United Bank for Africa (UBA) soared to an all-time high on the trading day ending November 5, 2024, closing at N35.05 per share, fueled by strong bullish momentum.
The surge follows the bank’s impressive 2024 third-quarter results, which revealed a 101.88% year-on-year growth in pre-tax profit to N194 billion, bringing the nine-month total to N603.483 billion.
Since the release of its Q3 results on October 21, 2024, UBA shares have experienced renewed investor interest, contributing to a year-to-date gain of a notable 38.40%.
The stock, which stood at N26.50 on the day of the announcement, rose to close October at N29.80. By early November, bullish activity has propelled it past the N35 threshold, setting a new all-time high.
UBA began the year at N25.65, hinting at the continuation of a bullish trend from the prior year. However, by January’s close, the stock dipped slightly to N24.40.
Executive Insights
Commenting on the results, Ugo Nwaghodoh, Executive Director of Finance & Risk Management at UBA, stated:
“I am delighted at the milestone reached in driving operational efficiency, reflected in the cost-to-income ratio normalizing around the 50% range. We remain on track with various strategies to optimize our cost of funds and operating expenses.”
UBA’s strong performance and strategic decisions have bolstered its standing in the Nigerian banking sector, reflected in its share price surge and growing investor confidence.