UBA Q1 2025: Profit Rises to ₦189.8 Billion, Operating Income Up 23% to ₦464.2 Billion on FX and Fees

United Bank for Africa (UBA) reported a 33% year-on-year rise in net profit to ₦189.8 billion in the first quarter of 2025, buoyed by strong interest income, robust foreign exchange gains, and growing fee-based revenues. Operating income climbed 23% to ₦464.2 billion, highlighting the bank’s broad-based earnings momentum amid macroeconomic volatility across key African markets.

The pan-African lender, which operates in 20 African countries as well as the UK, France, and the UAE, posted a significant increase in interest income to ₦599.8 billion, up from ₦440.8 billion in Q1 2024. Net interest income rose by 17% to ₦351.9 billion, reflecting both volume growth in interest-earning assets and repricing benefits in Nigeria’s high interest rate environment.

Non-interest income was another standout, surging 44% to ₦112.4 billion, led by net trading and foreign exchange income, which more than tripled to ₦37 billion. Fees and commissions also posted healthy growth, contributing ₦124.1 billion in revenues, up from ₦113.7 billion a year earlier.

“Our diversified earnings base continues to deliver strong returns despite heightened regulatory scrutiny and FX market uncertainties in our operating regions,” said Oliver Alawuba, UBA’s Group Managing Director and CEO. “We remain focused on efficiency and digital transformation as key drivers of shareholder value.”

Operating expenses increased to ₦245.8 billion, up 12% from ₦219 billion in the same period last year, driven largely by staff costs and inflationary pressures. Nevertheless, UBA maintained a solid cost-to-income ratio and expanded pre-tax earnings to ₦204.3 billion, from ₦156.3 billion in Q1 2024.

Total assets grew to ₦31.7 trillion, up from ₦30.3 trillion as of December 2024, while customer deposits rose 4.4% to ₦22.9 trillion — a testament to the group’s continued franchise strength and liquidity position.

UBA’s earnings per share rose to ₦5.35, up from ₦3.96, strengthening the case for dividend upside later in the year. The bank closed the quarter with total equity of ₦3.68 trillion.

As investors closely monitor monetary tightening and regulatory changes across Africa’s largest markets, UBA’s solid Q1 performance reinforces its standing as one of the continent’s most systemically important and resilient financial institutions.