The United Financial institution for Africa crossed the N1 trillion mark in market capitalisation on the shut of buying and selling on the Nigerian Trade Restricted on Monday.
UBA’s market cap stood at N1.022tn from N990bn on Friday, signalling a N32bn acquire in someday, thus rising the third most-capitalised financial institution in Nigeria, behind Zenith Financial institution and Warranty Belief Holding Firm Plc.
The shares of the monetary establishment had been named because the highest-performing inventory within the banking sector in 2023, which underscores the financial institution’s development trajectory.
Between January 2023 and Monday, the value of UBA shares has appreciated by over 250 per cent from N7.60 per share to N29.90 per unit.
In an announcement issued on Monday, the Chairman, UBA Group, Tony Elumelu, mentioned that the financial institution’s exceptional journey in 2023 highlighted the financial institution’s strategic prowess and displays its dedication to delivering unparalleled worth to shareholders and stakeholders alike.
He mentioned, “As UBA celebrates these vital milestones, we wish all our stakeholders to know that we stay steadfast in our mission to drive sustainable development, foster innovation, and create worth for its numerous clientele throughout Africa. We’re witnessing the impression of the enterprise transformation drive UBA launched into years in the past and executed nicely.
“Naturally, the market has taken word of and is duly rewarding our efforts. To our stakeholders, we promise that we’ll proceed to work tougher, ship on what we all know how you can do nicely and create impacts throughout geographies the place we presently function.”
UBA’s Group Managing Director/Chief Govt Officer, Oliver Alawuba, expressing delight on the financial institution’s efficiency previously few months mentioned, “Market members have begun to understand the latent capability in UBA’s enterprise mannequin because the financial institution unlocks huge potentials in its pan African and worldwide operations. Its distinctive aggressive benefit lies in folks, processes, and know-how.
“With operations and places of work in 24 nations and on 4 continents, UBA is the one African financial institution with deposit-taking license within the USA. The Financial institution’s fundamentals stay sturdy with spectacular monetary outcomes which have continued to ship sustainable worth for its shareholders. At its present value, UBA trades at price-to-earning and price-to-book multiples of two.27 and 0.59 that are a mirrored image of the market’s expectations of the Financial institution’s future development potentials.”
In 2023, UBA’s Shareholders’ Fund grew from N992bn as of December 2022 to N1.8trn as of September 2023. UBA was additionally appointed because the Native Arranger and Native Depository Financial institution for the $3.3bn FX Liquidity assist facility for Nigeria in partnership with the African Export and Import Financial institution.