Africa's Global Bank, United Bank for Africa (UBA) Plc, has posted strong financial results for the half-year ended June 30, 2025, demonstrating robust growth across its major business segments despite challenging economic conditions in Nigeria and other key African markets.
The audited financial results, released to the Nigerian Exchange Limited (NGX) on Thursday, showed that profit after tax (PAT) rose 6.06% to N335.53 billion ($224 million) from N316.36 billion ($211 million) in June 2024, signaling strong operational resilience.
Gross earnings grew 17.28%, climbing from N1.371 trillion ($914 million) in June 2024 to N1.608 trillion ($1.07 billion) in the first half of 2025. Interest income led the growth momentum, surging 32.89% to N1.334 trillion ($889 million) from N1.003 trillion ($669 million) in the corresponding period last year.
UBA's total assets increased by 9.71%, reaching N33.3 trillion ($22.2 billion) compared to N30.3 trillion ($20.2 billion) in December 2024, while customer deposits jumped 11.9% to N27.6 trillion ($18.4 billion) from N24.6 trillion ($16.4 billion) over the same period.
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Although profit before tax dipped slightly to N388 billion ($259 million) from N401 billion ($267 million) in June 2024, the bank's shareholders' funds rose 23%, from N3.41 trillion ($2.27 billion) to N4.22 trillion ($2.81 billion), highlighting the strength of UBA's capital base.
Commenting on the results, UBA's Group Managing Director/Chief Executive Officer, Oliver Alawuba, highlighted the bank's resilience and strategic focus.
"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 ($224 million), underscoring the resilience of our business and the success of our strategy," he said.
Alawuba also provided an update on UBA's ongoing Rights Issuance Programme, aimed at further strengthening the bank's capital position.
"We have made significant progress on our capital raising program. Phase I of our Rights Issue was successfully completed, enhancing our capital by N234.3 billion ($156 million) 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," he assured investors.
UBA's Executive Director for Finance & Risk Management, Ugo Nwaghodoh, emphasized the bank's top-line growth, balance sheet expansion, and capital adequacy.
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"Gross earnings rose to N1.61 trillion ($1.07 billion), driven by a 32.9% increase in interest income and a 14.6% uplift in net interest income. Deposits expanded by 11.9% to over N27.5 trillion ($18.3 billion), supporting balance sheet growth to N33.3 trillion ($22.2 billion), while shareholders' funds climbed 23.3% to N4.22 trillion ($2.81 billion). Capital adequacy and liquidity ratios remain well above regulatory thresholds, providing significant buffers for continued growth," Nwaghodoh said.
Looking ahead, Nwaghodoh said the bank will focus on scaling digital-driven income streams, expanding market share, and maintaining disciplined risk management.
"Our priority is to pursue growth and efficiency gains across our markets while leveraging technology to enhance service delivery and profitability," he added.
UBA Plc serves over 45 million customers through more than 1,000 offices and touchpoints across 20 African countries, with international presence in New York, London, Paris, and Dubai.
The bank continues to strengthen its role as a Pan-African financial institution, connecting people and businesses through retail, commercial, and corporate banking, trade finance, cross-border payments, and innovative financial services.
