This article embarks on a journey that delves into the realm of financial statements, peeling back the layers to reveal the essential role played by Ugandan banks in the intricate credit creation process. Our exploration closely examines these financial reports, shedding light on how recent market dynamics and trends are reshaping the flow of funds, resulting in a discernible reduction in the amount of deposits being extended as loans to Ugandan customers. Uganda’s financial landscape is evolving, and its banks are adapting to these changes. Join us on this enlightening expedition as we navigate the complex terrain of banking, dissect…
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East Africa’s banking sector is a vibrant and dynamic landscape, teeming with innovation and fierce competition. In this bustling financial arena, three Ugandan banks have emerged as formidable contenders, securing their places in the region’s top 20 banking institutions, as reported by African Business. This remarkable achievement underscores the robust growth and strategic prowess of Uganda’s banking sector, which has been steadily gaining momentum in recent years. Standard Chartered Bank Uganda, Stanbic Bank Uganda, and Centenary Rural Development Bank are the three Ugandan banks that have made it to the prestigious list. Standard Chartered Bank Uganda, with a Tier 1…
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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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Mark Muyobo, previously the Acting Managing Director & Chief Executive Officer of NCBA Bank Uganda has been confirmed as the substantive head of the bank, CEO East Africa Magazine can exclusively reveal. He has been in an acting capacity since December 2021 when Anthony Ndegwa was recalled to the NCBA Group head office in Nairobi, Kenya. His full announcement is pending approval by the Central Bank. According to a highly placed, his confirmation follows the bank’s impressive performance in the first, half of 2022 that among others saw the bank return to profitability at end of May 2022. The Bank…
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Finance Trust Bank, has today released its 2021 financial performance results, reporting yet another year of strong growth. According to the results, the bank, despite a challenging 2021, registered double-digit growth in most of its business fundamentals. As a result, the bank set new record highs in its 9-year history since it was granted a commercial banking license in 2013. Net profit after tax grew by 57% from UGX5.8 billion in 2020 to UGX 9.16 billion in 2021— the highest ever. This was on the back of equally strong growth in total income— by 23%, from UGX75.2 billion to UGX92.6…
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Post Bank Uganda has appointed Andrew Kabeera as its new Executive Director, effective July 2020. A seasoned banker, Kabeera brings to Post Bank, a wealth of experience in Uganda’s financial services sector, having worked at Standard Chartered Bank and most recently as dfcu Bank’s Chief Operating Officer and Chief Change and Innovation Officer. Known for his astuteness in crafting efficient business development strategies, Kabeera move to Post Bank is timely. In a recent interview with CEO East Africa, Julius Kakeeto, the bank’s Managing Director said he is looking to create a first-world experience for Post Bank customers, anchored on a…
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Opportunity Bank has appointed microfinance and financial inclusion expert, Robert Ongodia as its new Managing Director for Uganda, to replace Tineyi Mawocha. Mr. Mawocha, remains the Regional Director, Africa, a role he has playing concurrently since July 2019. Phillip Karugaba, the bank’s Board Chairman confirmed the appointment to CEO East Africa Magazine. “Yes, Robert Ongodia is our new Managing Director. Tineyi Mawocha, his predecessor, has been elevated to a regional position based in Kampala,” he said. Ongodia has been the Senior Director, Global Investments for Accion Global Investments, a global non-profit committed to creating a financially inclusive world with key investments…
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#1. Anne Juuko Chief Executive, Stanbic Bank Period in Charge: 4 months 2019 Asset Value: UGX6.6 trillion Market Share: 20.2 per cent Industry Rank: 1 Stanbic Bank Chief Executive, Anne Juuko Stanbic Bank has maintained the top spot in the banking sector ever since the acquisition of a majority stake (80per cent) in Uganda Commercial Bank (UCB) back in 2001. Getting to the top spot was the easy bit – despite the politics around the acquisition. Remaining at the top, ahead of the chasing pack is where all credit is due to the bank shareholders and management that have given…
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Following a license to operate a commercial bank, on September 12th, 2019 Afriland First Bank has set up its offices in Kampala. The offices are located on Buganda Road in the city centre. CEO East Africa understands that a Mr Hamadou Bayo, a Cameroonian and the bank’s former Managing Director in Liberia has been appointed as its first Managing Director. “Our new commercial banking license in Uganda will enable us to offer universal banking services to a various range of clients, be they Individuals, Corporate or Institutions,” reads a statement posted on the group’s website. “Afriland First Bank Uganda will remain…
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Ecobank Uganda has received two prestigious International Organization for Standardization (ISO) certificates for its Information Security Management Systems (ISO/IEC 27001) and Business Continuity Management Systems (ISO 22301). Awarded by the British Standards Institution (BSI), these ISO certifications, according to a media statement by the bank, “give Ecobank Uganda a competitive advantage and publicly demonstrate the bank’s legal and regulatory compliance and commitment to the prevention or reduction of large-scale process disruptions in the event of an incident.” “The certifications apply to all core banking processes at its head office, branches, disaster recovery and business resumption sites,” said the statement. Speaking…
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