The United Financial institution for Africa crossed the N1 trillion market capitalization mark on the shut of buying and selling on the Nigerian Alternate Restricted on Monday.
UBA's market capitalization on Friday stood at N1.022 trillion from N990 billion, making a acquire of N32 billion in sooner or later, making it the third most capitalized financial institution in Nigeria after Zenith Financial institution and Warranty Belief Holding Firm Plc.
The monetary establishment's shares had been named as the most effective performing shares within the banking sector in 2023, underscoring the financial institution's progress trajectory.
Between January 2023 and Monday, the worth of UBA shares elevated by over 250 p.c from N7.60 per share to N29.90 per unit.
In a press release issued on Monday, the Chairman, UBA Group, Tony Elumelu, stated the financial institution's exceptional journey in 2023 highlighted the financial institution's strategic prowess and displays its dedication to delivering unparalleled worth to each shareholders and stakeholders.
He stated: “As UBA celebrates these vital milestones, we wish all our stakeholders to know that we stay steadfast in our mission to drive sustainable progress, promote innovation and create worth for its numerous buyer base throughout Africa. We’re witnessing the influence of the enterprise transformation that UBA initiated years in the past and executed properly.
“The market has in fact taken notice of our efforts and is rewarding them correctly. To our stakeholders, we promise that we’ll proceed to work tougher, ship what we do greatest and create influence within the areas the place we at present function.”
UBA's Group Managing Director/Chief Government Officer, Oliver Alawuba, expressed his delight on the financial institution's efficiency in latest months, saying: “Market members have come to understand the latent capability in UBA's enterprise mannequin because the financial institution unlocks huge potential throughout its pan -African and worldwide operations. The distinctive aggressive benefit lies in folks, processes and know-how.
“With operations and places of work in 24 international locations and on 4 continents, UBA is the one African financial institution with a deposit license within the US. The Financial institution's fundamentals stay robust, with spectacular monetary outcomes which have continued to ship sustainable worth for its shareholders. At its present worth, UBA trades at price-to-earnings and price-to-book ratios of two.27 and 0.59, reflecting market expectations of the Financial institution's future progress potential.”
In 2023, UBA's Shareholder Fund grew from N992 billion as of December 2022 to N1.8 trillion as of September 2023. UBA was additionally appointed as Native Arranger and Native Depository Financial institution for the $3.3 billion FX Liquidity Help Facility for Nigeria, in partnership with the African Union . Export and import financial institution.
