United Bank for Africa (UBA) Q1 2026 earnings summary

Executive summary

• Q1 2026 profit before tax was ₦160.7 billion, down 21.4% year-over-year, with profit after tax at ₦146.6 billion, down 22.8% year-over-year.

• Gross earnings rose 4.9% year-over-year to ₦801.5 billion, with interest income up 6.9% and net interest income up 10.5%.

• Operating income increased 12.2% year-over-year, while operating expenses surged 29.8%.

• Management highlighted ongoing investments, digital transformation, and regional diversification as key drivers for future growth.

Financial highlights

• Gross earnings reached ₦801.5 billion, up 4.9% year-over-year.

• Net interest income grew 10.5% to ₦383.7 billion; non-interest income was ₦137.1 billion.

• Operating income rose 12.2% to ₦520.8 billion; operating expenses increased 29.8% to ₦318.9 billion.

• Profit before tax fell 21.4% to ₦160.7 billion; profit after tax dropped 22.8% to ₦146.6 billion.

• Basic EPS declined 41.9% year-over-year to ₦3.11.

Outlook and guidance

• Management expects 2026 to be a transition year with disciplined provisioning and strategic investments.

• Focus remains on financial inclusion, intra-African trade, and balanced growth and risk management.

• Forward-looking statements caution about risks and uncertainties affecting future performance.