MUMBA KALIFUNGWA: Absa Bank Uganda’s 2022 performance manifests our obsession with our customers’ and stakeholders’ growth This is a condensed version of a speech made by Absa Bank Uganda Managing Director, at the release of the bank’s 2022 financial results. He said the bank’s results are not just a reflection of the growth at Absa, but also the growth of the bank’s customers and its entire stakeholder value chain. He reaffirms that the bank is well-capitalised, financially stable, solid and growing. He also reiterates the bank’s strategic prioritisation of improving customer and digital experience, delivering, and protecting returns, developing our people, and ensuring a sustainable control environment.

April 19, 2023April 19, 2023

Mumba Kalifungwa, Absa Bank Uganda’s Managing Director, since April 2020. Over and above steering the bank through the pandemic, he has been able to, through these three years, grow the bank’s deposits base, by a CAGR of 4%, lending by a CAGR of 5.5% and total assets by a CAGR of 7.3%.

For many of us, 2022 seemed like the year we had been hoping for. We were going to put the pandemic behind us and find some sort of return to normalcy. Unfortunately, if the past two to three years have taught us anything, it is that we must be highly adaptable to volatility and uncertainty. According to data from the Ministry of Finance, the Ugandan economy grew by 4.7% in 2022, while both the Purchase Managers Index (PMI) and Business Tendency Index remained above the 50-mark threshold signalling optimism and improvement in economic conditions. On the supply side, services and…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!