United Bank for Africa Plc has published its unaudited group financial results for the first quarter ended March 31, 2026.

The results show a pre-tax profit of N160.655 billion, down from N204.264 billion recorded in Q1 2025, representing a 21.35 per cent year-on-year decline.

Despite the drop in profit, gross earnings rose by 4.86 per cent to N801.42 billion, supported by growth in both interest income and non-interest income.

A closer look at the results highlights solid growth in top-line performance, while the bottom line was pressured by increased operating expenses.

Overall, the group’s core income in Q1 2026 improved compared to the same period last year.

Net operating income after impairment charges rose by 6.57 per cent to N479.607 billion, up from N450.057 billion in Q1 2025.

This performance was supported by several key factors.

Interest income remained strong at N641.095 billion, continuing to be the main driver of gross earnings and contributing about 80% of the total. Interest expenses grew marginally by 1.91 per cent to N257 billion.

This relatively flat increase, combined with robust interest income, resulted in net interest income growth of over 10 per cent.

Notably, income from investment securities now accounts for a larger share of interest income at about 53 per cent,surpassing loans and advances, which contributed 29 per cent.

Non-interest income also supported core income growth, driven largely by net fees and commission income, which increased by 14.45% to N137 billion.

In particular, lower fee and commission expenses helped boost net fee and commission income to N86.7 billion in Q1 2026.

However, despite the strong revenue performance, profit was moderated by higher operating costs.

The Group incurred over N40 billion on fuel, repairs, and maintenance, which represented the largest expense category.

This contributed to a 37 per cent increase in other operating expenses, which rose to N204 billion in Q1 2026.

The statement of financial position shows a marginal 0.13 per cent decline in total assets, which stood at N33.130 trillion.

This was largely driven by a 20 per cent reduction in investments in securities measured at amortised cost, which fell to N7.9 trillion from N9.91 trillion as of December 2025.

Key indices:

Interest income: N641.095 billion; +6.88% YoY

Interest expenses: N257.384 billion; +1.91% YoY

Net interest income: N383.711 billion; +10.49% YoY

Net fee and commission income:
N87.622 billion; +14.45% YoY

Total non-interest income: N137.138 billion; +17.45% YoY

Total operating income: N520.849 billion; +17.25% YoY.