UBA Achieves Market Capitalization Milestone, Crossing N1 Trillion Mark Amid Share Price Surge

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has achieved a significant milestone, joining the league of companies with a market capitalization exceeding N1 trillion.

This came after its share price surged to N29.90 per share at the close of trading on the Nigerian Exchange Ltd. (NGX) on Monday.

This places UBA as the third most capitalized financial institution in Nigeria.

The bank’s market capitalization soared from N283.8 billion at the beginning of 2023, with 34.19 billion shares in issue, to cross the N1.02 trillion mark.

Notably, UBA’s shares were recognized as the highest-performing stock in the banking sector in 2023, appreciating by over 250% from N7.60 per share between January 2023 and the current date.

Chairman of UBA Group, Mr. Tony Elumelu, expressed pride in this achievement, emphasizing that it reflects the bank’s robust growth trajectory and the unwavering confidence of the market. Elumelu highlighted the strategic prowess of UBA and its commitment to delivering exceptional value to shareholders and stakeholders.

Elumelu stated, “As UBA celebrates these significant milestones, we want 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.”

Group Managing Director/Chief Executive Officer of UBA, Mr. Oliver Alawuba, attributed the bank’s success to its unwavering commitment to excellence and execution. He noted that the market has begun to appreciate UBA’s latent capacity and unique competitive advantage in people, processes, and technology.

Alawuba highlighted UBA’s strong fundamentals and impressive financial results that continue to deliver sustainable value for shareholders. With operations in 24 countries on four continents, UBA is recognized as Africa’s global bank of choice.

At the current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59, reflecting the market’s expectations of the bank’s future growth potentials. Alawuba emphasized UBA’s commitment to international best practices on corporate governance, and he underscored the bank’s dedication to creating value for its over 275,000 shareholders worldwide.

The outstanding performance of UBA in 2023 has been evident across various fronts, from becoming the most profitable bank in Nigeria to playing a crucial role in a $3.3 billion FX Liquidity support facility for Nigeria. The bank has received recognition in multiple categories, including Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider at the 2023 FMDQ Gold Awards. These accolades further affirm UBA’s impressive capital strength and its role in providing innovative solutions to economic challenges in Nigeria characterized by FX liquidity shortages.

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