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With just 3 trading days left in 2023, Tier-one lender United Bank for Africa (UBA), has emerged as the best performing bank stock with +236% rally in its share price.
UBA stock closed trading at N25.6 per share on Friday.
The top-10 performing bank stocks so far in 2023 include UBA +236%, Sterling holdings +221.43, Unity Bank 190.9%, Access Holdings +172.9%, Fidelity Bank 141.3%, FBN Holdings 120.1%, Ecobank Transnational +97.1%, Stanbic IBTC +94%, FCMB +89.6% and GTB +74.1%.
Earnings growth underpins UBA rally
UBA is more efficient in generating profit for their owners than peer rivals
For instance, data gathered by MoneyCentral Intelligence shows UBA recorded return on average equity (ROAE) of 44.37 percent as at the third quarter (Q3) of 2023.
UBA’s Q3, 2023 gross earnings grew by 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent to N1.018 trillion, from N414 billion in September 2022.
The bank’s financial report filed with the Nigerian Exchange Limited, indicated a whopping 262 per cent rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2 per cent from N116 billion recorded a year earlier to N449.29 billion.
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