United Bank for Africa (UBA) has posted a strong financial performance for the first quarter of 2025, with a profit after tax of N189.8 billion, marking an increase from N142.6 billion in the same period last year. This growth was largely driven by substantial gains in key revenue streams, including interest income, fees, and non-interest earnings.

The bank’s interest income rose by 36%, reaching N599.8 billion, up from N440.8 billion in Q1 2024. This was mainly driven by higher earnings from amortized cost and fair value through other comprehensive income securities. However, UBA’s interest expense also increased significantly, rising to N247.9 billion from N140.1 billion. Despite this surge in expenses, the bank’s net interest income grew to N351.9 billion, up from N300.7 billion in the same period last year.

In terms of fees and commission, UBA saw an increase in income, which climbed to N124.1 billion from N113.7 billion in Q1 2024. With expenses remaining steady at N52.1 billion, the bank achieved a net fee and commission income of N72 billion, reflecting a 16% rise from the previous year.

Non-interest income also showed impressive growth, rising by 44% from N77.9 billion in Q1 2024 to N112.4 billion. This growth was primarily driven by a substantial increase in net trading and foreign exchange income, which surged from N11.9 billion to N37 billion.

The bank’s operating income grew by 22.7%, reaching N464.2 billion from N378.6 billion, further reflecting its strong performance across multiple revenue areas. Additionally, UBA raised its impairment charge for credit losses to N11.1 billion from N1.6 billion in the previous year, reflecting a cautious approach to potential risks.

Overall, these impressive results underline UBA's robust financial health and its ability to grow its core revenue streams, positioning the bank for continued success throughout 2025.