United Bank for Africa (UBA) Plc made history on Monday by crossing the #1 trillion market capitalization threshold, with its share price reaching #29.90 per share. 
The bank’s market capitalization soared to #1,022,562,698,843, positioning it as the third most capitalized financial institution in Nigeria, a remarkable leap from #283.8 billion at the start of 2023.
UBA’s success is underscored by its shares being recognized as the top-performing stock in the banking sector throughout 2023, reflecting the bank’s robust growth trajectory and unwavering market confidence. Notably, the price of UBA shares has surged by over 250% from #7.60 per share since January 2023.
Tony Elumelu, Chairman of UBA Group, emphasized that these achievements highlight the bank’s strategic prowess and commitment to delivering unparalleled value to shareholders and stakeholders. He expressed the bank’s dedication to driving sustainable growth, fostering innovation, and creating value across Africa.
Oliver Alawuba, UBA’s Group Managing Director/CEO, attributed the bank’s success to its commitment to excellence, execution, and unique competitive advantage in people, processes, and technology. He highlighted UBA’s presence in 24 countries across 4 continents and its distinction as the only African bank with a deposit-taking license in the USA.
Alawuba further noted the bank’s strong fundamentals, with impressive financial results driving sustainable value for shareholders. UBA trades at attractive price-to-earning (P/E) and price-to-book (P/B) multiples, reflecting the market’s confidence in its future growth potentials.
As a testament to its stellar performance in 2023, the bank emerged as the most profitable bank in Nigeria, with its Shareholders’ Fund growing from N992 billion in full year 2022 to #1.8 trillion as of September 2023. The bank also played a pivotal role in the $3.3 billion FX Liquidity support facility for Nigeria in partnership with Afreximbank, addressing FX liquidity challenges in the country.
In addition, United Bank for Africa received accolades, winning three categories at the 2023 FMDQ Gold Awards, including Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider. These recognitions affirm the bank’s impressive capital strength.
Listed on the Premium Board of the Nigerian Stock Exchange, the bank upholds international best practices on corporate governance and remains committed to creating value for its 275,000 shareholders globally. With a presence in 20 African countries and key international cities, including New York, London, Paris, and Dubai, United Bank for Africa continues to connect people and businesses across Africa through innovative banking services.
By Grace Olaogun
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