UBA Slides Slightly Ahead of 2024 Earnings Results
Tier-1 banking name UBA Group Plc. saw a slight decline in market value in the equities market in the just concluded week. Ahead of its fourth quarter and full-year 2024 earnings release, the Pan African lender’s share price declined to N33.90 on Friday from N34.2 at the beginning of the week due to lower investors’ sentiment.
With 34.199 billion shares outstanding, UBA’s equities market capitalisation declined to N1.159 trillion on the Nigerian Exchange. The banking group has seen significant demand from buy-side actors in the local bourse in the recent time.
This resulted in its push to N1 trillion market capitalisation banking names in the local bourse. At its current market price, UBA is trading at a more than 10% discount to its 52-week high in the equities market. The bank share price had peaked at N37.80 before it retreated due to selloffs.
Last year, UBA initiated its N239.4 billion capital raise through a rights issue, aimed at reinforcing its regulatory capital. The group offered 6.84 billion ordinary shares at N35 per share, with shareholders entitled to one new share for every five existing shares as of the record date on November 5, 2024.
The rights offer was well received, and the market is expecting full details of its subscription ahead of the results announcement. In its 9m-2024 earnings scorecard, UBA earnings per share surged by 14.31% to N14.78 from N12.93 as the bottom line strengthened. #UBA Slides Slightly Ahead of 2024 Earnings Results CBN Opens FX Window for BDC to Stock up at NFEM Rate
