Financing The Real Economy: Who Are Uganda’s 10 Most ‘Hardworking’ Banks? This ranking isn’t about the biggest banks—it’s about the boldest. Uganda’s 10 most hardworking banks, led by Finance Trust Bank, Centenary Bank, KCB Bank, PostBank Uganda, and Cairo International Bank, prove that impact is not a matter of scale but of resolve—putting deposits to work for the real economy, funding businesses, and fueling growth where it matters most.

Against a backdrop of slowing credit appetite and shifting investment strategies, Uganda’s commercial banking sector recorded UGX 35.24 trillion in customer deposits in 2024, up from UGX 33.60 trillion in 2023—a growth of UGX 1.65 trillion or 4.9%. In comparison, loans and advances rose from UGX 20.30 trillion to UGX 21.51 trillion, reflecting a UGX 1.21 trillion or 5.9% increase. The growing gap between deposits mobilised and credit extended underscores a recurring dynamic: while banks continue to attract liquidity, many are opting for a more conservative lending posture, often channelling excess funds into government securities instead of private-sector credit.

Amid this cautious trend, a new data-driven ranking by CEO East Africa Magazine highlights Uganda’s ten hardest-working banks—those that resist the lure of passive returns in government securities and instead commit to actively deploying customer deposits into the real economy. These institutions are not only lending more but also relying less on treasury instruments, thereby fulfilling their foundational role as engines of financial intermediation and economic growth. The ranking is based on a detailed analysis of audited 2024 financial statements submitted by all licensed commercial banks to the Bank of Uganda, and introduces a proprietary benchmarking tool—the Hardworking Index—to measure how dynamically each bank utilises its deposit base.The Hardworking Index is built on two core indicators of banking effort:

Loan-to-Deposit Ratio (LDR): This is a measure of how much a bank lends out compared to how much it holds in customer deposits.
To calculate it, we divide the total amount of loans and advances a bank has extended to customers by its total customer deposits, then express the result as a percentage.

Formula: LDR = (Loans & Advances ÷ Customer Deposits) × 100

A higher LDR means the bank is putting more of its deposit base to productive use in the economy—funding businesses, mortgages, school fees, and other real-world needs. For example, an LDR of 75% indicates that for every UGX 100 collected in deposits, UGX 75 has been disbursed in loans.

Securities-to-Deposit Ratio (SDR): This shows what portion of a bank’s deposits is invested in government securities—such as Treasury Bills and Bonds—rather than being lent out.
To calculate it, we take the total value of a bank’s investments in government securities and divide it by its total customer deposits, also expressed as a percentage.

Formula:
SDR = (Government Securities ÷ Customer Deposits) × 100

While government securities are safe and profitable, an overreliance on them may signal a bank’s reluctance to participate in the more demanding (but economically vital) role of credit intermediation. A lower SDR is therefore a sign of a more actively engaged and risk-taking financial institution.

To ensure that both metrics are fairly comparable across banks of different sizes, we normalised each bank’s LDR and SDR scores to a standard scale of 0 to 100. The LDR score rewards higher values (more lending), while the SDR score rewards lower values (less passivity). The two normalised scores were then averaged to produce a final composite—what we call the Hardworking Index.

The result is CEO East Africa Magazine’s 10 Most Hardworking Banks List—a bold, first-of-its-kind ranking that doesn’t look at profitability, brand size, or advertising spend, but instead focuses on the core mission of banking: transforming deposits into drivers of real economic growth.

Across Uganda’s 23 licensed commercial banks in 2024, the average Loan-to-Deposit Ratio (LDR) stood at 61.0%, indicating that just over three-fifths of mobilized customer deposits were extended as loans. On the other hand, the average Securities-to-Deposit Ratio (SDR) was 46.0%, reflecting a substantial portion of funds parked in government securities. Banks that significantly exceed the LDR benchmark or maintain a notably lower SDR are considered more dynamic in their resource utilization, as they demonstrate a stronger commitment to active lending and real-sector engagement over passive investment strategies.

Uganda’s 10 Most Hardworking Banks in 2024 

Based on the 2024 audited financial statements and evaluated through the CEO East Africa Magazine’s proprietary Hardworking Index, the following banks emerged as the most industrious in how they deploy customer deposits—balancing aggressive lending with minimal reliance on government securities.

Commentary: Uganda’s Most Industrious Banks – A Spotlight on the Top 5

In a banking environment where institutions are often tempted to chase the safety of government securities, a few standout players have chosen the tougher but more impactful path — deploying customer deposits into the real economy through active lending. The 2024 data reveals that Finance Trust Bank, Centenary Bank, KCB Bank, PostBank Uganda, and Cairo International Bank lead the charge as Uganda’s hardest-working banks.

• Finance Trust Bank – Uganda’s Lending Champion: With a Loan-to-Deposit Ratio of 104.6% and the lowest exposure to government securities at just 10.4% of deposits, Finance Trust Bank emerges as the most industrious bank in Uganda. The bank not only lends more than it receives in deposits, but also clearly prioritizes productive lending over passive investing. This aggressive lending stance underlines its mission-oriented approach, especially in financing MSMEs and underserved segments.
• Centenary Bank – Big Scale, Big Impact: Centenary Bank maintains a strong LDR of 88.2%, the highest among Uganda’s large commercial banks. Despite managing over UGX 4.2 trillion in customer deposits, the bank has confidently deployed over UGX 3.7 trillion into loans. While its securities portfolio is sizable (UGX 1.93 trillion), its lending engine still ranks it as a beacon of pro-economic commitment at scale.
• KCB Bank – Quiet Performer, Strong Allocator: With a Loan-to-Deposit Ratio of 72.5% and just 35.9% of deposits parked in government securities, KCB Bank exhibits a balanced yet proactive asset allocation. The bank’s UGX 903.5 billion in loans versus UGX 447.2 billion in securities shows a clear tilt toward supporting the real economy, rather than playing it safe.
• PostBank Uganda – From Transformation to Performance: Following years of transformation, PostBank Uganda is now flexing its muscle. With an LDR of 72.6% and only 36.8%of deposits invested in government paper, the bank is becoming increasingly competitive. This performance marks a turning point in its journey from a development-centric institution to a commercially viable and economically engaged lender.
• Cairo International Bank – Small But Assertive: While operating on a smaller base of UGX 185.4 billion in deposits, Cairo International Bank boasts an impressive LDR of 96.5%, putting almost every shilling it receives to work through lending. Though its securities-to-deposit ratio remains higher than ideal at 73.8%, its overall deployment mix still places it among Uganda’s top five banking workhorses.

These banks challenge the “lazy banking” norm — where institutions load up on government securities for safety and predictable returns. Instead, they demonstrate that it is possible to lend responsibly, support the private sector, and still manage risk effectively. Their balance sheets reflect a deliberate strategy to align financial performance with national economic priorities — jobs, growth, and enterprise support. 

Why This Ranking Matters

This ranking offers a unique and timely lens through which to evaluate banking performance, not through profitability or asset size, but through economic effort and real-sector engagement. While profitability measures reward risk aversion and portfolio efficiency, the Hardworking Index recognizes banks that are actively fulfilling their foundational role: turning deposits into productive credit for the economy.

In a market where government securities have become a comfort zone for many banks, this ranking challenges that complacency by highlighting institutions that are choosing to lend—even in a risk-averse environment. It also empowers regulators, investors, and the public with a clearer understanding of which banks are helping drive inclusive economic growth and which are merely warehousing liquidity.

Ultimately, Uganda’s 10 Most Hardworking Banks are those leaning into the core purpose of banking—supporting enterprise, fueling opportunity, and creating broader prosperity through credit expansion. 

Editor’s Note:
The ranking uses 2024 audited data and excludes foreign asset classes, off-balance sheet derivatives, and interbank placements. It aims to celebrate active economic contributors without penalising prudent portfolio management.