Citibank Uganda closed the 2024 financial year with a net profit after tax of UGX 71.9 billion, up from UGX 68.3 billion in 2023. This performance secured the bank’s position as the 6th most profitable bank in Uganda, underscoring Citi’s ability to consistently deliver bottom-line growth despite an increasingly competitive and evolving market. However, beneath this surface of profitability lies a story of gradual decline in core banking operations—a story that has unfolded over the past two years and could define the future of Citi Uganda as its CEO, Sarah Arapta, approaches a decade at the helm in January 2026….
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Uganda’s banking industry closed 2024 on a notably stronger footing, driven by robust asset expansion, a resurgence in profitability, and intensified market competition. For the first time in over a decade, all 22 commercial banks—excluding the newly licensed Salaam Bank—reported a net profit, signaling a broad-based recovery and improved operational resilience. The lone outlier, Salaam Bank, was only licensed in September 2023 and is still in its foundational phase. This performance came despite a trimmed industry roster following three bank downgrades, which reduced the number of fully licensed commercial banks to 23. The remaining institutions capitalised on steady economic recovery,…
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Centenary Bank Uganda capped off 2024 with another year of impressive financial and operational growth, reinforcing its position as a market leader in financial inclusion and sustainable banking. The Bank…
Absa Bank Uganda has announced robust financial performance for the year ended December 31, 2024, registering a 22% increase in net profit to UGX 178 billion, up from UGX 145.76…
When dfcu Bank in January 2017, acquired Crane Bank, then one of the five largest Banks in Uganda, for UGX200 billion, it had been hoped that dfcu’s market share fortunes…
Housing and sustainable urbanisation formed a crucial part of our National Development Plan. How is the Housing Finance Bank supporting this initiative? Housing Finance Bank has been a leader in mortgage provision for 57 years, consistently strengthening our position in this space. We recognise that housing is a crucial element of the National Development Plan and aims to contribute immensely to a higher household income and employment for sustainable socio-economic transformation. We have contributed over UGX60bn in dividends and UGX51bn in taxes, financed over 7,500 homes, financed over 8,400 women-led businesses, launched a Microfinance unit to increase financial inclusion, partnered…
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With key growth in other investments, Equity Bank registered an 11.1% growth in assets- from UGX3.374 trillion to UGX3.748 trillion- a growth of UGX374.1 billion. This allowed the bank to move from being Uganda’s 4th largest bank by assets to the 3rd largest. The bank also held steady its 4th position in total income. In this interview with CEO East Africa Magazine’s Muhereza Kyamutetera, Anthony Kituuka, the Bank’s Managing Director, contextualises the Bank’s 2023 performance and reassures stakeholders that the bank remains steadfast in its commitment to the holistic transformation of our home Uganda and Africa, as outlined in the…
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I&M Bank Uganda has released its 2023 annual performance results showing accelerated growth and profitability since the I&M Group Plc acquired the former Orient Bank in 2021. I&M Group Plc acquired Orient Bank Ltd on 30th April 2021 and fully rebranded it into I&M Bank (Uganda) Limited in November 2021. Since the acquisition, I&M Group Plc one of Eastern Africa’s leading banking and insurance groups, has invested over UGX108 billion in recapitalising the bank. The Group has llso invested USD9 million (UGX34 billion) into the digitisation of its systems and platforms headlined by an upgrade to a Finacle Core Banking…
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It was the famous personal finance guru, Robert Kiyosaki, of the “Rich Dad Poor Dad,” book fame, that coined the “Other People’s Money (OPM)” mantra, advancing that, to turbocharge growth, one need not rely on their own money alone. He advanced, that with masterful utilisation of “OPM” one didn’t have to wait for their savings to grow, but rather they could leverage funds from external sources to quickly grow. “By understanding how to make money using other people’s money,” Kiyosaki says, “you can make the leap from employee to business owner or professional investor.” It is particularly even easier for…
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For starters, from where you sit, give us an overview of 2022 and the first half of 2023. To contextualise our conversation, we need to talk about the global developments including the pandemic and other issues that affected us, as a country, as an economy, and as a region, and their impact on the people, the enterprise, the government, and how ultimately we see the recovery initiatives to rebuild from the effects of such disruptions. To single out, the pandemic didn’t spare any of us, not the institutions, not the individuals, and not the economy. The period 2022 to 2023…
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