United Bank for Africa (UBA) Plc’s share price hit N29.9 yesterday, and it joined the
exclusive group of businesses with a market capitalization of over N1 trillion.
The bank’s market capitalization at the end of trading was N1.022 trillion, which is a
a significant increase from N283.8 billion at the start of 2023 and places it as the third-largest
capitalized financial institution in Nigeria.
The bank distributed 34,199,421,366 shares. The bank achieved a market capitalization of
N1 trillion after being the best-performing stock in the banking industry in 2023,
demonstrating the bank’s steady growth trajectory and unwavering confidence in the market.
More specifically, the price of UBA shares increased by more than 250 percent from N7.6 at
the beginning of January 2023 to yesterday.
Tony Elumelu, Chairman of UBA Group, stated that the bank’s incredible 2023 journey
culminated in the recognition of its shares as the best-performing stock in the banking industry.
He noted that the performance, among other things, demonstrated the bank’s
dedication to providing unmatched value to stakeholders and shareholders alike.
“We would like all of 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 stated as UBA celebrated these important milestones.
The results of UBA’s well-executed business transformation initiative, which was started
years ago, are being seen. Consequently, our efforts are being adequately recognized and
rewarded by the market. We pledge to our stakeholders that we will keep working harder, do
what we know how to do effectively, and have an impact on the regions in which we
presently conduct business,” he continued.
Oliver Alawuba, the bank’s Group Managing Director and Chief Executive Officer, expressed
his satisfaction with the bank’s performance over the past few months and said that the bank
has continued to set industry standards for excellence and execution, solidifying its position
as Africa’s go-to global bank.
“Market players are starting to recognize the untapped potential in UBA’s business strategy
as the bank realizes the tremendous potential in its international and Pan-African activities.
Its people, procedures, and technology provide it with a distinct competitive advantage. UBA is
the only African bank licensed to take deposits in the United States, and it has activities and
offices across four continents and 24 countries.”
“The Bank’s outstanding financial performance and solid foundation have allowed it to
continue creating long-term value for its investors. UBA currently trades at price-to-book
(P/B) and price-to-earning (P/E) multiples of 0.59 and 2.27, respectively, reflecting the
market’s assessment of the Bank’s potential for future growth,” according to Alawuba.
