The United Bank for Africa (UBA) crossed the N1 trillion mark in market capitalisation at the close of trading on the Nigerian Exchange Limited on Monday.
UBA’s market cap stood at N1.022tn from N990bn on Friday, signalling a N32bn gain in one day, thus emerging the third most-capitalised bank in Nigeria, behind Zenith Bank and Guaranty Trust Holding Company Plc.
The shares of the financial institution were named as the highest-performing stock in the banking sector in 2023, which underscores the bank’s growth trajectory.
Between January 2023 and Monday, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share to N29.90 per unit.
In a statement issued on Monday, the Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 highlighted the bank’s strategic prowess and reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.
He said, “As UBA celebrates these significant milestones, we would 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, we promise 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.”
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UBA Crosses N1tn Market Capitalisation On NGX
