Big Boy UBA: Bank surpasses N1tn market capitalisation, becomes 2023 best performing banking stock

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The United Bank for Africa Plc on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

At the close of trading on Monday, the bank’s market capitalisation hit N1,022,562,698,843, making it the 3rd most capitalised financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

A statement said the UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023.

The statement added, “Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

“The Chairman, UBA Group, Tony Elumelu, said the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess, but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.”

Elumelu was also quoted as saying, “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.

“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.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank would continue to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

He said, “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.”

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