabilities and regional expansion enhance revenue resilience and position the Group for sustainable long-term growth,” Alawuba said. “We remain committed to driving financial inclusion and facilitating intra-African trade.”
Ugo Nwaghodoh, Executive Director of Finance & Risk Management, added that the Q1 performance reflects a shift towards a more sustainable earnings profile post-recapitalization. He noted improvements in key profitability indicators, such as return on equity and return on assets, despite the normalization of overall earnings.
In the financial year 2025, UBA reported gross earnings of N3 trillion, impacted by non-recurring loan loss provisions of N331 billion and fair value losses on derivatives totaling N227 billion. The bank anticipates these factors will not significantly affect future earnings.
Shareholders’ funds stood at N4.25 trillion, supported by share capital and premium of N504 billion. The capital adequacy ratio remains strong at 23.2%, positioning UBA for future expansion.
The bank also cited strong contributions from its African operations, accounting for over 50% of group assets, revenue, and profit, with significant growth in West and East/Central Africa.
Looking ahead, UBA aims to deepen its presence across African markets, expand its risk asset base, and sustain asset growth while continuing investments in digital transformation and operational scalability throughout 2026 and beyond.
