Breaking: UBA crosses N1trn market capitalization

The share price of United Bank for African Plc, a multinational pan-African financial services group, crossed N29.90, taking the bank’s market capitalization to N1.02 trillion at the close of trading on Monday.

UBA becomes the latest member of the SWOOT (Stocks worth over one trillion naira) category; current members of the category include MTN Nigeria, Airtel Africa, Dangote Cement, BUA Foods, BUA Cement, GTCO Holdings, Zenith Bank and Seplat Energy.

Persecondnews recalls that the record profit declared by the UBA, one of Nigeria’s systemically important banks in its first half of 2023, has confirmed it as the most profitable bank in the country.

A Systemically Important Bank (SIB) is a bank, whose failure might trigger a financial crisis. They are colloquially referred to as “too-big-to-fail” banks.

Details shortly…..