In a notable development in Nigeria’s banking sector, United Bank for Africa (UBA) has surpassed GTCO Holdings to become the country’s leading listed bank by market value. UBA’s market capitalization has reached N1.02 trillion, surpassing the one trillion naira mark and positioning the bank as Nigeria’s third-largest financial institution in terms of market cap.

The impressive rally in UBA’s shares, appreciating over 250% since January 2023, has contributed to this milestone. The current share price stands at N29.90, marking substantial growth from the beginning of the year when shares were valued at N7.60 each. This remarkable increase in market value reflects UBA’s robust financial performance, solidifying its position as Nigeria’s most profitable bank.

Beyond its domestic prominence, UBA’s influence extends across the African continent, with a presence in twenty African countries and key international financial centers. The bank serves a vast customer base of over twenty-five million customers globally, highlighting its significant role in Africa’s financial landscape. The surge in UBA’s market value is indicative of its expanding reach and commitment to providing exceptional banking services across its extensive network.