Uganda Development Bank Assets Hit Record UGX486 billion Uganda Development Bank (UDB) Bank assets grew by 31% in 2019, reaching UGX486 billion, up from UGX370 billion in 2018.

The growth is attributed to the increase in the Government of Uganda capital contribution as well as draw down of lines of credit making the bank one of the heavy weights in the 2nd Tier commercial banks. The bank’s financial performance, as showed in its financial statement, improved significantly; profit after tax improved by 7% from UGX 9.49 billion in 2018 to UGX 10.14 billion in 2019 while the balance sheet grew by 31% to yield at UGX 486.37 billion. This tremendous performance, according to managing director Patricia a. Ojangole, was triggered by a 74% increase in Government of Uganda…