United Bank for Africa PLC has released its unaudited group financial results for the first quarter ended March 31, 2026. The Group reported a pretax profit of N160.655 billion compared to N204.264 billion in Q1 2025, a 21.35% year-on-year decline.

However, gross earnings grew by 4.86% to N801.42 billion, driven by strong growth in interest and non-interest income. The bank's core income was stronger in Q1 2026 compared to the same period last year.

Net operating income after impairment charge grew by 6.57% to N479.607 billion compared to N450.057 billion in Q1 2025. This was buoyed by strong interest income of N641.095 billion, which accounted for about 80% of gross earnings, and a modest 1.91% increase in interest expenses to N257.384 billion, resulting in a net interest income growth of over 10%.

Interest income from investment in securities contributed more, about 53% of total interest income, compared to interest income from loans and advances, which contributed 29%.

Key financial metrics for Q1 2026 compared to Q1 2025 include: Interest income at N641.095 billion (+6.88% YoY); Interest expenses at N257.384 billion (+1.91% YoY); Net interest income at N383.711 billion (+10.49% YoY); Net fee and commission income at N87.622 billion (+14.45% YoY); Total non-interest income at N137.138 billion (+17.45% YoY); Total operating income at N520.849 billion (+17.25% YoY).

The bank also saw a significant increase in its impairment charge, which rose by 92.01% to N41.242 billion. Total operating expenses increased by 29.77%. Consequently, profit after tax declined by 22.77% to N146.623 billion, and earnings per share fell by 41.87% to N3.11.