The United Bank for Africa (UBA) achieved a significant milestone as it crossed the N1 trillion mark in market capitalization at the close of trading on the Nigerian Exchange Limited (NGX) on Monday.
UBA’s market cap soared to N1.022 trillion from N990 billion on Friday, marking a substantial N32 billion gain in a single day.
This achievement solidifies UBA’s position as the third most-capitalized bank in Nigeria, trailing behind Zenith Bank and Guaranty Trust Holding Company Plc.
Notably, the financial institution’s shares were recognized as the highest-performing stock in the banking sector throughout 2023, emphasizing the bank’s robust growth trajectory.
Between January 2023 and Monday, the price of UBA shares witnessed an impressive appreciation of over 250%, rising from N7.60 per share to N29.90 per unit.
Chairman of UBA Group, Tony Elumelu, emphasized the bank’s strategic prowess and commitment to delivering unparalleled value to shareholders and stakeholders.
Elumelu stated, “We remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa.”
Group Managing Director/CEO of UBA, Oliver Alawuba, expressed delight at the bank’s recent performance, attributing it to the latent capacity in UBA’s business model.
Alawuba highlighted UBA’s unique competitive advantage in people, processes, and technology, emphasizing its pan-African and international operations.
As of September 2023, UBA’s Shareholders’ Fund grew from N992 billion in December 2022 to N1.8 trillion.
The bank’s impressive financial results and its role as the Local Arranger and Local Depository Bank for the $3.3 billion FX Liquidity support facility for Nigeria in partnership with the African Export and Import Bank further underscore its positive trajectory.
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