Elumelu’s UBA assets cross N33 trillion, sustain growth into Q1 2026

KEY POINTS

• UBA’s total assets crossed 33.1 trillion naira at the end of Q1 2026, building on full-year 2025 growth.
• Gross earnings rose 5 percent to 801.5 billion naira in Q1 2026, though profit before tax fell 21.4 percent.
• Group CEO Oliver Alawuba said the bank is in a transition year following its successful recapitalization.

United Bank for Africa, the Tony Elumelu-chaired pan-African lender, has crossed the 33 trillion naira asset mark and carried strong earnings momentum into the first quarter of 2026.

The bank’s unaudited Q1 2026 results showed total assets at 33.1 trillion naira, building on the strong balance sheet position UBA delivered in 2025, when assets rose 9.4 percent to 33.2 trillion naira.

Earnings hold up

Gross earnings in Q1 2026 grew 5 percent to 801.5 billion naira, building on UBA’s 3 trillion naira earnings in 2025. Specifically, interest income rose 6.9 percent to 641.1 billion naira, while non-interest income jumped 17.3 percent to 137.1 billion naira.

Furthermore, net interest income climbed 10.5 percent to 383.7 billion naira. That drove a 12.2 percent increase in operating income to 520.8 billion naira, signaling continued strength in core banking.

However, profit before tax slipped 21.4 percent to 160.7 billion naira, while profit after tax fell 22.8 percent to 146.6 billion naira. The decline tracks the bank’s own guidance on earnings normalization following the extraordinary charges UBA absorbed in 2025. In 2025, UBA booked loan loss provisions of 331 billion naira and fair value losses on derivatives of 227 billion naira. The bank described those hits as largely non-recurring.

Additionally, customer deposits stood at 26.2 trillion naira at the end of Q1 2026, building on 2025’s 11.8 percent growth that lifted deposits to 27.2 trillion naira. The deposit base continues to anchor the bank’s funding profile.

Alawuba on the strategy

Oliver Alawuba, UBA’s group managing director and chief executive officer, framed the quarter as a transition rather than a setback. He pointed to the diversified pan-African model and disciplined risk management as the engines holding earnings quality together.

“While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets, supported by improved earnings quality and disciplined risk management,” Alawuba said.

Moreover, Alawuba said the group’s investments in digital capabilities and regional expansion are reinforcing revenue resilience and positioning UBA for sustainable long-term growth. Ugo Nwaghodoh, executive director for finance and risk management, struck a similar chord. He said the Q1 numbers reflect a deliberate shift toward a more sustainable and scalable earnings profile after UBA’s successful recapitalization.

“Key profitability indicators, including return on equity and return on assets, show improvement on a year-to-date basis, despite the normalisation of headline earnings,” Nwaghodoh said.

Capital and outlook

Shareholders’ funds stood at 4.25 trillion naira, with share capital and premium of 504 billion naira underpinning the figure. Notably, capital adequacy ratio remained strong at 23.2 percent, leaving the bank room to lend aggressively across the continent.

Meanwhile, African operations outside Nigeria contributed more than 50 percent of group assets, revenue and profit, with West Africa and East/Central Africa leading. With recapitalization behind it, UBA says it can now deepen its African footprint and sustain asset growth into 2026.