LAGOS, Jan 8 – The United Bank for Africa (UBA) PLC has crossed the N1 trillion market capitalization threshold, reaching N1,022,562,698,843, solidifying its position as the third most capitalized financial institution in Nigeria. This achievement follows a remarkable surge from N283.8 billion at the beginning of 2023.
With 34,199,421,366 shares in issue, UBA’s ascent to the N1 trillion market capitalization mark is accompanied by its recognition as the best-performing stock in the banking sector throughout 2023, showcasing the bank’s robust growth trajectory and sustained market confidence.
Since January 2023, the price of UBA shares has experienced an impressive appreciation of over 250%, rising from N7.60 per share. The Chairman of UBA Group, Tony Elumelu, attributed these accomplishments to the bank’s strategic prowess and unwavering commitment to delivering exceptional value to shareholders and stakeholders.
Elumelu remarked, “As UBA celebrates these significant milestones, we want 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.”
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed delight at the bank’s performance, emphasizing its commitment to excellence and execution. Alawuba highlighted UBA’s unique competitive advantage in people, processes, and technology, citing its operations and offices in 24 countries across four continents.
He stated, “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. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders.”
UBA, listed on the Premium Board of the Nigerian Stock Exchange for its adherence to international best practices on corporate governance, remains dedicated to creating value for its over 275,000 shareholders globally.
In 2023, UBA emerged as the most profitable bank in Nigeria, with its Shareholders’ Fund growing from N992 billion in full-year 2022 to N1.8 trillion as of September 2023. The bank played a pivotal role as the Local Arranger and Local Depository Bank for the $3.3 billion FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank).
Additionally, UBA secured the 2023 FMDQ Gold Awards in three categories, including Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider, underscoring the bank’s impressive capital strength and contributions to the financial sector.
