© Reuters.
LAGOS – In a significant shift within Nigeria’s banking sector, United Bank for Africa (UBA) has surpassed GTCO Holdings to become the country’s leading listed bank by market value. As of today, UBA’s market capitalization has soared past one trillion naira, reaching N1.02 trillion with a share price of N29.90. This milestone elevates UBA to the position of Nigeria’s third-largest financial institution in terms of market cap.
The bank’s shares have witnessed an impressive rally, appreciating over 250% since January 2023, when they were valued at just N7.60 each. The substantial growth in UBA’s market value is a testament to its robust financial performance, which has earned it the title of Nigeria’s most profitable bank. The Shareholders’ Fund of UBA has also seen significant growth, further cementing the bank’s solid financial standing.
UBA’s influence extends far beyond Nigeria’s borders, with a presence in twenty African countries and key international financial centers. The bank’s expansive customer base includes over twenty-five million customers worldwide, underscoring its pivotal role in Africa’s financial landscape. The surge in UBA’s market value reflects the bank’s expanding footprint and its commitment to delivering exceptional banking services across its extensive network.
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