United Bank for Africa (UBA) Plc reported a net trading and foreign exchange income of N37.04bn for the first quarter ended March 31, 2025—representing a 236.3 per cent increase from N11.90bn posted in the corresponding period of 2024.
The growth was largely driven by higher yields from fixed-income securities amid a favorable interest rate environment.
The Pan-African financial institution posted an impressive after-tax profit of N189 billion in Q1 2025, up 32.5 per cent from N142.58bn in Q1 2024.
UBA’s interest income rose significantly to N599.8bn, a 36 per cent increase from N440.7bn in Q1 2024.
This surge followed six consecutive interest rate hikes by the Central Bank of Nigeria (CBN), which expanded the bank’s earning potential from loans.
The bank’s net interest income—a key indicator of a bank’s core profitability—grew 16.7 per cent to N351bn, compared to N300.6bn a year earlier. In addition, non-interest income surged by 45.8 per cent to N112.3bn, driven by performance in investment securities, fees and commissions, and foreign exchange trading.
UBA also recorded an increase in operating income to N464.2bn from N378.5bn in the previous year, while net operating income after impairments rose 20 per cent to N450bn, up from N375bn.
UBA’s total assets climbed to N31.7trn, marking a 25.2 per cent growth, while customer deposits reached N22.8trn, up from N18.3trn in Q1 2024. Cash and cash equivalents stood at N5.1trn, up from N4.8trn last year.
In terms of cash flows, net cash generated from operating activities rose slightly to N2.1trn, from N2.05trn in 2024.
