Elizabeth O.
UBA Achieves Historic Milestone: Capitalization Surpasses N1 Trillion Mark
On Monday, United Bank for Africa (UBA) achieved a significant milestone by crossing the N1 trillion mark in market capitalization at the close of trading on the Nigerian Exchange Limited.
UBA’s market capitalization reached N1.022 trillion, indicating a N32 billion gain in just one day. This achievement positioned UBA as the third most-capitalized bank in Nigeria, trailing behind Zenith Bank and Guaranty Trust Holding Company Plc.
UBA’s exceptional performance in the banking sector was further underscored by its recognition as the highest-performing stock in 2023. This recognition reflects the bank’s impressive growth trajectory.
Furthermore, from January 2023 to Monday, the price of UBA shares appreciated by over 250 percent, rising from N7.60 per share to N29.90 per unit.
Tony Elumelu, the Chairman of UBA Group, highlighted the bank’s strategic prowess and commitment to delivering value to shareholders and stakeholders.
He emphasized that UBA’s remarkable journey in 2023 exemplifies its dedication to sustainable growth, innovation, and creating value across Africa.
Elumelu assured stakeholders that the bank would continue working diligently, leveraging its strengths, and making an impact in the regions where it operates.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed delight at the bank’s performance in recent months.
He noted that market participants are beginning to recognize the latent capacity within UBA’s business model as the bank unlocks significant potential in its pan-African and international operations.
Also, Alawuba emphasized that UBA’s competitive advantage lies in its people, processes, and technology.
With operations and offices in 24 countries across four continents, UBA stands out as the only African bank with a deposit-taking license in the USA.
The bank’s strong fundamentals and impressive financial results continue to deliver sustainable value for its shareholders.
UBA’s current price-to-earnings and price-to-book multiples of 2.27 and 0.59, respectively, reflect the market’s expectations of the bank’s future growth potential.
Subsequently in 2023, UBA’s Shareholders’ Fund grew from N992 billion in December 2022 to N1.8 trillion in September 2023.
Additionally, UBA was appointed 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.
