United Bank for Africa (UBA) Plc has reached a significant financial milestone, becoming part of the esteemed group of companies boasting a market capitalization exceeding N1 trillion, with each share valued at N29.90.
As of the close of trading on Monday, the bank’s market capitalization soared to N1,022,562,698,843, marking a remarkable ascent from N283.8 billion at the onset of 2023. UBA currently holds 34,199,421,366 shares in circulation, positioning it as Nigeria’s third most capitalized financial institution.
This achievement aligns with UBA’s shares being recognized as the banking sector’s highest performer in 2023, signaling the bank’s robust growth trajectory and unwavering market confidence. Notably, since the start of January 2023, UBA’s shares have surged by over 250%, escalating from N7.60 per share.
Tony Elumelu, Chairman of UBA Group, attributed the bank’s exceptional journey in 2023 to the acknowledgment of its shares as the top performer in the banking sector. He highlighted this as a testament to the bank’s strategic prowess and dedication to delivering exceptional value to shareholders and stakeholders.
Elumelu affirmed UBA’s commitment to sustaining growth, fostering innovation, and consistently creating value for its diverse clientele across Africa. Expressing his delight at the bank’s recent performance, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasized the bank’s continuous benchmark-setting within the banking sector, reinforcing its position as Africa’s preferred global bank.
Market participants are increasingly recognizing UBA’s latent potential as the bank capitalizes on vast opportunities in its pan-African and international operations. Alawuba identified UBA’s unique competitive edge in its people, processes, and technology, attributing the bank’s success to its unwavering commitment to excellence and execution.