Africa's Global Bank, United Bank for Africa (UBA) Plc, has joined the group of companies with market capitalisation of over ₦1 trillion, as its share price value hits ₦29.90 per share.
At the close of trading of the Nigerian Exchange Ltd. (NGX) on Monday, the bank's market capitalisation crossed ₦1.02 trillion, making it the third most capitalised financial institution in Nigeria.
This indicated a remarkable lift from ₦283.8 billion recorded by the bank at the beginning of the 2023, with 34.19 billion shares in issue.
The Chairman, UBA Group, Tony Elumelu, in a statement in Lagos, said the feat came amidst the bank's shares being named as the highest performing stock in the banking sector in 2023. Elumelu stated that this underscored the bank's robust growth trajectory and unwavering market confidence.
Specifically, between January 2023 till date, the price of UBA shares has appreciated by over 250 per cent from ₦7.60 per share.
The chairman explained that the bank's remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector.
He highlighted that this not only indicated the bank's strategic prowess but also reflected its commitment to delivering unparalleled value to shareholders and stakeholders alike.
"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 our 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," he said.
UBA's Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed delight at the bank's performance in the past few months.
Alawuba said with the bank's unwavering commitment to excellence and execution, it continues 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 four continents, UBA is the only African bank with a deposit-taking license in the USA."
According to him, the bank's fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders.
The managing director noted that 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.
He stated that the bank is listed on the Premium Board of the Nigerian Stock Exchange in recognition of its strong adherence to international best practices on corporate governance.
Alawuba noted that UBA remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.
"The outgone year, 2023, has been a splendid year for UBA, becoming the most profitable bank in Nigeria in 2023, with a Shareholders' Fund that has grown from ₦992 billion as at full year 2022 to ₦1.8 trillion as of September 2023.
"UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3 billion FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank).
"Providing solutions to economic solutions in Nigeria characterised by shortage of FX liquidity.
"Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three categories, including the Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider," he said.
According to him, this recognition is a testament to UBA's impressive capital strength.
United Bank for Africa Plc is a Pan-African financial institution offering banking services to more than 25 million customers, across 1,000 business offices and customer touch points in 20 African countries.