Q1 2025: UBA Sustains 2024 Growth Momentum, Profit Rises by 30.65% to N204bn

Kayode Tokede  

United Bank for Africa (UBA) Plc, has released its unaudited financial results for the first quarter (Q1) ended March 31, 2025, showing remarkable double-digit growth across all its major income lines.

On the back of its recently released 2024 full year financials on the Nigerian Exchange Limited  (NGX), UBA again saw its Profit Before Tax (PBT) rising impressively to N204.26 billion in  Q1 2025, up by 31 per cent from N156,34 billion in Q1 2024, while profit after tax (PAT) jumped from N142.58 billion last year, to N189.84 billion representing an remarkable increase by 33.15 per cent. 

The group’s gross earnings closed Q1 2025 at N764.31 billion, a significant increase of 34.05 per cent from N570.2 billion in Q1 2024   while interest income which stood at N440.76 billion in Q1 2024, grew by 36.09per cent to N599.83 billion in Q1 2025. 

The bank’s total assets continued on its upward trend as it increased by 4.58 per cent from N30.23 trillion in December 2024 to N31.71trillion in March 2025, while shareholders’ funds also rose to N3.7trillion up from N3.4 trillion recorded in December 2024. 

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, in a statement said the bank is on a solid start for the 2025 financial year which, according to him, reflects its disciplined execution of its strategy and the sustained momentum of the business model of driving strong earnings growth, maintaining robust asset quality, and expanding market share. 

He said, “Our results this quarter underscore the effectiveness of our focus on core banking operations, prudent risk management, and ongoing investments in customer-centric innovation. 

“The Group recorded a profit before tax of N204.2 billion, with total deposits up eight per cent from N24.65 trillion at FY 2024 to N26.64 trillion. Total assets rose five per cent to N31.7 trillion, compared to N30.3 trillion at year-end, driven by balanced growth across all our business segments. These strong results were achieved in the face of persistent macroeconomic headwinds, geopolitical risks and global trade uncertainties,” he stated. 

He noted that UBA remains focused on disciplined growth and continued investment in technology, data, innovation, and talent in ensuring that customer experience is consistently enhanced to create long-term value for all stakeholders.

Also speaking on the performance, UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, explained that the Q1 2025 results reflects the resilience of the bank’s diversified business model as well as the disciplined execution of its strategy. 

“We maintained strong cost discipline, keeping operating expense growth below the average inflation rate. This enabled operating income growth to outpace expenses, contributing  to positive operating leverage and strong bottom-line growth,” he stated. 

Nwaghodoh added that the double-digit growth in the bank’s core earnings profile is a key highlight of the quarter, with profits underpinned by resilient income from lending, transaction banking, and fee-based services demonstrating the strength and sustainability of UBA’s earnings engine.

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