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UBA Wins Pearl Award

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The Pan-African financial institution, United Bank for Africa (UBA) Plc has been recognised for its great impact in the local and international financial sector.

The bank recently carted away an important award, emerging the winner of the 2017 Sectoral Leadership Awards – Financial Services (Banking) organised by the PEARL Awards.

The bank defeated other banks to win the PEARL Sectoral Leadership award as a result of its outstanding operational and stock market performance in the 2016 year of assessment.

It has indeed been a fruitful year for UBA as the 2016 financial year end result showed that the bank emerged largest in both profitability and assets size in Nigeria, controlling an estimated 10 percent market share in deposits.

Also, its subsidiaries in the rest of Africa accounted for a notable 31 percent of the total earnings of the Group over the same period. Earlier in the year, the bank had successfully raised $500 million through a debut Eurobond, which was 240 percent over subscribed.

All these contributed to a scramble for UBA’s share, which in turn increased the bank’s share price currently standing at about N9.90, representing a rise of over 165 per cent or N6.16 per share compared to N3.74 per share recorded in 2016.

The PEARL Awards Nigeria, endorsed by the Securities and Exchange Commission is one of Nigeria’s foremost award recognition bodies, focused on rewarding corporate excellence in local institutions and promoting healthy competitiveness amongst quoted companies through growth, diversification and innovation; ultimately leading to improved performance on the Nigerian Stock Exchange.

 

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