TheCable

The market capitalisation of United Bank for Africa (UBA), on Monday, crossed the N1 trillion mark as the share value of the company appreciated by 3.28 percent at the close of trading.

UBA’s market capitalisation hit N1.02 trillion after its share price rose to N29.90 from N28.95 reported on Friday — when the company’s valuation was N990.07 billion.

With the development, UBA joins companies with over N1 trillion market cap including Airtel Africa (N7.52 trillion), MTN Nigeria (N5.98 trillion), Dangote Cement (5.54 trillion), BUA Foods (N3.54 trillion), BUA Cement (N3.45 trillion), Seplat Energy (N1.36 trillion), GTCO Holdings (N1.29 trillion) and Zenith Bank (N1.35 trillion).

In a statement on Monday, UBA said its N1 trillion market capitalisation comes after the company’s share closed 2023 as the highest-performing stock in the banking sector.

“Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share,” UBA said.

Speaking on the achievement, Tony Elumelu, chairman, UBA Group, said the bank’s performance last year demonstrates its strategic prowess and commitment to shareholder value.

“As UBA celebrates these significant milestones, we will like 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 said.

On December 6, 2023, FBN Holdings also crossed the N1 trillion mark as it recorded N1.05 trillion market valuation from N960.19 billion.

However, FBN exited the trillion naira stock list the next day and closed trading on Monday at
N933.27 billion.