United Bank for Africa Plc has released its financial performance for the half-year ended June 30, 2025, which indicated that its profit after tax rose to N335.53bn from N316.36bn in the previous year.
The financials filed on the Nigerian Exchange Limited platform on Thursday showed that the bank had remarkable growth across its major business segments, driven by strong earnings.
Amid macroeconomic headwinds in Nigeria and major countries in Africa where the bank operates, UBA’s gross earnings grew 17.28 per cent to N1.608tn as of June 2025 from N1.371tn.
Interest income also increased 32.89 per cent from N1.003tn in June last year to N1.334tn, while total assets went up 9.71 per cent to N33.3tn, up from N30.3tn recorded in December 2024. Total customer deposits also rose 11.9 per cent in the same period to close at N27.6tn, up from N24.6tn recorded at the end of 2024.
Despite the appreciation in the profit after tax, which rose 6.06 per cent to N335.53bn, profit before tax dropped from N401bn to N388bn in the period under consideration.
However, the banks’ shareholders’ funds remained strong, as they increased 23 per cent from N3.41tn in December 2024 to N4.22tn in June 2025.
Commenting on the half-year performance, the Group Managing Director/Chief Executive Officer of UBA, Mr. Oliver Alawuba, emphasised the bank’s commitment to consistently delivering long-term value to its shareholders.
He said, “UBA’s first-half results highlight the strength of our business and the trust our customers continue to place in us. We delivered strong double-digit earnings growth across our markets, with Profit After Tax rising year-on-year to N335bn, from N316bn, underscoring the resilience of our business and the success of our strategy.”
Giving a further update on the bank’s ongoing Rights Issuance Programme, the GMD assured shareholders and investors that UBA remains on track with its financial goals and projections for 2025.
“We have made significant progress on our capital raising programme. Phase I of our Rights Issue was successfully completed, enhancing our capital by N234.3 bn and providing a stronger buffer for growth and expansion across our markets. With Phase II currently underway, we remain firmly on track to meet the new capital requirements by the end of the year,” Alawuba stated.
UBA’s Executive Director of Finance & Risk Management, Ugo Nwaghodoh, pointed out that the Group delivered strong top-line growth, with gross earnings rising to N1.61tn, driven by a 32.9 per cent increase in interest income and a 14.6 per cent uplift in net interest income.
“Deposits expanded 11.9 per cent to over N27.5tn, supporting balance sheet growth to N33.3tn, while shareholders’ funds rose 23.3 per cent to N4.22tn. Capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.
On the plans for the rest of the year, Nwaghodoh said, “Our priority is to pursue growth and expansion scale and market share across markets, driving efficiency gains, scaling digital-led income streams and maintaining disciplined risk management.”
UBA Plc is present in 20 African countries with a presence in New York, London, Paris and Dubai.
