• CFA zone subsidiaries generate 80% of UBA’s net profit in 2025
• Earnings from francophone units have increased more than eightfold since 2020
• Côte d’Ivoire alone accounts for nearly one-third of the group’s total profit

United Bank for Africa reported a 47% decline in net profit for 2025, falling from 766 billion naira ($557 million) to 405 billion naira, according to its annual results published in February 2026.

The Nigerian parent, hit by exchange rate normalization and a sharp rise in loan loss provisions, posted a pre-tax result close to zero. That reading is accurate, but incomplete. While attention centered on Lagos, the consolidated performance of subsidiaries tells a very different story.

In 2025, UBA’s subsidiaries in the CFA zone (WAEMU and CEMAC combined) generated 323 billion naira in net profit, representing 80% of the group’s total earnings. This marks a structural shift: the franc zone has become the main driver of profitability for a group still anchored in Nigeria.

Seven years of steady gains, eightfold growth

The scale of this transformation becomes clear over time. In 2020, before the naira’s devaluation, the CFA zone accounted for 35% of group profit. In 2021, subsidiaries generated 47 billion naira, or 40% of total earnings. In 2022, profit rose to 52 billion naira, though its share slipped to 31% as Nigeria’s performance strengthened.

Then came 2023. The decision to float the naira triggered a rapid depreciation, from 460 to more than 750 per dollar. The accounting impact was immediate: foreign exchange gains pushed group profit from 170 billion to 608 billion naira. Despite growing 132% in absolute terms, the CFA zone’s share dropped to 20%, giving the impression that its role had weakened.

That perception began to shift in 2024. CFA subsidiaries generated 284 billion naira, or 37% of total profit, as underlying trends re-emerged. By 2025, with currency effects fading, the picture is clear: the franc zone no longer complements the Nigerian business—it underpins it.

Since 2020, CFA zone profit has risen from 38 billion to 323 billion naira, an increase of more than eightfold, with uninterrupted growth across the period.

Abidjan drives regional performance

Within the CFA zone, performance is uneven. WAEMU dominates, with 217 billion naira in net profit in 2025, up from 150 billion in 2024. At the center of this growth is Côte d’Ivoire.

UBA Côte d’Ivoire generated 125 billion naira in net profit in 2025, compared with 56 billion a year earlier. The subsidiary alone accounts for 39% of CFA zone profit and exceeds the combined earnings of all CEMAC units. The growth reflects strong interest income, tighter control of provisions, and robust corporate activity in a market that continues to position itself as a regional hub.

Other WAEMU subsidiaries also contributed, though at smaller scale. UBA Burkina Faso posted a 22% increase despite a difficult security and political environment, with deposits rising 15%. UBA Benin grew 26%. UBA Senegal saw profit decline by 54% amid sovereign debt pressures, while UBA Mali posted a marginal result of 1.3 billion naira.

CEMAC shows more fragile trends

The CEMAC region presents a more mixed picture. After reaching 134 billion naira in 2024, net profit declined to 106 billion in 2025, a 21% drop.

UBA Cameroon, the largest unit in the region, saw profit fall from 64 billion to 41 billion naira. The decline was driven by a sharp rise in provisions, which reached 17.7 billion naira, compared with 1.7 billion a year earlier. This reflects a deterioration in credit quality in a market that remains central to the region.

In contrast, UBA Congo-Brazzaville recorded the strongest growth in CEMAC, with profit up 45%. UBA Gabon remained broadly stable despite the political transition following the August 2023 coup.

A strategic success with growing concentration risk

The rise of the CFA zone marks a clear strategic success for UBA. Two decades after entering francophone markets, the group has built a profit base that rivals long-established players such as Ecobank.

But this success also brings new risks. With 80% of group profit coming from the CFA zone, and WAEMU accounting for 67% of that, Côte d’Ivoire alone now represents close to one-third of total earnings. Any major disruption in that market—whether economic, regulatory, or linked to credit quality—would directly affect the group’s overall performance.

UBA’s trajectory reflects a broader shift: a Nigerian banking group that has managed to build strong, profitable operations in francophone Africa, where many of its peers have struggled.

Fiacre E. Kakpo