Housing Finance Bank’s 2021 profits grow by 98% to reach a record UGX41 billion
In the 4 years that Michael K. Mugabi has been the Managing Director of Housing Finance Bank, net profit has nearly doubled, growing by 96% from UGX20.9 billion to UGX41 billion in 2021- fortifying HFB's position as Uganda's 8th most profitable bank. This has been driven by a 59% growth in total income- from UGX120.6 billion in 2018 to UGX191.5 billion in 2021. During this period, the bank has also witnessed healthy growth in customer deposits- by 81% from UGX451.3 billion in 2018 to UGX818 billion in 2021. The above- combined with a 32% growth in the loan book, from UGX511.6 billion to UGX674.3 billion has seen the bank’s balance sheet grow by 67.9% from UGX776.9 billion to UGX1.304 trillion- a CAGR of 13.8% strengthening the bank as the 10th largest in bank by asset size. PHOTO/Courtesy
As most banks in 2021 significantly slowed down and cut bank extension of the much-needed credit, Housing Finance Bank, stuck to its mandate of enabling homeownership and financial independence, growing its lending by 22.5% which in turn drove a record performance.
According to the just-released 2021 financial results, the bank reported it extended UGX 674.3 billion in loans to especiall
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