United Bank for Africa (UBA) has achieved a significant milestone as its market capitalisation crossed the N1 trillion mark on Monday.
The accomplishment comes as UBA’s share value appreciated by 3.28 percent at the close of trading, reaching N29.90 per share.
UBA’s market capitalisation soared to N1.02 trillion, marking the bank’s entrance into the league of companies with over N1 trillion market capitalisation.
Notable companies in this league include Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, Seplat Energy, GTCO Holdings, and Zenith Bank.
The bank’s share price surge follows its stellar performance in 2023, closing the year as the highest-performing stock in the banking sector.
UBA reported that its share price appreciated by over 250 percent, starting the year at N7.60 per share.
Tony Elumelu, Chairman of UBA Group, expressed satisfaction with the achievement and emphasized the bank’s commitment to driving sustainable growth, fostering innovation, and creating value for its diverse clientele across Africa.
“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.
The attainment of a N1 trillion market capitalisation underscores UBA’s strategic prowess and dedication to shareholder value.
The bank aims to maintain its positive trajectory and continue contributing to the financial landscape in the coming years.
It’s worth noting that on December 6, 2023, FBN Holdings also crossed the N1 trillion market capitalisation mark.
However, FBN Holdings exited the trillion naira stock list the next day and closed trading on Monday at N933.27 billion.
