FORCE OF GOOD: Absa posts UGX41 billion profit, despite restructuring UGX260 bn loans and increased Covid-19 and rebranding costs Mumba Kalifungwa, Absa Uganda’s Managing Director, had all his 2020 odds, seemingly stacked against him. He took up office on 1st April 2020, just as the country was entering into total lockdown. For the Zambian banker, whose last posting had been as CFO in Botswana, this was his first time as Managing Director and in a new market. But that is not all. His bank was rebranding from the Barclays brand that Ugandans had known for over 90 years, to a new Absa brand. But going by the 2020 results, it looks like he just passed the test with flying colours, and the board Chairperson, Nadine Byarugaba, agrees.

Muhereza KyamuteteraApril 21, 2021April 21, 2021

Absa Bank Uganda Managing Director, Mumba Kalifungwa (left) and Michael Segwaya, the Executive Director and CFO releasing the results, yesterday at Kampala Sheraton Hotel. PHOTO/Courtesy

Absa Bank Uganda, yesterday, 20th April 2021, released their 2020 annual results, reporting a profit of UGX41 billion and growth in revenue to UGX316 billion. This is Mumba Kalifungwa’s first results, since he became Managing Director/Chief Executive Officer in April 2020, just about the time the country was entering into total Covid-19 lockdown. Speaking during a media briefing, held at Sheraton Kampala Hotel, Mr Kalifungwa said that the good results were born out of the bank’s demonstrated ability and commitment to stay by the customers’ side, even during the pandemic. “We achieved total revenue of UGX 316 billion and profit…

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