Resilient UBA Group Reports N801.5bn Gross Earnings In Q1 2026
United Bank for Africa (UBA) Plc, the leading Pan-African financial services group, has announced its unaudited financial results for the first quarter ended March 31, 2026. The results feature the financial institution’s ability to deliver consistent value despite a shifting global macroeconomic environment, underpinned by its diversified business model and strong presence in 20 African markets.
Financial Performance Highlights:
Gross Earnings: N801.5 billion, demonstrating robust top-line momentum.
Profit Before Tax (PBT): N160.7 billion, fueled by a 12.2% increase in operating income.
Balance Sheet Strength: Sustained expansion in customer deposits and total assets.
Efficiency Ratios: Post-tax Return on Equity (ROE) of 13.7% and Return on Assets (ROA) of 1.8%, reflecting a normalised and sustainable earnings environment.
Speaking on the results, the Group Managing Director, Oliver Alawuba, stated:
“UBA’s Q1 2026 performance reflects the continued strength of our Pan-African diversified model. We are delivering on our promise of balance sheet resilience while navigating a transition year. Our focus remains on high-quality earnings formation and strategic investments that position us for sustainable growth across the continent and beyond.”
The Group’s performance in Q1 2026 marks a strategic shift toward long-term stability following its successful recapitalisation. By prioritising disciplined provisioning and regional diversification, UBA has continued to insulate its revenue streams from localised economic volatility.
Ugo Nwaghodoh, Executive Director, Finance & Risk Management, added that:
“The results are consistent with the strategic direction we outlined in late 2025. We are seeing encouraging progress from our digital investments, which are not only strengthening our revenue resilience but also deepening financial inclusion and facilitating intra-African trade.”
UBA, interestingly, has continued to be at the forefront of Africa’s financial transformation. The Q1 2026 results reinforce the bank’s commitment to delivering superior value to its shareholders while maintaining a balanced approach to risk management and growth.
Detailed highlights of the Quarter 1 2026 Result
| Statement of Comprehensive Income | Mar 2026 ₦’ Million | Mar 2025 ₦’ Million | Change |
| Gross earnings | 801,462 | 764,312 | 4.9% |
| Interest income | 641,095 | 599,834 | 6.9% |
| Net-interest income | 383,711 | 347,276 | 10.5% |
| Non-interest income | 137,138 | 116,960 | 17.3% |
| Operating income | 520,849 | 464,236 | 12.2% |
| Operating expenses | 318,952 | 245,791 | 29.8% |
| Profit before tax | 160,655 | 204,266 | -21.4% |
| Profit after tax | 146,623 | 189,844 | -22.8% |
| Basic EPS | 3.11 | 5.35 | -41.9% |
| Statement of Financial Position | Mar 2026 ₦’ Million | Dec 2025 ₦’ Million | Change |
| Total assets | 33,130,931 | 33,173,188 | -0.1% |
| Total deposits | 26,212,217 | 27,208,040 | -3.7% |
| Loans and advances to customers | 7,168,289 | 7,022,394 | 2.1% |
| Shareholders’ funds | 4,310,683 | 4,252,942 | 1.4% |
| Profitability Metrics | |||
| 1) Cost-to-income ratio (CIR) | 61.20% | 59.40% | 3.0% |
| 2) Cost-of-risk (CoR) | 2.02% | 3.18% | -36.5% |
| 3) Cost-of-fund (CoF) | 3.73% | 3.83% | -2.6% |
| 4) Net interest margin (NIM) | 6.49% | 7.30% | -11.1% |
| 5) Return on average equity (RoAE)* | 13.70% | 10.55% | 29.9% |
| 6) Return on average asset (RoA)** | 1.77% | 1.27% | 39.4% |
