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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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KCB Bank on 14th October, marked its 15th anniversary since it set foot in Uganda in 2007, with a firm promise to close the year with at least a UGX1 trillion balance sheet. Speaking at the anniversary celebrations, held at Kampala Serena Hotel, KCB Bank Uganda Managing Director, Edgar Byamah, revealed the bank was just about UGX38 billion shy of the UGX1 trillion (USD261 million) rubicon. “At present, our bank boasts of an asset base of over UGX961.43 billion and over 40,000 customers, which success is greatly attributed to a committed team that has keenly served the bank over…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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