Over the past four years, since the merger of two Financial Institutions in 2019, NCBA Bank Uganda has firmly established itself as one of the fastest-growing and most profitable financial institutions in the country. Anchored by a clear strategic focus on digital innovation, customer-centric product offerings, and disciplined risk management, the bank has consistently delivered solid performance across all key financial indicators.
As part of the NCBA Group, the 3rd Largest Regional Financial Institution, in 2022, the bank started a period of strategic consolidation, designed to strengthen its operational and financial foundation in Uganda. This phase laid the groundwork for a robust recovery, culminating in strong results in 2023. In that year, net profit grew by 17%, from UGX 23 billion to UGX 27 billion, while total assets increased by 9% to UGX 854 billion, supported by strong growth in customer deposits, which rose from UGX 491 billion to UGX 567 billion. This enhanced liquidity position empowered the bank to grow its loan book, with gross loans and advances rising by 8% to UGX 242 billion. Total income also saw a healthy 14% increase to UGX 114 billion, driven by a balanced mix of interest and non-interest revenue streams.
Riding on this momentum, 2024 marked a breakout year for NCBA Uganda, delivering its strongest financial performance to date. Profit before tax surged by 40% to UGX 46 billion, while profit after tax reached UGX 38.9 billion. This performance propelled the bank into Uganda’s top ten most profitable financial institutions for the first time.
Our total assets expanded by 13% to UGX 963 billion, while customer deposits climbed 15% year-on-year to UGX 654 billion, further solidifying the bank’s strong liquidity base. Net loans and advances also grew by 18% to UGX 298 billion, reflecting deepening engagement with both retail and corporate clients.
A standout highlight was the marked improvement in asset quality. The bank’s Non-Performing Loan (NPL) ratio dropped to 3.8%, outperforming the industry average of 5.2%. This achievement speaks to our robust credit risk management practices, proactive recovery efforts, and prudent lending policies.
Strategically, NCBA accelerated product innovation and market expansion. Our asset finance portfolio doubled, while new offerings in trade finance, mortgages, and bancassurance expanded our value proposition to clients. We also enhanced our Corporate and premier banking services to serve an increasingly sophisticated clientele.
Digital transformation remains at the centre of our growth strategy. MoKash, a mobile lending and savings solution developed in partnership with MTN Uganda, became a key driver of financial inclusion, reaching over 10 million users. The bank’s strong digital infrastructure enabled scalable customer engagement and supported expansion across both urban and rural markets.
Through MoKash, we have disbursed close to UGX 2.8 trillion to nearly 14 million active users since inception in 2016, consequently helping local and regional cross-border trade to thrive.
We have also turned mobile phones into personal banks, powering commerce, farming, education and boosting household incomes. As of today, the platform boasts more than UGX 35 billion in savings and more than 10 million accounts, making NCBA the largest bank in Uganda by account numbers.
By June 2025, NCBA reported total assets in excess of UGX 1 trillion, and this performance reflects not just operational strength but also the growing trust and loyalty of our expanding customer base. We have thus solidified our position as a resilient, innovative, and customer-focused institution, poised to shape the future of banking in Uganda.
Beyond the numbers, we remain committed to making a lasting impact in the communities we serve. The bank’s success is measured not only by profit margins but by the growth it enables businesses to register and the opportunities it unlocks for individuals and families across the country.
This is because success, to us, is measured by the entities we help scale through affordable credit & financial inclusion, the green projects we finance for a more sustainable tomorrow, and the countless individuals whose ambitions we have helped turn into tangible realities.
Over the years, we have built a model of banking that blends innovation, inclusivity, and meaningful impact, because we believe that beyond moving money, banking should solve real problems.
Centenary Group and Service Cops Sign Strategic Partnership to Accelerate Digital Financial InclusionTherefore, from the time we first opened our doors in Uganda, we have quietly but determinedly rewritten the script on what modern banking should look like.
Our efforts are rooted in our belief that the real drivers of economic transformation are not just found in the boardrooms, but also in the workshops, retail spaces, and industrial parks where Ugandans build and innovate every day.
That is why, from the factory floors of Namanve, Corporate boardrooms of multinationals in Nakasero, to the entrepreneurial corridors [Kikuubo] of Kampala, we have intentionally designed financing solutions that grow alongside our clients.
Over the years, we have earned our place as the HOME OF ASSET FINANCE by helping individuals and enterprises alike to finance their Equipment, Machinery and Vehicle requirements. Through this solution, the asset being financed is taken as the collateral, with the customer making a contribution and the bank funding the balance. In our experience, we have found that we eliminate the requirement of collateral, which at times is a burden to customers.
Once viewed as a privilege for the few, asset finance is now within reach for many, because we dared to challenge that narrative. At NCBA, we have made it simpler, smarter, and more inclusive for individuals and enterprises to acquire the vehicles, machinery and equipment they need to grow.
We have earned our reputation from unlocking value, not just for corporate giants, but for the growing SME and the ambitious business owner with a vision to scale. Our legacy is rooted in enabling access to the tools that drive productivity, move goods, power livelihoods, and turn business potential into real progress.
Our partnership with Corporate Customers goes beyond financing the loan facilities to providing solutions along the value chain. For instance, when we support a Corporate customer, we ensure that we penetrate their value chain by providing their suppliers and distributors with financing solutions and their staff with unsecured loan facilities.
As a group, we have set aside approximately UGX 900 billion towards environmental responsibility, with a third already available for deployment across the region. As a sign of commitment to mitigating climate change, we were the first commercial bank to set up an EV charging station, located at our head office in Nakasero and replaced all plastic with reusable glass bottles in all our premises
Through our “Change the Story” initiative, we have partnered with the National Forestry Authority (NFA) to restore the Jubiya Forest Reserve in Masaka district by planting more than 20,000 trees, which is equivalent to 30 Hectares, in our effort to increase the forest cover that has been dropping from 24% in the 1990s to 12.6% today.
Our continued sponsorship of the NCBA Junior Golf Series around the country has enabled young amateur players to participate in the tournaments and improve their golfing skills to represent Uganda at international events in Kenya. We recently witnessed two young players, Joseph Akena and Peter Mayende, go to play in the Victoria Cup in Kenya, where Uganda won the Cup.
Our sponsorship of the Makerere Run, now called the Makerere Marathon, supports students with disabilities at Makerere University by funding education, assistive tools, and vital services. For us, the Mak Run is about breaking down barriers, unlocking human potential, and building a society where everyone has the chance to succeed.
In every sense, our approach to sustainability is holistic, human-centred, and future-focused. We are not just shaping balance sheets, but also shaping lives, communities, and a legacy for those who dare to Go For It.
