BREAKING: UBA posts 33% rise in Q1 2025 profit as interest income surges

United Bank for Africa (UBA) Plc, a lender with operations across 20 African countries, reported a 33% increase in first-quarter profit, buoyed by strong growth in interest income.

Profit after tax for the three months ended March 31, 2025, climbed 33% to ₦189 billion from ₦142 billion in the corresponding period last year, according to the bank’s unaudited results released Wednesday. The performance builds on the momentum from its full-year 2024 results.

Interest income surged 36% to ₦599 billion from ₦440 billion a year ago.

The Lagos-based bank saw its total assets expand by 5% during the quarter, reaching ₦31.712 trillion compared to ₦30.323 trillion at the end of December 2024. Total deposits also increased, rising to ₦22.86 trillion from ₦21.89 trillion over the same period.

UBA is concurrently progressing with its equity capital raise program targeting up to ₦400 billion. The first tranche, a Rights Issue initiated in November 2024, has received Central Bank of Nigeria (CBN) approval for capital verification. The allotment process and final Securities and Exchange Commission (SEC) approval are ongoing, with the bank expecting to complete the final tranche before the end of 2025.