UBA Delivers Strong Q1 Performance as Core Income Powers Growth to ₦801.5bn

United Bank for Africa Plc kicked off 2026 on a strong note, posting impressive growth in core income lines that pushed gross earnings to ₦801.5 billion in the first quarter ended March 31.

The bank’s unaudited results show a solid 5 percent increase in gross earnings, underpinned by sustained expansion across its key revenue streams. Interest income rose by 6.9 percent to ₦641.1 billion, while non-interest income surged by 17.3 percent to ₦137.1 billion, reflecting the strength of its diversified business model.

In a clear demonstration of operational momentum, net interest income climbed by 10.5 percent to ₦383.7 billion, driving operating income up by 12.2 percent to ₦520.8 billion. The performance highlights UBA’s ability to grow its core banking franchise despite a dynamic operating environment.

Group Managing Director and CEO, Oliver Alawuba, said the results underscore the bank’s resilient earnings engine and strategic positioning across markets.
“We are seeing strong underlying momentum across our businesses, supported by improved earnings quality, disciplined risk management, and continued investments in digital capabilities,” he said.

UBA also recorded notable improvements in efficiency and asset quality, with return on average equity rising to 13.7 percent and return on assets improving to 1.77 percent. Cost of risk declined significantly to 2.02 percent, while cost of funds moderated to 3.73 percent, further strengthening its earnings profile.

Executive Director, Finance and Risk Management, Ugo Nwaghodoh, noted that the bank’s performance reflects a deliberate focus on sustainable growth and long-term value creation.
“Our diversified funding base, improving asset quality, and disciplined loan growth position us strongly to drive operating leverage and future profitability,” he said.
UBA’s balance sheet remained robust, with total assets at ₦33.1 trillion and customer deposits at ₦26.2 trillion, reinforcing its position as one of Africa’s leading financial institutions.

With continued investments in digital transformation and expansion across African markets, the bank is well positioned to sustain growth, deepen financial inclusion, and unlock new opportunities across the continent.