Goldstar Insurance Limited, a member company of the Ruparelia Group, recently released its 2022 results, reporting a 14.5% increase in gross written premiums, from UGX28.2 billion to UGX32.3 billion. The company also announced that net income increased by 13.4%, from UGX15.7 billion to UGX17.8 billion. As a result, profit after tax, grew by 47.8%billion, from UGX2.3 billion to UGX3.4 billion. Goldstar is one of the leading insurance companies in Uganda and provides all types of general insurance services to industrial, commercial, and professional firms, as well as government institutions, individuals and other enterprises. The insurer, however, reported a 28.7% reduction…
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The interview takes place against a backdrop of significant positive performance, as reported in the 2022 published financials. Equity Bank Uganda, registered significant growth, reporting a 32% growth in customer numbers from 1.222 million to 1.613 million and a 39% growth in the number of agents from 5,572 agents to 7,727 agents as well as 6,048 merchants. This fuelled a 21% growth in deposits from UGX 2.29 trillion to UGX2.76 trillion and subsequently a 6% growth in credit supply from UGX1.54 trillion to UGX 1.63 trillion. Increased deposits and lending fuelled a 22.6% growth in total income, from UGX382.7 billion…
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Esteemed Customers, Over the years, DTB has prided itself as a contributor to the financial well-being of our customers by offering them unmatched services and innovative solutions, anchored on convenience, agility in response and ease of access. The year 2022 was pivotal for DTB. It was also an inflection year for us, with the conceptualisation of our business growth strategy ushering in an exciting new phase in our journey towards achieving socioeconomic relevance. Underpinning the strategy is our over-arching objective, which is to contribute to Uganda’s social and economic growth in a meaningful, impactful, and sustainable way. This is by…
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KCB Bank Uganda, a subsidiary of KCB Group, one of East Africa’s largest financial groups, reported that its net profit for 2022, grew by an impressive 344.6% from UGX7.4 billion in 2021 to UGX32.9 billion⏤the highest ever in the bank’s 15-year history in Uganda. This was driven by a 30.5% rise in income, from UGX90.9 billion to UGX118.6 billion, largely on account of a 60.7% growth in interest income on loans and advances from UGX44.2 billion to UGX81 billion. Income from lending formed 60% of the bank’s total income in 2022. KCB in 2022 pumped up its credit supply by…
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Despite taking a 46.7% drop in 2022 net profit, Equity Bank Uganda still managed to make significant growth and key market share gains in customer deposits, lending, income and assets and capped off the year, by breaking into Uganda’s top 5 banks club. In the just released results, Equity Bank reported a 21% growth in deposits from UGX 2.29 trillion to UGX2.76 trillion- an increase of UGX469.9 billion. This enabled Equity to leap from the 5th largest bank by deposits position, to the 3rd largest, overtaking standard Chartered Bank and Absa Bank Uganda. Top of the market is Stanbic Bank…
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On the 16th of November 2022, the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 was signed into law by Uganda’s Minister of Finance, Planning and Economic Development (MFPED), Hon. Matia Kasaija. The instrument increased the minimum capital requirements for banks by 6 times or 500% from UGX25 billion (USD 6.7 million) to UGX150 billion (approx USD 40.2 million). The increment would however be tiered, starting with a minimum capital buffer of UGX120 billion (USD32.2 million) by the 31st of December 2022 and then UGX150 billion by the 30th of June 2024. Commercial banks are also required to have…
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Ecobank Uganda registered a strong performance turnaround during the year ending 2022, with audited Profit before Tax (PBT) increasing by 157% to UGX 4.5 billion in 2022, while Profit After Tax (PAT) increased by 104% to UGX 401million in 2022 from a loss of UGX11.0 billion in 2021. Despite a challenging operating environment marred with high inflation, weakening African currencies, and slower economic growth, the bank’s total revenues increased by 8% to UGX 57.7 billion. Our investments in technology, digital capabilities and improved risk management models, drove cost efficiency, value for money and reduced our cost-to-serve, resulting in a 13%…
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Diamond Trust Bank Uganda, the Ugandan subsidiary of the Kenya-headquartered Diamond Trust Bank Group has released its 2022 financials reporting double-digit growth in deposits, lending, income, profits and assets. According to results made public last, DTB Uganda reported a 25% growth in deposits from UGX1.5 trillion in 2021 to UGX1.88 trillion⏤ an increase of UGX375.6 billion. The bank also reported that it extended 15.8% more credit than it did in 2021, extending some UGX791.3 billion in loans, to retail, SME and corporate clients, up from UGX 683.4 billion in 2021. Growth in lending fuelled a 14.9% growth in income from…
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Housing Finance Bank, the government of Uganda and NSSF-owned lender is now Uganda’s 5th most profitable bank, jumping three positions from the 8th in 2021. In 2022 results released last week, the bank reported that net profit grew by a record 42.7% growth from UGX41 billion to UGX58.5 billion. The bank increased its share of industry profits from 3.2% to 4.5%. In total 23 of 25 banks reported profits in 2022- a combined UGX1.29 trillion, up from 1.08 trillion in 2021. The top 4 profitable banks are Stanbic (UGX366 billion), Centenary Bank 9UGX249.6 billion), Absa Bank Uganda (UGX141.2 billion) and…
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The benefits of Orient Bank’s acquisition and subsequent rebranding to I&M Bank Uganda and thereafter integration into the larger I&M Group Plc are unfolding with the bank’s release of its first full year under the I&M brand. In results released today, the bank reported an 8.9% jump in customer deposits from UGX573.7 billion to UGX624.6 billion in 2022, reversing a 2-year declining trend in which deposits reduced from an all-time high of UGX673.5 billion in 2019 to UGX573.7 billion in 2021. Riding on a boost in customer deposits, the bank drove a 19% jump in lending⏤ from UGX196.8 billion to…
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