United Bank for Africa

A pan-African banking group whose Nigerian franchise is complemented by earnings from multiple African markets.

Published

Investment view

Buy in stages, but do not mistake a low price for underlying strength.

UBA's deposit franchise and continental network are difficult to replicate. The investment case depends on improving asset quality, controlling costs and converting newly raised capital into durable growth in earnings and book value per share.

Financial evidence

The numbers that carry the argument

Figures are reference-period data, not a live market feed.

FY2025 PAT₦405bn

ROAE10.6%

NPL ratio7.67%

Cost of risk4.17%

CoveragePublished

Scenario valuation

The range matters more than the decimal.

Bear₦36–₦40

Execution, macro and valuation assumptions disappoint.

Base₦60–₦66

Normalised operating delivery and disciplined capital allocation.

Bull₦80–₦88

Strong delivery, supportive macro conditions and rerating.

Risks

What can break the thesis

Cross-border currency volatility
Sovereign exposure
Capital trapped in subsidiaries
Credit and regulatory divergence

Company research

Reports, filed under the company

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Company analysis · 2 Aug 2026

UBA: A Fine African Franchise, Carrying More Luggage Than It Admits

A formidable deposit franchise and continental reach, offset by weaker asset quality, heavier costs and capital that must still earn its keep.

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