UBA Q1 Pre-Tax Profit Dips by ₦44bn to ₦160.7bn as Costs Surge

United Bank for Africa has released its unaudited results for the first quarter ended March 31, 2026, showing pre-tax profit fell 21.4% to ₦160.655bn from ₦204.264bn in Q1 2025. Gross earnings rose 4.9% to ₦801.42bn, led by a 6.9% jump in interest income to ₦641.095bn and a 17.5% gain in non-interest income to ₦137.138bn. Net interest income grew over 10% to ₦383.711bn, while net fees and commissions hit ₦87.622bn, up 14.5%. Rising costs weighed heavily. Operating expenses climbed nearly 30% to ₦318.952bn, with fuel, repairs and maintenance accounting for the biggest increase. Impairment charges almost doubled to ₦41.242bn, limiting profit after tax to ₦146.623bn, down 22.8% year-on-year. On the balance sheet, total assets edged down 0.1% to ₦33.13tn as securities holdings fell, while loans and customer deposits each grew by around 2%. UBA’s share price has gained 32.1% year-to-date, closing at ₦55.

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