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UBA achieves milestone with N1tn market capitalization amidst impressive financial performance

Emerges as Best Performing Banking Stock in 2023, Solidifying Position as Africa’s Global Bank

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United Bank for Africa (UBA) Plc has entered the league of companies with a market capitalization exceeding N1tn, marking a significant achievement. The bank’s share price soared to N29.90 per share, contributing to a market capitalization of N1,022,562,698,843 as of the close of Monday’s trading session, positioning it as the third most capitalized financial institution in Nigeria.

This notable milestone comes on the heels of UBA’s recognition as the highest-performing stock in the banking sector throughout 2023, showcasing the bank’s robust growth trajectory and unwavering market confidence. The share price witnessed an exceptional appreciation of over 250% from N7.60 per share at the beginning of the year.

Oliver Alawuba, Group Managing Director/Chief Executive Officer, UBA

The chairman of UBA Group, Tony Elumelu, emphasized the strategic prowess and commitment to delivering unparalleled value to shareholders and stakeholders. He acknowledged the bank’s journey in 2023 and celebrated the acknowledgment of UBA shares as the best-performing within the banking sector.

“As UBA celebrates these significant milestones, we want all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu stated.

Group Managing Director and Chief Executive Officer of UBA, Oliver Alawuba, expressed delight at the bank’s performance, attributing it to a commitment to excellence and execution. He highlighted UBA’s unique competitive advantage in people, processes, and technology, underscoring its position as Africa’s global bank of choice.

Alawuba noted, “Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potential in its pan-African and international operations.”

The bank’s fundamentals remain strong, with impressive financial results and sustainable value for shareholders. UBA, listed on the Premium Board of the Nigerian Stock Exchange, adheres to international best practices on corporate governance.

In 2023, UBA emerged as the most profitable bank in Nigeria, with its Shareholders’ Fund growing from N992bn to N1.8tn. The bank also played a vital role as the local arranger and local depository bank for the $3.3 billion FX liquidity support facility for Nigeria in partnership with Afreximbank, addressing FX liquidity challenges in the country.

Additionally, UBA received the 2023 FMDQ Gold Awards in three categories, including Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider, further highlighting its impressive capital strength.

United Bank for Africa Plc continues to be a leading pan-African financial institution, providing banking services to over 25 million customers across 20 African countries and connecting people and businesses across the continent and beyond.

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