On the shut of buying and selling on January 8, 2024, the share value of United Financial institution for Africa crossed N29.90, taking the financial institution’s market capitalization to N1.02 trillion, making the financial institution the most recent member of the SWOOT class.
The financial institution’s inventory has been on a bullish run for the reason that begin of 2024, as its share value has appreciated by 16.6% from N25.65 on the closing of buying and selling in 2023. Its market cap additionally appreciated by N142.8 billion inside the similar timeframe.
UBA’s market efficiency in 2024 is according to its 2023 market efficiency, when it ended because the best-performing bank stock in the NGX, with a 237.5% achieve through the yr.
Exterior the inventory market, UBA’s fundamentals have been distinctive, because the financial institution is projected to be one of many highest profit-earning entities in Nigeria in 2023, pending the discharge of its FY 2023 report.
Throughout 9M 2023, the corporate recorded a pre-tax revenue of N502.1 billion, representing a 262% year-on-year achieve.
Its shareholders’ funds additionally shored as much as N1.778 trillion in September 2023, from N922.1 billion recorded in December 2022.
Talking on the corporate’s efficiency in 9M 2023, the financial institution’s Group Managing Director, Olivier Alawuba famous,
- “Trying forward, we’re optimistic that the expansion trajectory will probably be sustained within the ultimate quarter of the yr as we stay centered on consolidating the good points achieved up to now in delivering enhanced returns to our shareholders.”
What you need to know
Corporations with over N1 trillion market capitalization within the NGX are categorized as SWOOTs (Shares Price Over One Trillion).
Present members of the class embrace MTN Nigeria, Airtel Africa, Dangote Cement, BUA Meals, BUA Cement, GTCO Holdings, Zenith Financial institution, and Seplat Power.
On December 6, 2023, FBNH, the mother or father group of First Financial institution Restricted additionally crossed the N1 trillion mark, nonetheless, it dropped under N1 trillion the subsequent day. Stanbic IBTC additionally crossed the N1 trillion mark in 2023.
One other inventory on the verge of hitting the N1 trillion mark is Geregu Energy Plc, which has maintained a market capitalization of N998 billion since November 20, 2023.
