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Eighteen (18) profit-making commercial banks in Uganda, made a UGX906 billion (USD238.5 million) in profits in 2019. This was a 14% increase from UGX794.7 billion in 2018 profits. This was on account of healthy double-digit growth in both deposits and lending. An analysis of 25 of Uganda’s 26 licensed banks (Cameroon’s Afriland First Bank is yet to formally open shop), shows that the banking industry in 2019 picked up UGX3.6 trillion in fresh deposits- a growth of 18.4percent from UGX19.7 trillion in 2018 to UGX23.3 trillion. Deposits in 2019 grew 7 percentage points above the 5-year- compounded industry average of…
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22% surge in customer deposits propels growth in customer lending and investments; creating a UGX3.4 trillion asset base, allowing Absa to overtake Standard Chartered Bank and dfcu Bank to become Uganda’s third largest commercial bank, after Stanbic and Centenary Bank.
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Ecobank Uganda, this week released their 2019 results, reporting a 60 per cent increment in the bank’s assets from UGX420 billion in 2018 to UGX671.3 billion at the end of 2019. Assets grew by UGX 251.3 billion, crossing the UGX500 billion asset mark, stamping a place amongst Uganda’s tier 2 commercial banks- a good way to mark its 11th anniversary since its launch in January 2009. This impressive performance was on the back of a 90.8 per cent growth in customer deposits, from UGX288.3 billion in 2018 to UGX550 billion in 2019. The growth in deposits powered a 22.9 per…
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Bank of Africa Uganda has released their 2019 results, reporting a 33per cent increment in net profit on the bank of double-digit growth in lending. “Client lending activity remained strong with loans and advances growing by 15per cent over 2018, from UGX 344.1 billion in 2018 to UGX397.1 billion in 2019); largely to small and medium enterprises (SMEs). We upheld our goal of committing funds to the biggest impact areas of our economy – education, trade, manufacturing, and construction,” said Mr. Arthur Isiko, the bank’s Managing Director, in a note accompanying the published results. “In line with our agenda for…
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Dfcu Bank today announced their 2019 results, posting a 21% growth in profitability from UGX60.9 billion to UGX73.4 billion. The results, Matthias Katamba’s first full year results since he joined the bank in December 2018, are much better than 2018 when the bank posted a 66% decline in profitability- from UGX127.6 billion in 2017 to UGX61.7bn. This was largely due to a 4.7% reduction in assets from UGX3.030 trillion in 2017 to UGX2.888 trillion in 2018. Deposits also generally remained flat- falling by a minor 0.4% from UGX1.987 trillion to UGX1.979 trillion. In the one year Katamba has been at…
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