The United Bank for Africa (UBA) surpassed the N1 trillion market capitalization on Monday following a consistent bullish run.
The gain recorded on Monday was estimated at N32 billion, the largest gain in a single day.
The gain propelled the leading African bank to the position of third most-capitalized bank in Nigeria, just behind Zenith Bank and Guaranty Trust Holding Company Plc.
UBA’s commendable feat is underscored by its shares being recognized as the highest-performing stock in the banking sector throughout 2023.
The price of UBA shares appreciated by 250% from N7.60 per share in January 2023 to the current N29.90 per unit.
Chairman of the UBA Group, Tony Elumelu, lauded the bank’s exceptional journey in 2023 and attributed the achievement to strategic prowess and an unwavering commitment to delivering unparalleled value to shareholders and stakeholders alike.
Elumelu expressed the bank’s dedication to sustaining growth, fostering innovation, and creating lasting impacts across the diverse geographies it operates in.
CEO of UBA, Oliver Alawuba, conveyed his delight at the bank’s stellar performance in recent months.
Alawuba emphasized that market participants are increasingly recognizing the latent capacity within UBA’s business model, particularly as the bank unlocks significant potentials in its pan-African and international operations.