Zenith, Access, First Bank: Meet Nigeria's N1trn Banks as UBA Joins League of Top Firms
- United Bank for Africa has become a N1 trillion company, joining an elite club on the Nigerian Exchange (NGX)
- UBA hit the milestone after the bank's shares climbed on the NGX to become a top-traded stock
- Other banks on the list include First Bank, Zenith Bank, and Guaranty Holding Company, among others
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
On Monday, January 8, 2024, the United Bank for Africa, UBA, hit the N1 trillion mark in market capitalisation.
UBA joins exclusive league of N1trn banks in Nigeria
The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.
The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.
Source: UGC
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Companies with over N1 trillion market capitalisation in the NGX are categorized as SWOOTs (Stocks Worth Over One Trillion), Legit.ng reported.
The bank joins the club of Nigerian banks with N1 trillion in market capitalization.
The development follows the stellar performance of the Nigerian Exchange (NGX), where banking stocks have emerged as the preferred equities for investors.
Nigerian Stock Market Shine
An aide to President Bola Tinubu, Dolu Segun, announced on X that stock market value hit a record high under the present administration, citing UBA's performance on the Nigerian bourse.
He said:
"The opening week witnessed remarkable market highs and surpassed historical benchmarks, culminating in an unmistakably bullish trajectory as the financial year kicked off on a notably positive note.
The local stock market celebrated a bullish start to the first trading week of 2024, with gains recorded on all trading sessions this week.
The All-Share Index gained dipped by 6.54% week-on-week to close at 79,664.66 points. Likewise, market capitalization rose by N2.680 trillion to close the week at N43.594 trillion."
UBA's milestone comes as the bank joins the list of most profitable banks in 2023.
Other Nigerian banks which have crossed the N1 trillion mark include:
- GTCO Holdings
- Zenith Bank
- First Bank
- Stanbic IBTC
“UBA N20.9 Billion:” Top Nigerian banks with highest earnings from PoS, USSD, and others in Q1 2023
Legit.ng reported that Nigerian banks continued to use technology in the first quarter of 2023, earning N96.483 billion from their electronic businesses.
The earnings represent a 23.84% spike from the N77.907 billion earned in the previous quarter of 2023.
The two highest earners from electronic business income were UBA and Access Holdings.
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Source: Legit.ng
