Share Price Hits N29.90 as UBA’s Market Capitalization Reaches N1.02 Trillion
United Bank for Africa (UBA) Plc achieved a market capitalization milestone by joining the club of companies with a market cap of over N1 trillion. At the close of trading on Monday, UBA’s market capitalization reached N1.02 trillion, making it the third most capitalized financial institution in Nigeria. The bank’s share price also hit N29.90 per share, marking a remarkable boost from N283.8 billion at the beginning of 2023. United Bank for Africa shares were recognized as the highest-performing stock in the banking sector in 2023, with a price appreciation of over 250% from N7.60 per share in January.
The achievement underscores United Bank for Africa robust growth trajectory and market confidence. The Chairman of UBA Group, Tony Elumelu, highlighted the bank’s strategic prowess and commitment to delivering value to shareholders and stakeholders. UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed delight at the bank’s performance, emphasizing its unwavering commitment to excellence and execution. Alawuba noted United Bank for Africa unique competitive advantage in people, processes, and technology, with operations in 24 countries and a deposit-taking license in the USA.
United Bank for Africa has been recognized for its strong adherence to international best practices on corporate governance, listing on the Premium Board of the Nigerian Stock Exchange. In 2023, the bank emerged as the most profitable bank in Nigeria, with a shareholders’ fund growing from N992 billion in 2022 to N1.8 trillion as of September 2023. United Bank for Africa played a significant role in economic challenges in Nigeria, serving as the Local Arranger and Local Depository Bank for a $3.3 billion FX Liquidity support facility. The bank also received multiple awards, including the 2023 FMDQ Gold Awards in three categories.
United Bank for Africa continues to expand its presence, offering banking services to over 25 million customers across 20 African countries and maintaining offices in New York, London, Paris, and Dubai. The bank’s achievements in 2023 position it as a leading Pan-African financial institution connecting people and businesses across the continent.