8th January, 2024
United Bank for Africa (UBA) Plc, has joined the group of companies with market capitalisation of over N1 trillion, as its share price value hits N29.90 per share.
At the close of trading of the Nigerian Exchange Ltd. (NGX) on Monday, the bank’s market capitalisation crossed N1.02 trillion, making it the third most capitalised financial institution in Nigeria.
This indicated a remarkable lift from N283.8 billion recorded by the bank at the beginning of the 2023, with 34.19 billion shares in issue.
The Chairman, UBA Group, Mr Tony Elumelu, in a statement in Lagos, said that the feat came amidst the bank’s shares being named as the highest performing stock in the banking sector in 2023.
Elumelu stated that this underscored the bank’s robust growth trajectory and unwavering market confidence.
Specifically, between January 2023 till date, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.
The chairman explained that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector.
He highlighted that this not only indicated the bank’s strategic prowess but also reflected its commitment to delivering unparalleled value to shareholders and stakeholders alike.
“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for our diverse clientele across Africa.
“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, our promise is 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 said.
UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, expressed delight at the bank’s performance in the past few months,
Alawuba said, with the bank’s unwavering commitment to excellence and execution, it continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.
He said: “Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials 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 license in the USA.”