April 23, 2025/CSL Research

Financial Highlights:

• Interest Income: +36.1% y/y to N599.83BN
• Interest Expense: +77.0% y/y to N247.96N
• Cost of Risk: +5ps y/y to 0.6%
• Cost to Income Ratio: -489bps y/y to 52.9%
• Profit before Tax: +30.7% y/y to N204.27BN

Stock Rating: BUY Target Price: N46.40/s

To read the full report, click on the link below​​

​UBA Q1 2025 Quick Take.pdf​​​​​​​​​​​​​​​​​​​

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