United Bank for Africa Plc has continued its growth momentum into 2026, with total assets surpassing N33 trillion, reinforcing its position as one of Africa’s leading financial institutions.
According to the bank’s unaudited results for the first quarter ended March 31, 2026, total assets stood at N33.1 trillion, maintaining the strong balance sheet recorded in the 2025 financial year. Gross earnings rose by five per cent to N801.5 billion in Q1 2026, building on the N3 trillion achieved in full year 2025.
The bank recorded solid growth across key income streams. Interest income increased by 6.9 per cent to N641.1 billion, while non interest income climbed by 17.3 per cent to N137.1 billion, highlighting the strength of its diversified revenue base. Net interest income also grew by 10.5 per cent to N383.7 billion, driving a 12.2 per cent rise in operating income to N520.8 billion.
Despite these gains, profitability declined as profit before tax fell by 21.4 per cent to N160.7 billion, while profit after tax dropped by 22.8 per cent to N146.6 billion. The bank attributed this to earnings normalisation following exceptional charges recorded in 2025.
Customer deposits remained strong at N26.2 trillion, reflecting sustained confidence in the bank and providing a solid funding base. Shareholders’ funds stood at N4.25 trillion, with a capital adequacy ratio of 23.2 per cent, indicating strong financial ility and capacity for expansion.
Group Managing Director and Chief Executive Officer, Oliver Alawuba, said the performance demonstrates the resilience of the bank’s Pan African model, despite the temporary moderation in profits. He emphasized that ongoing investments in digital banking and regional expansion are strengthening long term growth prospects.
Also commenting, Executive Director of Finance and Risk Management, Ugo Nwaghodoh, noted that the bank is transitioning toward a more sustainable earnings profile following recapitalisation efforts, with improved asset quality and le funding costs supporting future performance.
UBA also reported that its African operations contributed more than half of total assets, revenue, and profit, underlining the importance of its continental footprint.
Looking ahead, the bank says it remains focused on expanding across African markets, enhancing digital capabilities, and sustaining asset growth while delivering value to stakeholders.
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