UBA Q1 2026 results show revenue growth and stronger balance sheet despite a decline in profit after tax and profit before tax

United Bank for Africa Plc (UBA) has released its unaudited financial results for the quarter ended 31 March 2026, showing improved revenue growth and a stronger balance sheet despite a decline in profit.

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The Group recorded gross earnings of N801.5 billion, representing a five per cent increase compared to the corresponding period, driven by growth in both interest and non-interest income.

Interest income rose to N641.1 billion, while non-interest income increased to N137.1 billion, reflecting continued diversification of revenue streams across its operations.

Net interest income also grew to N383.7 billion, supporting overall operating income of N520.8 billion and signalling steady momentum in core banking activities.

Despite these gains, profit before tax declined to N160.7 billion, while profit after tax stood at N146.6 billion, reflecting a year-on-year reduction in line with the bank’s expected earnings normalisation phase.

Key performance indicators showed improvement, with return on equity rising and return on assets strengthening, indicating improved efficiency in earnings generation.

The Group also reported a reduction in cost of risk, pointing to better asset quality and more disciplined credit management.

Total assets rose to N33.1 trillion, while customer deposits increased to N26.2 trillion, reinforcing UBA’s strong liquidity position.

Group Managing Director, Oliver Alawuba, said the results reflect the resilience of the bank’s Pan-African model and ongoing investments in digital and regional expansion strategies.

He noted that while profitability has moderated, underlying business fundamentals remain strong, supported by improved earnings quality and risk discipline.

Executive Director for Finance and Risk Management, Ugo Nwaghodoh, added that the performance reflects a transition towards a more sustainable earnings structure following recapitalisation.

UBA stated that 2026 will remain a transition year focused on digital transformation, operational efficiency, and deeper expansion across African markets.

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The bank operates in 20 African countries and maintains international offices in New York, London, Paris, and Dubai, serving over 45 million customers globally.