UBA Surpasses N1 Trillion Market Capitalization on NGX

The United Bank for Africa has achieved a market capitalization exceeding N1 trillion as trading closed on the Nigerian Exchange Limited this Monday.
Tony Elumelu
Tony ElumeluWikipedia

UBA's market cap reached N1.022tn, up from N990bn on Friday, reflecting a N32bn increase in a single day. This positions UBA as the third most-capitalized bank in Nigeria, trailing behind Zenith Bank and Guaranty Trust Holding Company Plc.

The financial institution's shares earned the title of the highest-performing stock in the banking sector for 2023, underscoring its impressive growth trajectory.

From January 2023 to Monday, the value of UBA shares witnessed a remarkable appreciation of over 250%, rising from N7.60 per share to N29.90 per unit.

In a statement released on Monday, Tony Elumelu, the Chairman of UBA Group, remarked on the bank's outstanding journey in 2023. He explained that this journey highlights the strategic prowess of the bank and underscores its commitment to delivering unparalleled value to shareholders and stakeholders alike.

He said, “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. 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, we promise 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.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressing delight at the bank’s performance in the past few months 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 deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders.   At its current price, UBA trades at price-to-earning and price-to-book multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials.”

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