United Bank for Africa Q1 2026 – Treasury Bill Boosts Interest Income

Highlights

• Gross earnings increased by 5% year-on-year (YoY) from N764.31 billion (Q1 2025) to N801.46 billion (Q1 2026).
• Net interest income grew by 10% YoY from N347.28 billion (Q1 2025) to N383.71 billion (Q1 2026).
• Profit after tax declined by 23% YoY from N189.84 billion (Q1 2025) to N146.62 billion (Q1 2026).
• Earnings Per Share (EPS) declined from N5.35k (Q1 2025) to N3.11k (Q1 2026).

Outlook

The Group’s balance sheet remains resilient on the back of a growing loan book and investment securities. That said, the 12% YTD decline in customer deposits warrants attention, as deposits remain a key source of low-cost funding for the bank, i.e., low interest expense.

Despite the decline in customer and bank deposits, UBA Plc stands as a bank that will remain core to the Nigerian financial services landscape given its balance sheet size and footprint. However, its current tail winds (impairment losses) do not make it an immediate bestseller.

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