UBA Plc delivers core revenue growth in Q1 2026

United Bank for Africa Plc, a leading pan-African financial institution, has released its unaudited financial results for the first quarter ended March 31, 2026, demonstrating resilient operational performance and continued balance sheet strength despite a moderate profitability environment.

Gross profits increased 5% to ₦801.5 billion, driven by growth across all major revenue lines. Interest income also grew by 6.9% to ₦641.1 billion, while non-interest income grew by 17.3% to ₦137.1 billion, highlighting the Group’s expanding and diversified revenue base.
Net interest margin increased 10.5% to ₦383.7 billion, supporting a 12.2% increase in operating income to ₦520.8 billion, demonstrating sustained momentum in core banking operations.
UBA has recorded a notable improvement in key profitability and efficiency metrics, reflecting a more sustainable earnings profile.
While the average return on equity rose to 13.7%, the return on assets improved to 1.77%, signaling greater earnings efficiency. The cost of risk fell significantly to 2.02%, underscoring improved asset quality and disciplined risk management. The cost of funds fell to 3.73% from 3.83% in December 2025, reflecting improved financing costs.

Profit before tax fell to ₦160.7 billion, while profit after tax fell to ₦146.6 billion, representing a decline of 21.4% and 22.8% respectively, in line with the Group’s guidance on profit normalization.
The bank has also done well in maintaining a strong and resilient balance sheet with total assets of ₦33.1 trillion and customer deposits of ₦26.2 trillion.

Commenting on the results, Group Managing Director/CEO, Oliver Alawuba, said: “UBA’s performance in the first quarter of 2026 underlines the strength of our diversified pan-African model and the resilience of our core banking businesses. While profitability has softened, in line with our expectations for a transition year, we are seeing strong underlying momentum in our markets, supported by improved earnings quality and disciplined risk management.

Our continued investments in digital capabilities and regional expansion are improving revenue resilience and positioning the Group for long-term sustainable 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 and Risk Management, Ugo Nwaghodoh, added: “The Group’s first quarter 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 year-on-year improvement, despite the normalization of core earnings. Our balance sheet remains strong, supported by a diversified funding base and disciplined growth of With stable financing costs and improving asset quality, we are well positioned to drive operating leverage and long-term value creation.”

UBA expects 2026 to remain a transition year characterized by continued investment in digital transformation and operational scalability; strengthened risk management and provisioning framework; greater focus on sustainable, high-quality earnings and deeper penetration into African markets.
The Group remains strongly capitalized, highly liquid and strategically positioned to advance its long-term growth agenda.

United Bank for Africa Plc is a leading pan-African financial institution serving over 45 million customers through 1,000 business offices and customer touchpoints in 20 African countries. With operations in New York, London, Paris and Dubai, UBA connects people and businesses across Africa through retail, commercial and corporate banking, payments, trade finance and cross-border solutions.