Ecobank Uganda has released its 2024 results, showing a remarkable increase in lending, a cleaner loan book, leading to increased revenues and profits — consolidating a turnaround that began under Managing Director Grace Muliisa’s leadership in late 2021.
For the year ended December 31, 2024, Ecobank Uganda reported a net profit after tax of UGX 10.8 billion, its highest profit in over a decade, since 2012. The performance marks a sharp recovery from the UGX 878 million net profit recorded in 2023.
Gross revenue for Ecobank Uganda rose by 15% in 2024, reaching UGX 76.0 billion, up from UGX 66.0 billion in 2023. This growth was broad-based across all major income streams, lending investments, and foreign exchange income, as well as fees and commission income.
Growth in revenue was powered by a 12% growth in lending from UGX180.1 billion in 2023 to UGX 201.9 billion in 2024.
Customer deposits stood at UGX 528.2 billion, a strategic adjustment from the peak of UGX 667.1 billion in 2023, as the Bank deliberately optimised its deposit mix for sustainability and profitability.
Prudent cost management- total expenditure grew by just 1.3%, rising modestly from UGX 59.8 billion in 2023 to UGX 60.5 billion in 2024, saw the bank report a 1131% growth in profit, from UGX 878 million in 2023 to UGX10.8 billion, its highest profit in over a decade.
Ecobank Uganda significantly strengthened its capital position in 2024, with core capital rising by 83% to UGX 128.95 billion. The core capital to RWA ratio improved from 26.19% to 36.75%, while total capital adequacy rose to 37.34%. These levels far exceed regulatory minimums and position Ecobank among Uganda’s most well-capitalized banks.
“2024 was a year of purpose and performance. The Bank delivered remarkable growth while making meaningful contributions to society. It is a great honour to serve on a Board so deeply committed to integrity, impact, and long-term value creation. I have every confidence in the Bank’s continued success as it scales to greater heights,” remarked Mr. Richard Munyaneza, the Ag. Board Chairman.
A Three-Year Transformation Under Grace Muliisa
Since her appointment as Managing Director in September 2021, Grace Muliisa has steered Ecobank Uganda through one of the most remarkable turnarounds in the country’s banking sector. At the time, the Bank faced a UGX 11 billion loss, a 23.5% decline in deposits, and deteriorating loan quality.
Between 2021 and 2024, Muliisa focused on stabilising the Bank, cleaning up the loan book, tightening credit standards, and shifting to sustainable deposit strategies. By 2022, operational losses had narrowed, and by 2023–2024, the Bank transitioned fully into growth.
Key performance indicators over the three-year period clearly reflect the success of Ecobank Uganda’s strategic shift under Grace Muliisa’s leadership.
Net profit improved significantly, swinging from a UGX 11 billion loss in 2021 to a UGX 10.8 billion profit in 2024, marking an absolute turnaround of UGX 21.8 billion.
Net loans and advances grew from UGX 141.7 billion in 2021 to UGX 201.9 billion in 2024, representing a Compound Annual Growth Rate (CAGR) of 12.6% over the period.
Customer deposits increased from UGX 377.3 billion in 2021 to a peak of UGX 667.1 billion in 2023, before being deliberately optimised to UGX 528.2 billion in 2024. This reflects a CAGR of 11.9% from 2021 to 2024, despite the strategic reduction in the final year.
Gross revenue rose from an estimated UGX 47.0 billion in 2021 (based on historical trend extrapolation) to UGX 76.0 billion in 2024, translating to a CAGR of approximately 17.4%.
Total assets expanded from UGX 579.2 billion in 2022 to a peak of UGX 760.2 billion in 2023, before adjusting to UGX 688.9 billion in 2024. This fluctuation reflects the Bank’s deliberate shift towards a more efficient and higher-quality balance sheet.
Non-performing loans were reduced from UGX 5.2 billion in 2021 to just UGX 940 million in 2024, representing an 82% decline, and signalling a significantly strengthened and cleaner loan portfolio.
Clarity of Strategy and a Solid Foundation
Nigerian Banks Fail to Deliver on Their Threat to Shake Up Ugandan MarketFor Grace Muliisa, the transformation of Ecobank Uganda has been less about quick fixes and more about building long-term institutional clarity and resilience. From the outset, she emphasised the need to first define the Bank’s identity, focus, and strategic posture.
“Cleaning up and building operational efficiency required us to first clarify who we are as a bank, who we are targeting, and how we want to show up,” she explains.
This clarity informed the entire turnaround agenda. The Bank adopted a focused approach — one that prioritised building internal discipline, refining its customer proposition, and aligning operations with sustainable performance goals. The foundation phase was built on three core pillars.
“The first was strategy — defining our position in the market and the segments we serve. The second was recapitalisation — strengthening our financial capacity to absorb risk and deliver growth. And the third was building the right team and infrastructure to execute with boldness, competitiveness, and agility,” Muliisa says.
Crucially, this repositioning was not done in isolation. Muliisa credits the Board of Directors for providing strong governance and strategic support, and the Ecobank Group for delivering a refreshed pan-African strategy that empowered local affiliates like Uganda to realign for transformation, growth, and returns.
“We’ve had exceptional support from the Group and the region. The Board played a critical role — not just in oversight, but in helping us re-anchor the business. Their involvement gave us the latitude and the discipline to deliver.”
That solid foundation has now made way for a more customer-centric, digitally driven bank, firmly positioned for future growth. And for Muliisa, the mission is simple:
“Our purpose is to connect people and create opportunities for sustainable growth. We want to bring first-class, world-standard banking to Uganda. That’s what we are here to do — and we’re just getting started.”
Beyond Banking: Deepening Community Impact
Under Grace Muliisa’s leadership, Ecobank Uganda’s transformation has gone beyond financial performance to embrace a broader purpose of societal impact. In 2024 alone, the Bank invested UGX 1.3 billion in community-focused initiatives. This included supporting the Malaria Free Uganda campaign through funding Uganda Blood Transfusion Services to enhance emergency blood availability, especially for children suffering from severe malaria. The Bank also partnered with the Uganda Red Cross Society under the “Keep a Girl in School” program, distributing menstrual health kits and mentoring adolescent girls in underserved communities. These initiatives reflect Ecobank Uganda’s deepened commitment to health, education, and economic empowerment, aligning business success with sustainable national development.
Outlook: Positioned for Sustainable Growth
With the foundation firmly in place, Ecobank Uganda now enters a new phase — one defined by scalable growth, strategic clarity, and a sharpened customer focus. The strong 2024 performance, underpinned by improved profitability, cleaner asset quality, and a resilient capital base, has positioned the Bank to compete with greater confidence in a rapidly evolving financial landscape.
Looking ahead, Grace Muliisa sees opportunity on multiple fronts.
“We’ve done the hard work of stabilising, cleaning up, and building internal strength. Now our focus is on growth — the kind that is sustainable, inclusive, and digitally enabled.”
She says, moving forward Ecobank Uganda’s growth strategy is centered on deepening relationships with local and regional corporates, especially those active in cross-border trade, infrastructure, oil and gas, and the public sector, leveraging the Bank’s presence in over 33 African markets. At the same time, the Bank is targeting Uganda’s emerging affluent segment with a Premier Banking proposition tailored to meet rising expectations in a maturing economy.
A strong focus will also placed on SMEs, particularly women-led enterprises, with efforts underway to design flexible solutions that support entrepreneurship and inclusive economic growth.
Driving all this is a commitment to digital innovation, through platforms like Omni Plus, the Ecobank Mobile App, and Ecobank Online, which aim to deliver intelligent, seamless, and accessible banking services.
“We are bold, competitive, and nimble,” says Grace Muliisa. “With the right governance, team, and group support, we’re ready for the next chapter — one rooted in purpose and customer-centric, sustainable growth.”