I&M Bank Uganda has crossed a historic milestone. For the first time, the Bank’s assets have exceeded the UGX 1 trillion mark, closing at UGX 1.1 trillion at the end of 2024.
I&M Bank is the only bank to cross into that category this year, and the 14th of 22 Banks to cross that milestone. Other banks with over UGX 1 trillion in assets, include: Stanbic Bank, Standard Chartered, Centenary, Absa, dfcu, Bank of Baroda, DTB, Citi, KCB, Bank of Africa, Housing Finance, Equity and PostBank.
Under the leadership of Robin Bairstow, who completed his first full year as CEO in 2024, the Bank also reported a record 76.2% increase in net profit after tax, reaching UGX 20.27 billion—up from UGX 11.5 billion in 2023.
In what was described by Bairstow as a “pivotal year,” the Bank recorded significant gains across key performance indicators. The loan book expanded by 35.2%, reaching UGX 406.9 billion—demonstrating the Bank’s growing impact in supporting individuals, businesses, and key economic sectors in line with its promise to finance development.
Customer deposits rose by 10.1% to UGX 757.4 billion, a clear reflection of growing customer trust and confidence in the Bank, driven by a stronger brand, improved service, and a broader, more innovative range of digital and tailored products.
Total income increased by 36.2% to UGX 129.9 billion in 2024, driven by a strong performance across both interest and non-interest revenue streams. The Bank saw significant growth in interest earned from loans, investment securities, and trading assets, alongside a notable rise in fees, commissions, and other income sources—reflecting an increasingly diversified and resilient income base. At the same time, non-performing loans (NPLs) declined by 36%, falling from UGX 41.5 billion in 2023 to UGX 26.5 billion in 2024. This substantial reduction in NPLs is a clear signal of improved credit quality, underpinned by enhanced risk assessment, tighter loan monitoring, and a deliberate shift towards more sustainable lending practices.
The Bank also posted its highest-ever annual improvement in customer satisfaction, with its Net Promoter Score (NPS) rising from 53+ in 2023 to 63+ in 2024—affirming the success of its customer-first approach.
Bairstow, who joined in October 2023 after eight successful years at I&M Bank Rwanda, attributed the results to accelerated digital innovation, operational efficiency, and a sharper customer focus.
“2024 was a pivotal year for I&M Bank Uganda, and I am particularly pleased to have witnessed the step change our organization has made in the last twelve months,” he said.
A Rebound Anchored in Transformation: The 2021–2024 Story
The 2024 performance is not an isolated success—it is the culmination of a multi-year transformation that began in April 2021, when Kenya-based I&M Group acquired 90% shareholding in Orient Bank. That acquisition led to a full rebrand in November 2021, repositioning the Bank as I&M Bank Uganda, and marking the beginning of a deliberate and strategic turnaround.
At the time, then Chairman Suleiman Kiggundu Jr said the rebrand would “unlock the bank’s potential… reach out to more customers within Uganda and in Eastern Africa as a whole,” while supporting key sectors like agriculture, transport, manufacturing, and technology through “attractive, digital-focused solutions.”
Since then, the transformation has been evident across all fundamentals. From UGX 710 billion in total assets in 2021, the Bank has grown steadily year-on-year—to UGX 787 billion in 2022, UGX 944 billion in 2023, and UGX 1.1 trillion in 2024—a cumulative asset growth of 55% in three years.
On the bottom line, the Bank reversed a net loss of UGX 22.8 billion in 2021 to a UGX 5.6 billion profit in 2022 and continued the rebound to UGX 20.3 billion in 2024—a 262% profit surge since 2022.
Chairman Francis Kamulegeya, reflecting on the journey, noted: “Thanks to our strong customer-focused approach, we achieved remarkable results, showing impressive growth in all key areas we have been tracking since we invested in the bank three years ago.”
Inside I&M Bank Uganda’s Turnaround: Five Strategic Levers Behind Its Remarkable Transformation
I&M Bank Uganda’s impressive turnaround between 2021 and 2024 is no accident—it is the result of deliberate strategy, bold investments, and strong leadership. From a bank navigating change following its 2021 rebrand, to one that is now recording trillion-shilling assets and surging profitability, the transformation has been powered by five critical levers.
Charity Mutagamba: Fintechs have to concentrate on creating solutionsThe first, and perhaps most visible, has been technology and innovation. In just three months of 2024, the Bank rolled out a new Finacle core banking system, migrated its entire transaction architecture, and launched upgraded digital channels including a mobile app and internet banking platform. These upgrades laid the digital rails for seamless, customer-first banking. “These advancements have created a robust foundation for customer-focused solutions,” said CEO Robin Bairstow. The impact was immediate—reflected in rising usage, loyalty, and the Bank’s sharpest-ever improvement in Net Promoter Score.
The second lever was risk discipline and credit quality. As the Bank expanded lending, it simultaneously strengthened its credit governance. Between 2023 and 2024, non-performing loans dropped from UGX 41.5 billion to UGX 26.5 billion, while interest in suspense fell 70%. A UGX 4 billion provision reversed into a UGX 1.4 billion recovery, signaling a cleaner, stronger loan book.
Closely linked was the customer-centric strategy. By shifting from product-led banking to a needs-based model, the Bank won trust—reflected in rising deposits from UGX 574 billion in 2021 to UGX 757 billion in 2024. The customer became the starting point for all innovation.
But this transformation was not carried alone. The fourth pillar—capital strength and I&M Group support—provided the stability and resources to scale. With UGX 210 billion in share capital and robust capital adequacy ratios (22.4% core), the Bank comfortably exceeded regulatory thresholds. A UGX 15 billion shareholder investment powered the tech overhaul in 2024. And with the wider Group’s support, the Bank tapped into shared infrastructure, regional expertise, and cross-border synergies.
Finally, the Bank’s turnaround was grounded in sector-focused growth. True to the 2021 rebrand promise, I&M Bank deliberately lent into high-impact sectors such as agriculture, transport, and manufacturing. The 2024 loan book expansion of 35.2%, reaching UGX 406.9 billion, was not just about growth—it was about impact. The Bank supported SMEs, corporates, and value chain actors, catalyzing productivity, infrastructure investment, and jobs.
All this is underpinned by people. In an earlier interview with CEO East Africa Magazine, Robin Bairstow, Chief Executive Officer of I&M Bank Uganda, emphasized that the Bank’s transformation has been powered not just by technology or strategy, but by the dedication and alignment of its people. “The people that come up every day in the elevator are the most important asset. If you’re going to do anything big, you must align and empower them first,” he said. Upon his arrival, Bairstow inherited a diverse workforce—legacy Orient Bank staff, new-to-bank recruits, and Group secondees—and immediately prioritised cultural cohesion through the PAMOJA initiative. That effort harmonised values and created a unified, purpose-driven team. It paid off. In just three months, I&M Bank rolled out a new core banking system, switch migration, mobile and internet banking upgrades—executed seamlessly by a predominantly Ugandan team. Bairstow credits this to deep engagement: “Engaged staff are successful staff. And a well-engaged team creates a superior experience for customers.” His leadership style—adaptive, empowering, and people-centred—has cultivated an environment where employees feel inspired and supported. “People need to sometimes trip and fall, but they also need to know leadership is there with the band-aids,” he reflected. This internal energy has become a strategic advantage, fueling not just operational efficiency but also customer trust, innovation, and long-term resilience. In short, the Bank’s transformation is as much a story about systems as it is about people—mobilised, empowered, and moving together.
Impact Banking: Driving Social Transformation Beyond Financial Performance
I&M Bank Uganda’s commitment to impact banking goes far beyond financial services—it is deeply embedded in the institution’s Corporate Social Responsibility (CSR) agenda, which is guided by the I&M Bank Foundation’s four pillars: economic empowerment, education and skills enhancement, environmental conservation, and health improvement.
In 2024, I&M Bank Uganda’s Corporate Social Responsibility (CSR) initiatives impacted over 630,000 lives, underscoring its commitment to long-term community transformation. The Bank focused on key areas aligned with its purpose-driven agenda. In health, it donated UGX 200 million as the main sponsor of the Kabaka Birthday Run to support HIV/AIDS awareness, led a blood donation drive that collected over 150 units, and contributed UGX 42.4 million in mama kits and emergency trolleys to Nsambya Hospital. In mental health, the Bank partnered with the Nnaabagereka Fund during the Queen’s Ball to raise awareness and support services for youth, women, and children.
To enhance digital access in education, it donated 16 computers to Masheruka Girls’ Secondary School in Sheema District. Additionally, through a partnership with Enjovu Family Business and I&M Burbidge Capital, the Bank championed sustainable governance and succession planning for family enterprises. CEO Robin Bairstow noted, “We are dedicated to making a tangible impact… These efforts are core to who we are and our role in building a stronger Uganda.”
Future Outlook: Sustainable and Digital by Design
With Uganda’s macroeconomic environment remaining supportive—GDP growing at 5.2%, inflation under control, and a stable interest rate regime—the bank’s outlook remains positive.
Chairman Kamulegeya highlighted the Bank’s vision under the iMara 3.0 Strategy, which aims to position I&M Bank Uganda as a leader in corporate banking, retail and SME relevance and ecosystem and digital banking innovation.
“Our iMara 3.0 business strategy is working… and the future looks bright,” Kamulegeya said.
Bairstow echoed this optimism: “Together, we will build a bolder, brighter future for our bank, our customers, and the communities we serve.”