United Bank for Africa (UBA) Plc, yesterday, joined the elite group of companies with market capitalisation of over N1 trillion just as its share price value hits N29.9 per share.
At the close of trading, the bank’s market capitalisation hit N1.022 trillion, making it the third most capitalised financial institution in Nigeria, a remarkable lift from N283.8 billion at the beginning of the 2023.
The bank has issued 34,199,421,366 shares. Its N1 trillion market capitalisation feat came after the bank emerged as the highest-performing stock in the banking sector in 2023, underscoring the bank’s robust growth trajectory and unwavering market confidence.
Specifically, between the start of January 2023 and yesterday, the price of UBA shares appreciated by over 250 per cent from N7.6.
Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock in the banking sector as he pointed out that the performance among others reflected its commitment to delivering unparalleled value to shareholders and stakeholders alike.
“As UBA celebrates these significant milestones, we would like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation and create value for its diverse clientele across Africa,” Elumelu said.
“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, we promise that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he added.
Its Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continued to set benchmarks in the sector, reinforcing its position as Africa’s global bank of choice.
“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potential in its Pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With operations and offices in 24 countries and on four continents, UBA is the only African bank with a deposit-taking licence in the USA.
“The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At its current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59, which reflect the market’s expectations of the Bank’s future growth potentials,” Alawuba noted.
