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United Bank for Africa Plc (UBA) reported a 6% increase in profit after tax for the first half of 2025, even as interest expenses rose sharply, and interim dividends will see billionaire chairman Tony Elumelu pocket about US$1.11 million.
In its financial statement for the six months ended June 30, UBA posted a profit after tax of ₦335.53 billion (about US$222.1 million)—up from ₦316.36 billion (about US$208.8 million) a year earlier. Profit before tax stood at ₦388.41 billion (about US$250.5 million).
Gross earnings climbed to ₦1.608 trillion (about US$926.5 million), bolstered by interest income of ₦1.334 trillion (about US$768.2 million) against ₦1.004 trillion (about US$578.6 million) in the corresponding period. Net interest income climbed to ₦773.03 billion (approximately US$445.4 million), up from ₦674.6 billion (around US$388.8 million), even as the bank faced higher deposit costs.
The lender’s balance sheet showed further momentum, with customer loans growing to ₦7.212 trillion (about US$4.15 billion) and deposits swelling to ₦24.188 trillion (roughly US$13.96 billion).Assets swelled to ₦33.269 trillion (about US$19.16 billion), with equity rising to ₦4.216 trillion (about US$2.43 billion).
The board declared an interim dividend of ₦0.25 per share. For shareholders like UBA chairman Tony Elumelu, who owns roughly 6.72 billion shares, that translates into about ₦1.68 billion (about US$1,112,583).
While profit before tax contracted slightly compared to some expectations, a steep drop in tax burden helped deliver the net gain.
