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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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Ecobank Uganda has released its 2024 results, showing a remarkable increase in lending, a cleaner loan book, leading to increased revenues and profits — consolidating a turnaround that began under…
I&M Bank Uganda has crossed a historic milestone. For the first time, the Bank’s assets have exceeded the UGX 1 trillion mark, closing at UGX 1.1 trillion at the end…
Finance Trust Bank posted a record 178% profit growth in 2024, driven by strategic partnerships, a customer-focused business model, and major investments in women’s empowerment. The Bank now eyes an…
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…
Guaranty Trust Bank (Uganda) Limited has reported its first loss in over five years, highlighting the difficult transition it is facing after downgrading to a Tier II Credit Institution in 2024. The bank posted a net loss after tax of UGX 3.25 billion for the year ended December 31, 2024, reversing a net profit of UGX 1.64 billion recorded in 2023. The downgrade followed a sharp increase in minimum capital requirements imposed by the Bank of Uganda (BoU) in 2022, raising the threshold for commercial banks from UGX 25 billion to UGX 150 billion. Facing the steep capital demands, Guaranty…
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Despite transitioning from a Tier I Commercial Bank to a Tier II Credit Institution in 2024, Opportunity Bank Uganda Limited has proven resilient, maintaining profitability, growing its loan book, and deepening its social and environmental impact across Uganda. The change in license status followed a sharp increase in capitalisation requirements imposed by the Bank of Uganda (BoU). In 2022, BoU raised the minimum capital for commercial banks from UGX 25 billion to UGX 150 billion, a six-fold increment. Facing the new thresholds, Opportunity Bank, alongside ABC Capital Bank Uganda and Guaranty Trust Bank Uganda, elected to downgrade to Tier II…
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