In 2021, we looked forward to and planned for 2022 with a high degree of optimism as the COVID-19-induced lockdown approached its end. The reopening of the economy in January 2022 would signal the release of critical sectors that are key to driving business growth throughout the economy.
However, lurking in the shadows was the crisis in Ukraine and the spillover effect this would have on the global business environment. In Uganda, this would translate into high energy prices and rising commodity prices which led to a higher cost of living and put a considerable strain on both individuals and businesses.
Despite this, the bank remained steadfast – having strengthened our ability to operate in a constantly evolving local, regional and global environment, and to leverage this strength to make a positive difference in the lives of our customers, colleagues and the nation of Uganda as a whole.
As we embarked on this journey, the Board maintained its role of providing governance and strategic oversight to ensure that the bank fulfilled its objectives while remaining financially sound and delivering value for all our stakeholders.
We delivered strong financial results, remaining profitable, and growing our balance sheet while continuing to meet our customers’ needs. This is a feat for which we are collectively very proud.
Beyond the numbers, we also stayed true to our commitment to being an active force for good in the communities within which we operate, focusing on four areas (education and skills development, inclusive financing, promoting a just society and environmental sustainability) under the guidance of our holistic Environmental, Social and Governance ambitions.
The social investment initiatives driven under our Citizenship agenda saw the Bank contribute to disaster relief through the Uganda Red Cross Society to provide temporary shelter and basic household essentials for families displaced by flash floods in Eastern Uganda.
We made progress in inclusive financing through strategic collaborations with partners to support increased uptake of insurance, increase the possibility of land and home ownership by making credit for this purpose more accessible, and further still, provided accelerated access to credit for SMEs to enable business growth.
At Absa, our people are truly our strength, thus the Board is pleased to see continuous improvement to the Employee Value Proposition which has put the bank at the forefront of attracting top talent. Absa Uganda is proud to champion equity and inclusion for a diverse workforce and it gives me great pleasure to report that 58% of our employees are women, of which 40% are in managerial positions. We commit to continue creating an environment that fosters growth and development for everyone.
Looking to the future, as part of Absa Group we recently refreshed our purpose to “Empowering Africa’s tomorrow, together…one story at a time”, and ladies and gentlemen, this purpose is going to define who we are and how we operate as a business going forward.
Through this purpose, we are looking to identify and pursue more opportunities to impact even more customers and sectors of the economy, while deepening our engagements with existing customers to understand how best we can help them achieve their goals and ambitions and then provide the support needed to nurture them to fruition.
We shall do this by continuing to provide bespoke product offerings and business advisory services that meet the varying needs of our customers while leveraging technology as a key enabler for convenience and cost efficiency.
Additionally, we are also looking to have an even deeper and more positive impact on the wider society and environment within which we operate. This, we shall do – among others- by planting one million trees across Uganda between 2023 and 2025 as part of our environmental sustainability pillar.
On behalf of Absa Bank Uganda, I would like to reiterate our commitment to harnessing Uganda’s tremendous potential to contribute to the nation’s socioeconomic growth and development in line with the Government’s National Development Plan.
As I conclude, allow me appreciate the Board, Management and all the staff in under the stewardship of the Managing Director for their tremendous effort towards the bank’s performance in 2022.
To you- our customers, we thank you for continuing to choose Absa as your banking partner. We do not take the trust that you have put in us lightly and commit to constantly pushing the envelope towards becoming, even more, reliable and supportive of your growth ambitions.