Africa (Commonwealth) _As its share price reached N29.90 per share, United Bank for Africa (UBA) plc on Monday joined the elite group of companies with a market capitalization of more than N1 trillion.
The Bank’s market capitalization reached N1, 022,562,698,843 at the conclusion of trade on Monday, making it the third most capitalized financial institution in Nigeria. This is a significant increase from N283.8 billion at the start of 2023.
With 34,199,421,366 shares in circulation, the bank has a market capitalization of N1 trillion. Its share was recognized as the best-performing stock in the banking industry in 2023, highlighting the firm’s steady development trajectory and unwavering investor trust. More specifically, the price of UBA shares has increased from N7.60 per share to almost 250 percent from the beginning of January 2023 and now.
Tony Elumelu, the chairman of UBA Group, stated that the bank’s incredible 2023 adventure came to a close with its shares being named the best-performing stock in the banking industry. He declared that this demonstrated the bank’s strategic strength and demonstrated its dedication to provide unmatched value to stakeholders and shareholders alike.
Elumelu stated that although UBA celebrates these important milestones, we want all of our stakeholders to know that we are unwavering in our objective to propel sustainable growth, encourage innovation, and generate value for its varied clients throughout Africa.
We are seeing the results of UBA’s well-executed business transformation initiative, which was started years ago. Obviously, the market has noticed and is compensating us appropriately. We pledge to our stakeholders that we will keep working harder, doing what we know how to do effectively, and making an impact in the regions in which we presently operate. He continued.
Oliver Alawuba, Managing Director/Chief Executive Officer of UBA, expressed satisfaction with the bank’s performance in recent months and stated that the bank’s unwavering commitment to excellence and execution has allowed it to continue setting benchmarks in the banking industry and solidifying its position as Africa’s go-to global bank.
As UBA unlocks huge potential in its pan-African and worldwide activities, market parties have started to recognize the latent capacity in the bank’s business strategy. Its people, procedures, and technology provide it a distinct competitive edge.
UBA is the only African bank with a deposit-taking license in the United States, with operations and offices spread over 24 nations and 4 continents. The Bank’s outstanding financial performance and solid foundation have allowed it to continue providing long-term value to its investors.
UBA now 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 development. Alawuba uttered
In honor of the Bank’s steadfast commitment 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.
Known as Africa’s Global Bank, United Bank for Africa Plc (UBA) is a multinational pan-African financial services organization with its headquarters located on Lagos Island. It has offices in London, Paris, and New York, as well as subsidiaries in 20 African nations. It has offices in London, Paris, and New York, as well as subsidiaries in 20 African nations. UBA obtained its banking license to start doing business in the United Arab Emirates in December 2021. The Nigerian Central Bank lists it as a commercial bank. The group’s stock is listed and traded on the Nigerian Stock Exchange under the ticker symbol UBA.
