This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Strong franchise and geographic diversification support earnings resilience through the cycle. High single-name obligor concentrations. Broad and stable retail depositor base leading to lower cost of funding compared with peers. High economic and industry risks associated with operating in Nigeria. Sovereign creditworthiness constrains our ratings on the bank. United Bank for Africa PLC's (UBA's) credit profile benefits from its strong domestic franchise and pan-African footprint. UBA is the second-largest banking group with a strong domestic presence in Nigeria. It also operates a well-diversified pan-African business model. Strong diversification by geography, business segment, and
