United Bank for Africa Plc (UBA) has announced its financial performance for the first half of 2025, showing a profit after tax of N335.53bn. This represents a 6.06 per cent rise from N316.36bn recorded in the same period last year, despite a drop in profit before tax.
The results, released on Thursday through the Nigerian Exchange Limited, showed strong growth across UBA’s business segments, driven by increased customer deposits and higher interest income. The bank’s gross earnings grew by 17.28 per cent, reaching N1.608tn as of June 2025 compared with N1.371tn in June 2024.
Interest income also recorded significant growth, climbing 32.89 per cent to N1.334tn, up from N1.003tn a year earlier. Total assets rose by 9.71 per cent to N33.3tn from N30.3tn recorded at the end of December 2024, while customer deposits went up 11.9 per cent to N27.6tn, compared with N24.6tn at the close of 2024.
However, despite the increase in after-tax profit, the bank reported a decline in profit before tax. Figures dropped from N401bn last year to N388bn in June 2025. Industry analysts say this shows the pressure of rising costs and the impact of macroeconomic challenges across Nigeria and other African countries where UBA operates.
Shareholders’ funds remained strong, climbing by 23 per cent from N3.41tn in December 2024 to N4.22tn by June 2025. This growth has been linked to the bank’s ongoing capital raising efforts through its Rights Issuance Programme.
Commenting on the performance, the Group Managing Director and Chief Executive Officer of UBA, Mr. Oliver Alawuba, described the results as a show of resilience.
He said, “UBA’s first-half results highlight the strength of our business and the trust our customers continue to place in us. We delivered strong double-digit earnings growth across our markets, with profit after tax rising year-on-year to N335bn, underscoring the success of our strategy.”
Alawuba assured investors that UBA remains committed to delivering long-term value. He noted that Phase I of the Rights Issue Programme had been completed successfully, raising N234.3bn. According to him, this strengthened the bank’s capital base and provided a stronger buffer for future growth.
“With Phase II currently underway, we remain firmly on track to meet the new capital requirements by the end of the year,” he said.
Also speaking, UBA’s Executive Director of Finance & Risk Management, Mr. Ugo Nwaghodoh, explained that the Group delivered strong top-line growth.
He said, “Gross earnings rose to N1.61tn, driven by a 32.9 per cent increase in interest income and a 14.6 per cent uplift in net interest income. Deposits expanded 11.9 per cent to over N27.5tn, supporting balance sheet growth to N33.3tn, while shareholders’ funds rose 23.3 per cent to N4.22tn. Capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth.”
Nwaghodoh added that UBA’s focus for the rest of the year will be on expanding scale and market share across its operating regions. He stressed that efficiency, digital innovation, and risk management would remain top priorities.
He said, “Our priority is to pursue growth and expansion across markets, driving efficiency gains, scaling digital-led income streams and maintaining disciplined risk management.”
UBA operates in 20 African countries and also maintains offices in New York, London, Paris, and Dubai, making it one of the most diversified Nigerian banks with a global footprint.
The bank’s half-year performance has been described as encouraging by market watchers, especially as it comes at a time when many financial institutions are struggling with inflation, exchange rate volatility, and rising interest rates. UBA’s ability to grow customer deposits, strengthen its capital base, and maintain profitability shows its strong positioning in the Nigerian and African banking space.
As the financial sector continues to adjust to new capital requirements introduced by regulators, UBA’s proactive steps in raising funds and strengthening its balance sheet could give it an advantage over competitors in the months ahead.
