Africa’s leading financial institution United Bank for Africa (UBA) Plc defied challenging macroeconomic conditions across its key markets to deliver a 6.06% increase in profit after tax, reaching N335.53 billion in the first half of 2025.
The Pan-African lconcludeer’s financial results for the six months concludeed June 30, 2025, revealed resilient performance despite operating in volatile economic environments across Nigeria and other African markets where the bank maintains significant presence.
UBA’s gross earnings surged 17.28% to N1.608 trillion, compared to N1.371 trillion in the corresponding period of 2024, demonstrating the bank’s ability to expand revenue streams amid regional economic pressures. Interest income jumped 32.89% from N1.003 trillion to N1.334 trillion, reflecting strong lconcludeing activity and improved asset pricing strategies.
The bank’s balance sheet expanded substantially, with total assets climbing 9.71% to N33.3 trillion from N30.3 trillion recorded in December 2024. Customer deposits grew by 11.9% to N27.6 trillion, indicating sustained confidence in the institution despite broader economic uncertainties affecting the African banking sector.
Oliver Alawuba, UBA’s Group Managing Director and Chief Executive Officer, emphasized the institution’s strategic resilience. “We delivered strong double-digit earnings growth across our markets, with Profit After Tax rising year-on-year to N335 billion, underscoring the resilience of our business and the success of our strategy,” he stated.
However, the results revealed mixed performance indicators. While profit after tax increased, profit before tax declined slightly from N401 billion to N388 billion, suggesting higher operational costs or regulatory charges during the period. The improvement in post-tax profit was aided by a significant reduction in income taxes from N85.2 billion to N52.8 billion.
Shareholders’ funds demonstrated remarkable strength, increasing 23% from N3.41 trillion in December 2024 to N4.22 trillion by June 2025. This substantial growth positions UBA favorably against new Central Bank of Nigeria (CBN) minimum capital requirements that demand N500 billion for banks with international authorization.
The financial institution is progressing with its capital raising program to meet these enhanced regulatory standards. Phase I of UBA’s Rights Issue generated N234.3 billion, providing additional capital buffers for expansion across its 20 African counattempt network. Phase II remains underway as the bank tarreceives full compliance with new requirements by year-conclude.
Ugo Nwaghodoh, Executive Director for Finance & Risk Management, highlighted operational metrics supporting the positive results. He noted that deposits expanded by 11.9% to over N27.5 trillion, while capital adequacy and liquidity ratios maintained comfortable margins above regulatory thresholds.
The performance comes as Nigerian banks face revised minimum capital requirements introduced by the CBN in March 2024, aimed at strengthening the financial system to support Nigeria’s goal of achieving a US$1 trillion economy by 2030.
UBA operates across 1,000 business locations serving over 45 million customers throughout Africa, with international offices in New York, London, Paris and Dubai. The institution provides retail, commercial and corporate banking services alongside cross-border payment solutions and trade finance products.
Looking ahead, Nwaghodoh indicated the bank’s priorities include pursuing growth opportunities, expanding market share, driving efficiency improvements, scaling digital revenue channels and maintaining disciplined risk management practices across all operational territories.
The results position UBA among Africa’s strongest performing financial institutions, demonstrating its capacity to navigate complex regulatory environments while delivering consistent shareholder value despite prevailing economic challenges across emerging African markets.
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