Equity Bank breaks into Uganda’s top 5 banks; designated Domestic Systemically Important Bank by Central Bank Equity Bank which only entered the Ugandan market in July 2008 has sustained its double-digit growth, over the years, overtaking many banks, some of which have been present in the market for over 50 years. In 2022, it consolidated its position as the third-largest bank by lending and deposits. The bank is also now the 4th largest by total income and 5th largest by assets and was designated a Domestic Systemically Important Bank (DSIB) for 2023 by the Central Bank.

Despite taking a 46.7% drop in 2022 net profit, Equity Bank Uganda still managed to make significant growth and key market share gains in customer deposits, lending, income and assets and capped off the year, by breaking into Uganda’s top 5 banks club. In the just released results, Equity Bank reported a 21% growth in deposits from UGX 2.29 trillion to UGX2.76 trillion- an increase of UGX469.9 billion. This enabled Equity to leap from the 5th largest bank by deposits position, to the 3rd largest, overtaking standard Chartered Bank and Absa Bank Uganda.  Top of the market is Stanbic Bank…