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United Bank for Africa (UBA) Plc achieved a market capitalization exceeding N1 trillion, solidifying its position among elite companies. The share price surged to N29.9 per share, concluding trading with a market capitalization of N1.022 trillion. This accomplishment propels UBA to the third position among the most capitalized financial institutions in Nigeria, a remarkable ascent from N283.8 billion at the beginning of 2023.
With a total of 34,199,421,366 shares issued, UBA's market capitalization breakthrough follows its distinction as the highest-performing stock in the banking sector throughout 2023. Notably, the share price appreciated by over 250% from N7.6 between January 2023 and the current period.
Tony Elumelu, Chairman of UBA Group, attributed the bank's success to its commitment to delivering exceptional value to shareholders and stakeholders. He expressed pride in the bank's recognition as the highest-performing stock in the banking sector, emphasizing the ongoing dedication to sustainable growth, innovation, and value creation across Africa.
Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed delight at the bank's recent performance, highlighting its unwavering commitment to excellence. Alawuba emphasized UBA's position as Africa's global bank of choice and noted its unique competitive advantage in people, processes, and technology. With operations spanning 24 countries across four continents, UBA stands as the only African bank with a deposit-taking license in the USA.
Alawuba highlighted the bank's strong fundamentals and impressive financial results, ensuring sustainable value for shareholders. He pointed out that, at its current price, UBA trades at favorable price-to-earning (P/E) and price-to-book (P/B) multiples, reflecting the market's positive outlook on the bank's future growth potential. As UBA celebrates these achievements, the leadership vows to maintain their commitment to excellence and continue making a positive impact globally.
