Côte d’Ivoire has emerged as the leading profit contributor for United Bank for Africa in 2025, overtaking Cameroon for the first time in recent years, as the pan-African lender leaned increasingly on its regional operations to offset a sharp downturn in its Nigerian business.
According to audited results from United Bank for Africa, its Ivorian subsidiary posted a net profit of 125 billion naira (US$83 million), more than double the previous year’s performance and ahead of Cameroon’s 41.5 billion naira.
The strong showing marks a shift in the bank’s internal earnings structure, with Côte d’Ivoire now becoming the group’s most profitable market outside Nigeria.
The bank operates across 20 African countries, with its strongest presence in West and Central Africa. Its network spans Francophone and Anglophone markets, including Cameroon, Ghana, and several members of the West African Economic and Monetary Union.
Nigeria slump offsets regional gains
Despite solid performance across most subsidiaries, the group’s overall results were dragged down by a sharp reversal in its home market.
Nigeria, which has historically been UBA’s largest profit engine, swung to a pre-tax loss of 1.7 billion naira in 2025 from a profit of 364 billion naira a year earlier.
The decline reflects rising loan impairment charges and the impact of regulatory tightening in Nigeria’s banking sector, including the removal of pandemic-era forbearance measures by the Central Bank of Nigeria.
Group-wide, UBA’s pre-tax profit fell 47 percent to 423 billion naira, while net profit dropped to 405 billion naira from 767 billion naira in the previous year.
Despite the decline, the bank’s broader African operations provided a buffer, with non-Nigerian subsidiaries contributing 677 billion naira in pre-tax profit, up 26 percent year-on-year.
Côte d’Ivoire surge driven by reversals and growth
The standout performance in Côte d’Ivoire was supported by a strong rebound in earnings and a reversal of previous loan impairments, which boosted profitability.
The country’s banking subsidiary recorded a sharp rise in pre-tax earnings, supported by improving credit conditions and economic growth in the country.
The International Monetary Fund projects Côte d’Ivoire to remain one of the fastest-growing economies in West Africa in 2026, underpinned by infrastructure investment and activity in oil and gas projects.
Cameroon, by contrast, saw weaker performance, with profits declining amid slower economic growth, security challenges in parts of the country, and pressure on key export sectors.
Regional shift in African banking
UBA’s results highlight a broader trend among African lenders, where growth is increasingly driven by diversified regional portfolios rather than domestic markets alone.
Banks such as Ecobank Transnational Incorporated and Standard Bank Group have also reported stronger contributions from Francophone West Africa, where currency stability under the CFA franc zone and expanding energy projects have supported lending activity.
UBA operates in several countries within the West African Economic and Monetary Union, including Benin, Burkina Faso, Mali, Senegal and Côte d’Ivoire, giving it broad exposure to some of the region’s fastest-growing markets.
Capital pressure and restructuring
The bank’s performance comes amid broader stress in Nigeria’s financial sector, where currency reforms and tighter regulation have increased capital requirements and loan-loss provisioning.
UBA raised new equity during 2025 to strengthen its balance sheet as part of a sector-wide recapitalisation drive led by the Nigerian central bank.
Analysts say the group’s pan-African diversification has helped cushion shocks from its home market, but also exposes it to varying economic and political risks across jurisdictions.
Outlook
Investors will be watching closely for signs of recovery in Nigeria, which remains critical to the group’s long-term profitability.
At the same time, continued growth in markets such as Côte d’Ivoire could reshape the bank’s earnings profile, reinforcing a gradual shift toward a more regionally balanced revenue base.
For now, UBA’s 2025 results underline a clear message: its future growth is increasingly being driven not from Lagos, but from across its expanding African footprint.
