United Bank for Africa (UBA) Plc achieved a remarkable feat by joining the prestigious league of companies with a market capitalization exceeding N1 trillion, bolstered by its share price soaring to N29.9 per share.
The closure of trading sessions marked a historic moment for the bank as its market capitalization surged to N1.022 trillion, propelling it to rank as the third most capitalized financial institution in Nigeria. This substantial surge comes as a stark contrast to its valuation of N283.8 billion at the commencement of 2023.
The bank’s outstanding performance stems from its issuance of 34,199,421,366 shares. Its climb to the N1 trillion market capitalization club follows its stellar performance in 2023, where UBA emerged as the top-performing stock in the banking sector, underlining its robust growth trajectory and unwavering market confidence.
Within the period between January 2023 and the present, the value of UBA shares surged by an impressive 250%, rising from N7.6.
Tony Elumelu, Chairman of UBA Group, attributed the bank’s exceptional journey in 2023 to its recognition as the leading stock in the banking sector. He emphasized that this achievement reflects UBA’s commitment to delivering unparalleled value to shareholders and stakeholders alike.
Elumelu remarked, “As UBA celebrates these significant milestones, we remain dedicated to driving sustainable growth, fostering innovation, and creating value for our diverse clientele across Africa.”
Oliver Alawuba, the Group Managing Director/Chief Executive Officer, expressed delight in the bank’s recent performance. Alawuba credited UBA’s unwavering commitment to excellence and execution for setting industry benchmarks, solidifying its position as Africa’s preferred global bank.
He highlighted, “Market observers acknowledge the untapped potential in UBA’s business model as the bank unlocks vast opportunities in its Pan African and international operations. Our unique competitive edge lies in people, processes, and technology.”
Alawuba emphasized the bank’s robust fundamentals, boasting impressive financial results that consistently deliver sustainable value for shareholders. With operations across 24 countries on four continents, UBA stands out as the sole African bank holding a deposit-taking license in the USA.
He concluded, “At its current price, UBA’s trade metrics indicate market expectations of the Bank’s future growth potential, evident in its price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59, respectively.”
