Africa’s Global Bank, United Bank for Africa (UBA) Plc on Monday joined the elite group of companies with a market capitalisation of over N1tn just as its share priceN29.90 per share.
At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the third most capitalized financial institution ina remarkable lift from N283.8bn at the beginning of 2023.
The Bank has 34,199,421,366 shares inbank’s N1tn market capitalisation mark comes the bank’s share being named as the highest-performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.
Specifically, betweenJanuary 2023 and today, the price of UBA shares has appreciated by over 250 percent from N7.60 per share.
Chairman of UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects 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 takenrewarding our efforts. To our stakeholders, we promise that we will continue to work harder, deliver on what we know how to do create impacts where we currently he further said.
UBA’s 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 continues to set benchmarks in the bankingits 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 enormousin its pan-African and international operations. Its competitive advantage lies in its people, processes, and technology. With and offices in 24 countries and on 4 continents, UBA is the only African bank with a deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that deliver sustainable value for its its current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 expectations of the Bank’s future growth potential,” Alawuba said.
UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices in corporateremains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.
The outgoing year, 2023, has been a splendid year for United Bank forthe most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic problems in Nigeria characterized by shortage of liquidity.
Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three categories including Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognitionUBA’s impressive capital strength.
United Bank for Africa Plc is a leading pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With a presence in New York, London, Paris, and Dubai, UBApeople and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.