Just as its share price touches N29.90 per share on Monday, United Bank for Africa (UBA) Plc, Africa’s Global Bank, became a member of the exclusive group of businesses with a market capitalisation of over N1tn.
The Bank’s market capitalisation at the end of trading on Monday was N1,022,562,698,843, placing it as the third most capitalised financial institution in Nigeria. This represents a significant increase from N283.8bn at the start of 2023.
The Bank has 34,199,421,366 shares in issue.
The bank’s share was declared the best-performing stock in the banking industry in 2023, highlighting the bank’s steady development trajectory and unwavering market trust. This coincides with UBA’s N1 trillion market capitalisation threshold.
More specifically, the price of UBA shares has increased from N7.60 per share to almost 250 percent between the beginning of January 2023 and today.
Tony Elumelu, the chairman of UBA Group, stated that the bank’s incredible 2023 journey came to a close with its shares being recognised as the best-performing stock in the banking industry.
He noted that this not only demonstrated the bank’s strategic strength but also its dedication to providing unmatched value to stakeholders and shareholders.
“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 said.
Oliver Alawuba, Group Managing Director and Chief Executive Officer of UBA, expressed satisfaction with the bank’s recent performance and stated that the bank’s unwavering commitment to excellence and execution has allowed it to continue setting standards in the banking industry and solidifying its position as Africa’s go-to global bank.
“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 said.
In honour of the Bank’s steadfast adherence to global best practices in corporate governance and its continued dedication to generating wealth for its more than 275,000 prestigious shareholders worldwide, UBA is listed on the Premium Board of the Nigerian Stock Exchange.
United Bank for Africa had an incredible year in 2023, surpassing all other banks in Nigeria to become the most profitable in the country. As of September 2023, the bank’s shareholders’ fund had increased from 992 billion as of the end of 2022 to N1.8 trillion. In collaboration with Africa Export and Import Bank (Afreximbank), UBA was also designated as the Local Arranger and Local Depository Bank for the $3.3 billion FX Liquidity Support Facility for Nigeria. This arrangement addresses the economic challenges faced by Nigeria, including the lack of FX liquidity.
Similar to this, UBA took home three FMDQ Gold Awards in 2023: Dealing Institution of the Year, Best Money Market Liquidity Provider, and Best FX Liquidity Provider. This acknowledgement is proof of UBA’s remarkable financial health.
Leading Pan-African financial company United Bank for Africa Plc serves over 25 million clients with banking services through 1,000 business locations and customer touch points spread throughout 20 African nations.
UBA, which has offices in New York, London, Paris, and Dubai, facilitates trade finance, innovative cross-border payments and remittances, retail, corporate, and commercial banking, as well as auxiliary financial services, to link individuals and businesses throughout Africa.
