The value of United Bank for Africa Plc on the Nigerian Exchange closed at N29.90 per share on Monday, bringing its market capitalisation to N1.022 trillion, joining the elite group of companies with value in excess of trillion Naira.
Specifically, UBA Plc has 34,199,421,366 shares in issue, resulting in a market valuation of N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.
UBA’s N1tn market capitalisation mark comes amidst 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.
Between the beginning of January 2023 and today, the price of UBA shares has appreciated by over 250% from N7.60 per share.
Commenting on the development, Chairman of UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated in 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.
According to him, “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.”
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.
Continuing, he 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 4 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 current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba added.
