Earnings Update: United Bank for Africa Q1 2025 – Strong Earnings Performance Amid Rising Funding Costs.

Event

United Bank of Africa Plc (“the Group”) delivered a strong start to the year, with gross earnings up 34% and profit after tax rising 33% year-on-year. The Group benefited from higher asset yields and improved margins, despite a jump in funding and credit costs. Strong growth in non-interest income and disciplined cost management further supported earnings momentum.

Outlook

Following the impressive Q1 2025 performance, we revise our gross earnings forecast upward to N3.98trn from N3.74trn. This adjustment reflects stronger expected income from investment securities and modest loan book expansion, supported by the elevated interest rate environment.

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Thank you.