Nigeria: UBA achieves market capitalization surpassing N1 trillion

United Bank for Africa (UBA) Plc has achieved a significant milestone by becoming part of the exclusive group of companies with a market capitalization exceeding N1 trillion.

The bank’s share price value reached N29.90 per share.

The bank’s market capitalization reached an impressive N1,022,562,698,843, securing its position as the third most capitalized financial institution in Nigeria. This is a significant increase from its starting market capitalization of N283.8 billion.

With a total of 34,199,421,366 shares in circulation, the bank’s shares are being acclaimed as the top-performing stock in the banking sector for the year 2023. This accolade reflects the institution’s robust growth trajectory and the steadfast confidence it commands in the market.

Chairman, 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 will 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 taken note of and is duly rewarding our efforts. To our stakeholders, our promise is 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,” he further stated.

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 banking sector, reinforcing its 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 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.

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

Source: thenationonlineng.net