United Bank for Africa (UBA) achieved a significant milestone as its market capitalization surpassed the N1 trillion mark on the Nigerian Exchange Limited.
Closing at N1.022 trillion on Monday, the bank gained N32 billion in one day, securing its position as the third most-capitalized bank in Nigeria, trailing behind Zenith Bank and Guaranty Trust Holding Company Plc. UBA’s remarkable growth trajectory was further underscored by its shares being named the highest-performing stock in the banking sector in 2023, with a substantial appreciation of over 250% from N7.60 to N29.90 per share between January 2023 and Monday.
Chairman of UBA Group, Tony Elumelu, expressed pride in the bank’s strategic prowess and commitment to delivering unparalleled value to shareholders and stakeholders. The statement highlighted the bank’s exceptional journey in 2023, emphasizing its dedication to sustainable growth.
Furthermore, UBA’s Shareholders’ Fund witnessed substantial growth from N992 billion in December 2022 to N1.8 trillion by September 2023, demonstrating the bank’s financial strength.