• UBA fraud losses drop 45% despite more attempts in 2025
• Electronic fraud down 57%; forged checks still fully successful
• Profit after tax up 6%, equity rises to NGN4.22 trillion

The pan-African banking group United Bank for Africa (UBA) saw its financial losses from fraud drop by 45.35% in the first half of 2025. According to its half-yearly report, these losses fell to 288 million naira (about $350,000) from 527.01 million naira in the same period of 2024. This reduction occurred despite a slight increase in the total value of attempted fraud, which rose to 2.401 billion naira this year, up from 2.388 billion naira last year.

The data shows that only 12% of the attempted fraud amounts were actually lost. Most cases involved unauthorized electronic transactions and transfers. Losses from electronic fraud, in particular, decreased significantly by nearly 57%, from 229.10 million naira in 2024 to 99 million naira in 2025.

Some types of fraud, however, remain a concern. Attempts at cash theft or removal and forged checks had a 100% success rate, though the amounts were relatively small at 11 million and 23 million naira, respectively. Fraudulent transfers alone accounted for 148 million naira in losses, with a loss rate of 89%.

The bank attributes the decline in fraud losses to ongoing investments in strengthening its system security. In the first half of 2025, IT expenses reached 6.72 billion naira, up from 6.70 billion naira in the first half of 2023.

Profits Despite Losses

Despite the fraud-related losses, UBA's financial results improved in the first half of 2025. Profit after tax rose by 6.06% to 335.53 billion naira, compared to 316.36 billion naira in the same period of 2024. Furthermore, the bank's equity increased by 23%, from 3.41 trillion naira in December 2024 to 4.22 trillion naira in June 2025. Net banking income also grew due to an increase in interest and net interest income.

"UBA’s first half results highlight the strength of our business and the trust our customers continue to place in us. We delivered strong double-digit earnings growth across our markets, with Profit After Tax rising year-on-year to N335 billion, from N316 billion, underscoring the resilience of our business and the success of our strategy," said UBA Group CEO Oliver Alawuba.

For the remainder of the year, the bank plans to continue its growth and large-scale expansion by increasing its market share across all its operating regions, improving operational efficiency, accelerating digital revenue growth, and maintaining rigorous risk management.

Sandrine Gaingne