At the top of the closing session of the Nigerian Exchange Ltd. (NGX) on Monday, the bank’s market capitalization crossed N1.02 trillion, making it the third most capitalized financial institution in Nigeria.
This marks a remarkable increase from the N283.8 billion recorded by the bank at the start of 2023, with 34.19 billion shares outstanding.
In a statement in Lagos, UBA Group Chairman, Tony Elumelu, said the feat was against the backdrop of the bank’s shares being named the best performer in the banking sector in 2023. Elumelu stressed that this underlined the strong growth trajectory of the bank and unwavering market confidence.
Notably, between January 2023 and today, the share price of UBA has increased by over 250%, from N7.60 per share.
The president explained that the bank’s remarkable journey in 2023 ended with its actions being recognized as the best performers in the banking sector.
He noted that this not only demonstrated the strategic acumen of the bank, but also reflected its commitment to delivering unparalleled value to shareholders and other stakeholders.
“As UBA celebrates these important milestones, we want all our stakeholders to know that we remain steadfastly committed to our mission to drive sustainable growth, foster innovation and create value for our diverse customer base across ‘Africa.
“We are seeing the impact of the business transformation that UBA embarked on years ago and which we have successfully achieved. Naturally, the market has taken note and is rightly rewarding it.
“To our stakeholders, our promise is that we will continue to work harder, deliver on our commitments and create impacts where we currently operate,” he said.
UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, said he was delighted with the bank’s performance in recent months.
Alawuba said that with the bank’s unwavering commitment to excellence and execution, it continues to set benchmarks in the banking sector, strengthening its position as the African bank of choice globally.
He said: “Market players are beginning to appreciate the latent potential of UBA’s business model as the bank unlocks huge potentials in its pan-African and international businesses. Its unique competitive advantage lies in people, processes and technology .
“With operations and offices in 24 countries and four continents, UBA is the only African bank to hold a depository license in the United States.”
He said the bank’s fundamentals remain strong, with impressive financial results continuing to create lasting value for its shareholders..
The CEO noted that at current prices, UBA trades at price-to-earnings (P/E) and price-to-book (P/B) ratios of 2.27 and 0.59, reflecting market expectations. market on the bank’s future growth potential.
He said the bank was listed on the Premium Board of the Nigerian Stock Exchange, in recognition of its strict adherence to international best practices in corporate governance.
Alawuba stressed that UBA remains committed to creating value for its more than 275,000 shareholders spread across the world.
“The past year, 2023, has been a splendid year for UBA, becoming Nigeria’s most profitable bank in 2023, with shareholders’ equity increasing from N992 billion at the end of 2022 to N1.8 trillion in September 2023.
“UBA was also appointed as Local Arranger and Local Depository Bank for the $3.3 billion foreign exchange liquidity support facility for Nigeria in partnership with the African Export-Import Bank (Afreximbank) .
“To provide solutions to Nigeria’s economic problems characterized by shortage of foreign currency liquidity.
“Similarly, in 2023, UBA won the 2023 FMDQ Gold Awards in three categories including Best Foreign Currency Liquidity Provider, Trading Institution of the Year and Best Money Market Liquidity Provider “, did he declare.
According to him, this recognition demonstrates the strong capitalization strength of UBA.