By Our Reporter
United Bank for Africa (UBA) Uganda has released its audited 2016 full year results, showing growth in total income and profits. The bank recorded a 24% growth in total income of Ushs 29.7 billion as at 31st December 2016 compared to Ushs 24 billion at the end of 2015. It also registered Ushs 2.6 billion in profits after tax, which was a turnaround from a loss of Ushs 4.3 billion in 2015. This is the first time the bank has recorded profits since 2008 when it started operations in Uganda.
UBA’s performance comes as major changes spearheaded by the reconstituted Board of Directors and the executive management of the bank are being implemented. In 2016, UBA named Dr. Ben Mbonye as the new Board Chairman and Johnson Agoreyo, an astute and experienced banker, as its Managing Director/CEO.
Commenting on these developments, Agoreyo expressed satisfaction with the resilience of the bank, despite the macroeconomic challenges that exist today.
“UBA has clearly turned the corner with impressive growth in profit after tax. We are grateful to our growing list of loyal customers and partners without whom this growth wouldn’t have been achieved,
