United Bank for Africa Plc, a leading Pan-African financial institution, has released its unaudited financial results for the first quarter ended 31 March 2026, showing resilient operating performance and continued balance sheet strength despite a moderated profitability environment.
Gross earnings increased five per cent to N801.5bn, driven by growth across key revenue lines. Interest income rose 6.9 per cent to N641.1bn, while non-interest income increased 17.3 per cent to N137.1bn, reflecting the Group’s expanding and diversified revenue base. Net interest income advanced 10.5 per cent to N383.7bn, supporting a 12.2 per cent rise in operating income to N520.8bn, underscoring sustained momentum in core banking operations. UBA recorded notable improvement in key profitability and efficiency indicators, reflecting a more sustainable earnings profile.
Return on average equity rose 13.7 per cent, while return on assets improved 1.77 per cent, indicating stronger earnings efficiency. The cost of risk declined significantly to 2.02 per cent, reflecting improved asset quality and disciplined risk management.
Cost of funds also moderated 3.73 per cent from 3.83 per cent in December 2025, indicating improved funding efficiency. Profit before tax moderated to N160.7bn, while profit after tax declined to N146.6bn, representing decreases of 21.4 per cent and 22.8 per cent, respectively, consistent with the Group’s guidance on earnings normalisation. The bank maintained a strong and resilient balance sheet, with total assets of N33.1tn and customer deposits of N26.2tn.
Commenting on the results, Group Managing Director/CEO, 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.”
UBA expects 2026 to remain a transition year characterised by continued investment in digital transformation and operational scalability, strengthened risk management and provisioning frameworks, enhanced focus on high-quality sustainable earnings, and deeper penetration across African markets. The Group said it remains strongly capitalised, highly liquid, and strategically positioned to execute its long-term growth agenda. United Bank for Africa Plc serves 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.
