United Bank for Africa (UBA) Plc has surpassed the N1 trillion market capitalization milestone, with its share price reaching N29.90 per share. At the close of trading on the Nigerian Exchange Ltd. (NGX) on Monday, the bank’s market capitalization exceeded N1.02 trillion, making it the third most capitalized financial institution in Nigeria.
This achievement marks a significant increase from the N283.8 billion recorded by the bank at the beginning of 2023, with 34.19 billion shares in issue. UBA’s Chairman, Tony Elumelu, highlighted that this feat coincided with the recognition of the bank’s shares as the highest-performing stock in the banking sector in 2023.
Elumelu emphasized that the bank’s robust growth trajectory and unwavering market confidence contributed to this milestone. Since January 2023, the price of UBA shares has appreciated by over 250%, rising from N7.60 per share.
The chairman acknowledged the bank’s strategic prowess and commitment to delivering value to shareholders and stakeholders, expressing pride in UBA’s recognition as the highest-performing stock in the banking sector.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed delight at the bank’s performance, attributing it to the institution’s commitment to excellence and execution. Alawuba highlighted UBA’s unique competitive advantage in people, processes, and technology, operating in 24 countries on four continents.
He noted that UBA remains committed to creating value for its over 275,000 shareholders globally. Alawuba pointed out that the bank’s fundamentals remain strong, with impressive financial results, and highlighted its listing on the Premium Board of the Nigerian Stock Exchange for adherence to international best practices on corporate governance.
The managing director shared various accomplishments in 2023, including being the most profitable bank in Nigeria, managing a Shareholders’ Fund that grew from N992 billion in full year 2022 to N1.8 trillion as of September 2023. UBA also played a crucial role in the $3.3 billion FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), addressing FX liquidity challenges in the country.
Additionally, UBA won three categories at the 2023 FMDQ Gold Awards, further attesting to its impressive capital strength. United Bank for Africa Plc continues to serve over 25 million customers across 20 African countries through a network of more than 1,000 business offices and customer touchpoints
