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Citi Bank Uganda: Profitable but Shrinking – Can Sarah Arapta Reverse the Slide as Her 10-Year Milestone Approaches? Citibank Uganda has delivered another year of strong profit, closing 2024 as the sixth most profitable bank in the country. Yet beneath the surface of stability, cracks are widening. With customer deposits falling for two consecutive years and lending volumes shrinking, Citi’s core banking business is losing ground. As CEO Sarah Arapta approaches her 10-year milestone in January 2026, she faces a defining challenge: can she reignite growth and restore Citi’s competitive edge, or will the bank continue its quiet retreat from Uganda’s top-tier league?

Citibank Uganda CEO Sarah Arapta has led the bank since January 2016. As she approaches a decade at the helm, Arapta faces the challenge of reversing Citi’s declining deposits and loan book while sustaining profitability in an increasingly competitive market.

Citibank Uganda closed the 2024 financial year with a net profit after tax of UGX 71.9 billion, up from UGX 68.3 billion in 2023. This performance secured the bank’s position as the 6th most profitable bank in Uganda, underscoring Citi’s ability to consistently deliver bottom-line growth despite an increasingly competitive and evolving market.  However, beneath this surface of profitability lies a story of gradual decline in core banking operations—a story that has unfolded over the past two years and could define the future of Citi Uganda as its CEO, Sarah Arapta, approaches a decade at the helm in January 2026….

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