United Bank for Africa (UBA) Plc has reported a growth of 6.06 per cent profit after tax to N335.53 billion for the first half of the year, relative to N316.36 billion in the same period of 2024.
The bank’s financial performance was reported in its half-year financial statements released on Thursday, September 18.
The financial result showed that UBA, Africa’s Global Bank, posted remarkable growth across its major business segments, driven by strong earnings.
The audited financial statements released to the Nigerian Exchange Limited (NGX) further showed that UBA recorded significant growth in gross earnings and profit after tax, signalling robust balance sheet expansion.
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Despite the tough global macroeconomic climate in Nigeria and major countries in Africa where the bank operates, UBA’s gross earnings grew by 17.28 per cent to N1.608 trillion in June 2025, from N1.371 trillion in June 2024.
Its interest income rose by 32.89 per cent to N1.334 trillion compared to N1.003 trillion last year.
The bank also grew its total assets by 9.71 per cent to N33.3 trillion from N30.3 trillion recorded in December 2024.
Total Customer deposits leapt by 11.9 per cent in the same period to close at N27.6 trillion from N24.6 trillion recorded at the end of 2024.
While profit before tax dropped slightly from N401 billion to N388 billion in the period under review, the banks’ shareholders’ funds remained strong as it increased by 23 per cent from N3.41 trillion in December 2024 to N4.22 trillion in June 2025.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, underscored the bank’s commitment to consistently delivering long-term value to its shareholders.
“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 N335 billion, from N316 billion, underscoring the resilience of our business and the success of our strategy,” Alawuba said.
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Hinting at the bank’s ongoing Rights Issuance Programme, he assured shareholders and investors that UBA remains on track with its financial goals and projections for 2025.
“We have made significant progress on our capital raising programme. Phase I of our Rights Issue was successfully completed, enhancing our capital by N234.3 billion and providing a stronger buffer for growth and expansion across our markets. With Phase II currently underway, we remain firmly on track to meet the new capital requirements by the end of the year,” Alawuba said.
On his part, the UBA Executive Director, Finance and Risk Management, Ugo Nwaghodoh, noted that the Group delivered strong top-line growth, with gross earnings rising to N1.61 trillion, driven by a 32.9 per cent increase in interest income and a 14.6 per cent uplift in net interest Income.
“Deposits expanded by 11.9% to over N27.5 trillion, supporting balance sheet growth to N33.3 trillion, while shareholders’ funds rose 23.3% to N4.22 trillion. Capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth”, Nwaghodoh said.
Hinting also at UBA’s plans for the rest of the year, Nwaghodoh added, “Our priority is to pursue growth and expansion scale and market share across markets, driving efficiency gains, scaling digital-led income streams and maintaining disciplined risk management.”
A leading Pan-African financial institution, UBA offers banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
