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, customer re-engagement, and digital adoption to strengthen their positions.
At an industry level, total banking assets increased by UGX 4.08 trillion, rising from UGX 48.98 trillion in 2023 to UGX 53.06 trillion in 2024, which represents an annual growth rate of 8.3%. Customer deposits also grew significantly, expanding by UGX 1.65 trillion—from UGX 33.60 trillion to UGX 35.24 trillion—reflecting a 4.9% gain.
In addition, loans and advances to customers increased by UGX 1.20 trillion, reaching UGX 21.51 trillion in 2024, up from UGX 20.30 trillion the previous year, which translates to a 5.9% growth. Most notably, aggregate net profit across the sector surged by UGX 288.8 billion, rising from UGX 1.34 trillion to UGX 1.63 trillion, marking a 21.5% increase—the strongest industry-wide profitability on record.
This record profitability in 2024 was underpinned by a robust increase in total income across Uganda’s commercial banking sector. Industry-wide total income rose from UGX 6.71 trillion in 2023 to UGX 7.40 trillion in 2024, reflecting a gain of UGX 691.8 billion, equivalent to 10.3% year-on-year growth. This upward trend in income was primarily driven by stronger interest income, improved digital transaction volumes, and operational efficiencies. Stanbic Bank, Centenary Bank, and Absa Bank together contributed over 44% of the industry’s total income, reinforcing their leadership. This steady revenue expansion laid a solid foundation for the record net profit of UGX 1.63 trillion, the highest in Uganda’s banking history.
These headline numbers tell only part of the story. Beneath the surface lies a dynamic and shifting landscape—where dominant banks extended their lead, formerly struggling institutions staged impressive comebacks, and emerging mid-sized banks players began to challenge the status quo. From lending patterns and deposit shifts to digital acceleration and profitability turnarounds, the trends shaping Uganda’s banking sector in 2024 reveal not just growth, but a sector in strategic transition.
A Year of Big Bank Dominance
Uganda’s banking sector in 2024 was defined by the resounding dominance of its largest players—Stanbic Bank, Centenary Bank, Absa Bank Uganda, Equity Bank, and a resurgent dfcu Bank—which extended or reaffirmed their influence across key performance indicators. Together, these five institutions controlled over 56% of total industry assets, reinforcing their role as the central pillars of Uganda’s financial system. They led the sector in asset growth, deposit mobilization, income generation, and profitability, even as mid-tier and smaller banks scrambled to stay competitive. In a year marked by macroeconomic stability, digital innovation, and sharper competition, these top banks capitalized on scale, customer trust, and operational resilience to widen their lead and shape the direction of the industry.
Stanbic Bank, the market leader, expanded its total assets from UGX 9.26 trillion in 2023 to UGX 10.34 trillion in 2024, an 11.7% increase. Customer deposits rose by 12.2%, from UGX 6.33 trillion to UGX 7.11 trillion, while its loan book grew modestly from UGX 4.23 trillion to UGX 4.37 trillion, up 3.5%. Total income climbed from UGX 1.26 trillion to UGX 1.37 trillion, and net profit grew by 15.5%, from UGX 421.4 billion to UGX 486.8 billion, retaining its position as Uganda’s most profitable bank.
Centenary Bank maintained its strong second-place standing, with assets increasing from UGX 6.33 trillion to UGX 7.11 trillion, a 12.3% gain. Deposits rose slightly by 3.3%, from UGX 4.08 trillion to UGX 4.21 trillion, while lending grew from UGX 3.29 trillion to UGX 3.72 trillion, representing a solid 13.0% expansion. The bank also saw a 7.4% increase in income, from UGX 1.13 trillion to UGX 1.22 trillion, and a 15.2% rise in net profit, which reached UGX 342.3 billion.
Absa Bank Uganda had the most dynamic asset growth among the top three, expanding from UGX 4.56 trillion to UGX 5.43 trillion, an impressive 19.1% increase. Customer deposits rose from UGX 2.86 trillion to UGX 3.19 trillion, up 11.5%, while its loan book grew by 12.7%, reaching UGX 1.99 trillion. Total income increased by 12.1% to UGX 690.6 billion, and net profit grew by 22.0%, from UGX 145.8 billion to UGX 177.9 billion.
In contrast, Equity Bank, which had been one of the sector’s fastest risers in previous years, experienced a sharp reversal in 2024. Its total assets declined by 9.6%, from UGX 3.75 trillion to UGX 3.39 trillion, while customer deposits fell by 5.8%, from UGX 2.97 trillion to UGX 2.80 trillion. Lending dropped significantly by 18.7%, from UGX 1.61 trillion to UGX 1.31 trillion. Although total income remained relatively stable at UGX 565.8 billion, net profit rebounded into positive territory at UGX 20.1 billion, following a loss of UGX 18.8 billion in 2023, signalling a slow but ongoing recovery.
Perhaps the most remarkable turnaround was delivered by dfcu Bank. After years of stagnation, the bank recorded an 8.2% asset growth, increasing its balance sheet from UGX 3.20 trillion to UGX 3.47 trillion. Customer deposits edged up slightly from UGX 2.32 trillion to UGX 2.36 trillion (+1.6%), while lending remained relatively flat at UGX 1.13 trillion. However, dfcu’s net profit more than doubled, rising by 120.9%, from UGX 34.0 billion to UGX 75.1 billion. This was achieved on the back of stable income, improved recoveries, and what appears to be tighter cost discipline.
In totality, the year reinforced the advantages enjoyed by Uganda’s top-tier banks: scale, brand trust, diversified portfolios, and growing digital capabilities. While the sector as a whole showed resilience, it was these big players—led by Stanbic, Centenary, and Absa—that drove the lion’s share of value creation in 2024.
Profitability Rebounds — But Not for All
Uganda’s banking sector posted a landmark rebound in profitability in 2024, with aggregate net profit increasing by UGX 288.8 billion, from UGX 1.34 trillion in 2023 to UGX 1.63 trillion in 2024—a 21.5% year-on-year surge. For the first time in over a decade, 22 out of 23 licensed commercial banks reported profits, signalling sector-wide resilience and recovery. The only exception was Salaam Bank, which was licensed in September 2023 and is still in its incubation phase.
Stanbic Bank once again led the industry in absolute profitability, growing its net profit from UGX 421.4 billion to UGX 486.8 billion, an increase of UGX 65.4 billion or 15.5%. Centenary Bank followed closely, with a 15.2% rise in profit—from UGX 297.1 billion to UGX 342.3 billion—reflecting consistent returns from its broad retail and SME base. Absa Bank Uganda registered one of the highest profit growth rates among the top-tier banks, increasing from UGX 145.8 billion to UGX 177.9 billion, a 22.0% growth.
Bank of Baroda posted a 15.1% growth in profit, rising from UGX 116.4 billion to UGX 134.0 billion, while dfcu Bank delivered the year’s most dramatic turnaround among mid-tier players. Its net profit more than doubled, growing by 120.9% from UGX 34.0 billion to UGX 75.1 billion, buoyed by improved cost control and stabilisation of loan portfolio performance.
Uganda Commercial Banks Profitability Performance (2023–2024)
| Bank | Profit 2023 | Profit 2024 | Growth (UGX Bn) | Growth (%) | Market Share 2023 (%) | Market Share 2024 (%) | 2023 Rank | 2024 Rank | Rank Movement | Market Share Movement (%) |
| Stanbic Bank | 421.4 | 486.8 | 65.4 | 15.5% | 31.40% | 29.85% | 1 | 1 | → | -1.55% |
| Centenary Bank | 297.1 | 342.3 | 45.2 | 15.2% | 22.14% | 20.99% | 2 | 2 | → | -1.15% |
| Absa Bank | 145.8 | 177.9 | 32.1 | 22.0% | 10.87% | 10.91% | 3 | 3 | → | 0.04% |
| Bank of Baroda | 116.4 | 134.0 | 17.6 | 15.1% | 8.68% | 8.22% | 4 | 4 | → | -0.46% |
| dfcu Bank | 34.0 | 75.1 | 41.1 | 120.9% | 2.53% | 4.60% | 9 | 5 | ↑4 | 2.07% |
| Citi Bank | 68.3 | 71.9 | 3.6 | 5.3% | 5.09% | 4.41% | 5 | 6 | ↓1 | -0.68% |
| Housing Finance Bank | 65.1 | 71.1 | 6.0 | 9.2% | 4.85% | 4.36% | 6 | 7 | ↓1 | -0.49% |
| NCBA Bank | 27.0 | 38.9 | 11.9 | 44.1% | 2.01% | 2.39% | 11 | 8 | ↑3 | 0.38% |
| PostBank Uganda | 27.5 | 35.4 | 7.9 | 28.7% | 2.05% | 2.17% | 10 | 9 | ↑1 | 0.12% |
| KCB Bank | 30.2 | 29.9 | -0.3 | -1.0% | 2.25% | 1.83% | 8 | 10 | ↓2 | -0.42% |
| Bank of Africa | 25.6 | 25.7 | 0.1 | 0.4% | 1.91% | 1.57% | 12 | 11 | ↑1 | -0.34% |
| DTB Uganda | 41.0 | 23.7 | -17.3 | -42.2% | 3.05% | 1.45% | 7 | 12 | ↓5 | -1.60% |
| I&M Bank | 11.5 | 20.3 | 8.8 | 76.5% | 0.86% | 1.24% | 15 | 13 | ↑2 | 0.38% |
| Equity Bank | -18.8 | 20.1 | 38.9 | 206.9% | -% | 1.23% | 23 | 14 | ↑9 | 2.63% |
| Standard Chartered Bank | 80.0 | 19.1 | -60.9 | -76.1% | 5.96% | 1.17% | 4 | 15 | ↓11 | -4.79% |
| Bank of India | 8.1 | 16.5 | 8.4 | 103.7% | 0.60% | 1.01% | 17 | 16 | ↑1 | 0.41% |
| Eco Bank | 0.9 | 10.8 | 9.9 | 1,100.0% | 0.07% | 0.66% | 20 | 17 | ↑3 | 0.59% |
| Finance Trust Bank | 3.7 | 10.4 | 6.7 | 181.1% | 0.28% | 0.64% | 18 | 18 | → | 0.36% |
| Tropical Bank | 5.8 | 7.2 | 1.4 | 24.1% | 0.43% | 0.44% | 16 | 19 | ↓3 | 0.01% |
| United Bank for Africa | 13.0 | 6.9 | -6.1 | -46.9% | 0.97% | 0.42% | 13 | 20 | ↓7 | -0.55% |
| Cairo International Bank | 1.7 | 5.3 | 3.6 | 211.8% | 0.13% | 0.33% | 21 | 21 | → | 0.20% |
| Exim Bank | 4.2 | 3.9 | -0.3 | -7.1% | 0.31% | 0.24% | 19 | 22 | ↓3 | -0.07% |
| Salaam Bank | -5.5 | -7.8 | — | — | — | — | — | 23 | — | — |
Several other banks—especially smaller and digitally adaptive ones—also recorded strong profitability rebounds:
- Finance Trust Bank saw its net profit jump from UGX 3.7 billion to UGX 10.4 billion, a 181.1% increase, as it deepened its SME lending and agency banking reach.
- Eco Bank posted an exceptional 1,100% increase in profitability, from UGX 0.9 billion to UGX 10.8 billion, suggesting improved operational efficiency and revenue diversification.
- Cairo International Bank, which had posted UGX 1.7 billion in profit in 2023, recorded a 211.8% jump to UGX 5.3 billion in 2024— primarily driven by a significant increase in total income, which rose from UGX 43.79 billion in 2023 to UGX 52.96 billion—a 20.9% increase—fueled by strong growth in interest income, fees, and commissions.
- I&M Bank grew its net profit by 76.5%, from UGX 11.5 billion to UGX 20.3 billion, continuing its post-acquisition transformation three years after absorbing Orient Bank. This was on the back of a 36% increase in total income, fueled by significant growth in interest on loans and advances, as well as improved non-interest income such as fees and commissions.
- NCBA Bank posted a 44.1% rise in profit, from UGX 27.0 billion to UGX 38.9 billion, leveraging its growing presence in consumer finance and digital lending.
- PostBank Uganda, a government-owned institution in transition, recorded a 28.7% increase in profit—from UGX 27.5 billion to UGX 35.4 billion—backed by robust growth in deposits and digital banking uptake.
- Bank of India grew its profit by 103.7%, from UGX 8.1 billion to UGX 16.5 billion, likely from improvements in income and reduced expenses.
Yet, not all institutions shared in this profit momentum. Equity Bank, while recovering from a UGX 18.8 billion loss in 2023, posted a modest profit of UGX 20.1 billion in 2024, signalling slow recovery amid a declining loan book and reduced deposits. Standard Chartered Bank recorded one of the sharpest declines in the industry, with profit falling by 76.1%, from UGX 80.0 billion to UGX 19.1 billion, possibly driven by lower interest margins and high restructuring costs. Similarly, DTB Uganda saw its profit drop from UGX 41.0 billion to UGX 23.7 billion, a 42.2% decline, despite relatively stable core operations.
Market Share Shifts: Winners and Losers in Assets
In 2024, Uganda’s commercial banking sector saw total assets grow from UGX 48.98 trillion to UGX 53.06 trillion, an increase of UGX 4.08 trillion, representing 8.3% annual growth. While the growth was industry-wide, the gains were unevenly distributed—leading to notable shifts in asset market share among the top and mid-tier banks.
Stanbic Bank, already the market leader, saw its assets grow from UGX 9.26 trillion in 2023 to UGX 10.34 trillion in 2024, a gain of UGX 1.08 trillion, representing 11.7% growth. However, its market share slightly declined from 18.9% to 19.5%, suggesting slower relative performance compared to more aggressive rivals.
Absa Bank Uganda grew its asset base from UGX 4.56 trillion to UGX 5.43 trillion, a UGX 870.3 billion increase- the second largest growth, equivalent to 19.1% growth. Its market share rose from 9.3% to 10.2%, affirming its rise as a solid third in the industry.
Centenary Bank posted the third largest, absolute gain, with assets rising by UGX 781.6 billion, from UGX 6.33 trillion to UGX 7.11 trillion, a 12.3% increase. This pushed its market share from 12.9% to 13.4%, solidifying its position as Uganda’s second-largest bank by assets and narrowing the gap with Stanbic.
PostBank Uganda continued its upward trend, with assets increasing from UGX 1.07 trillion to UGX 1.43 trillion, a UGX 356.9 billion gain (33.3%). This pushed its market share from 2.2% to 2.7%, buoyed by growth in public sector payments and rural expansion.
Uganda Commercial Banks – Total Assets Performance (2023–2024)
| # | Bank | 2023 Assets (UGX Bn) | 2024 Assets (UGX Bn) | Growth (UGX Bn) | Growth (%) | 2023 Rank | 2024 Rank | Rank Movement | 2023 Market Share (%) | 2024 Market Share (%) | Market Share Movement (%) |
| 1 | Stanbic Bank | 9,258.8 | 10,343.9 | 1,085.1 | 11.7% | 1 | 1 | 0 | 18.89% | 19.44% | 0.55 |
| 2 | Centenary Bank | 6,333.2 | 7,114.8 | 781.6 | 12.3% | 2 | 2 | 0 | 12.92% | 13.37% | 0.45 |
| 3 | Absa Bank Uganda | 4,561.4 | 5,431.7 | 870.3 | 19.1% | 3 | 3 | 0 | 9.31% | 10.21% | 0.90 |
| 4 | dfcu Bank | 3,204.0 | 3,468.3 | 264.3 | 8.2% | 6 | 4 | 2 | 6.54% | 6.52% | -0.02 |
| 5 | Equity Bank | 3,748.1 | 3,389.2 | -358.9 | -9.6% | 4 | 5 | -1 | 7.65% | 6.37% | -1.28 |
| 6 | Standard Chartered | 3,654.6 | 3,344.9 | -309.7 | -8.5% | 5 | 6 | -1 | 7.45% | 6.29% | -1.16 |
| 7 | Bank of Baroda | 2,804.8 | 3,082.9 | 278.1 | 9.9% | 7 | 7 | 0 | 5.73% | 5.80% | 0.07 |
| 8 | DTB Uganda | 3,006.2 | 2,863.1 | -143.1 | -4.8% | 8 | 8 | 0 | 6.13% | 5.39% | -0.74 |
| 9 | Housing Finance Bank | 2,144.1 | 2,339.5 | 195.4 | 9.1% | 9 | 9 | 0 | 4.37% | 4.40% | 0.03 |
| 10 | KCB Bank | 1,317.6 | 1,718.5 | 400.9 | 30.4% | 10 | 10 | 0 | 2.69% | 3.23% | 0.54 |
| 11 | Citi Bank | 1,385.6 | 1,603.6 | 218.0 | 15.7% | 11 | 11 | 0 | 2.83% | 3.01% | 0.18 |
| 12 | PostBank Uganda | 1,070.7 | 1,427.6 | 356.9 | 33.3% | 13 | 12 | 1 | 2.18% | 2.68% | 0.50 |
| 13 | Bank of Africa | 1,063.9 | 1,203.7 | 139.8 | 13.1% | 14 | 13 | 1 | 2.17% | 2.26% | 0.09 |
| 14 | I&M Bank | 944.5 | 1,098.0 | 153.5 | 16.3% | 15 | 14 | 1 | 1.93% | 2.06% | 0.13 |
| 15 | NCBA Bank | 854.0 | 963.0 | 109.0 | 12.8% | 16 | 15 | 1 | 1.74% | 1.81% | 0.07 |
| 16 | Eco Bank | 760.2 | 688.9 | -71.3 | -9.4% | 17 | 16 | 1 | 1.55% | 1.29% | -0.26 |
| 17 | United Bank for Africa | 623.1 | 595.0 | -28.1 | -4.5% | 18 | 17 | 1 | 1.27% | 1.12% | -0.15 |
| 18 | Finance Trust Bank | 465.5 | 551.0 | 85.5 | 18.4% | 20 | 18 | 2 | 0.95% | 1.04% | 0.09 |
| 19 | Exim Bank | 527.6 | 527.3 | -0.3 | -0.1% | 19 | 19 | 0 | 1.08% | 0.99% | -0.09 |
| 20 | Bank of India | 464.5 | 493.9 | 29.4 | 6.3% | 21 | 20 | 1 | 0.95% | 0.93% | -0.02 |
| 21 | Cairo Int’l Bank | 403.0 | 410.4 | 7.4 | 1.8% | 22 | 21 | 1 | 0.82% | 0.77% | -0.05 |
| 22 | Tropical Bank | 384.1 | 404.7 | 20.6 | 5.4% | 23 | 22 | 1 | 0.78% | 0.76% | -0.02 |
| 23 | Salaam Bank | 29.0 | 156.3 | 127.3 | 439.0% | 24 | 23 | 1 | 0.06% | 0.29% | 0.23 |
dfcu Bank saw its assets increase from UGX 3.20 trillion to UGX 3.47 trillion, a UGX 264.3 billion gain (8.2%), but its market share remained flat at 6.5%, indicating performance that mirrored industry average.
In contrast, Equity Bank Uganda experienced a decline in asset value from UGX 3.75 trillion to UGX 3.39 trillion, a drop of UGX 358.9 billion, equivalent to a -9.6% decrease. This pulled its market share down from 7.7% to 6.4%, suggesting reduced lending activity or balance sheet restructuring.
Standard Chartered Bank also registered a contraction, with total assets falling from UGX 3.65 trillion to UGX 3.34 trillion, a UGX 309.7 billion drop (–8.5%), resulting in a market share decline from 7.5% to 6.3%. This continues a multi-year trend of balance sheet optimization and reduced retail exposure.
Among the strongest performers in the mid-tier, I&M Bank Uganda posted a UGX 153.5 billion gain, growing assets from UGX 944.5 billion to UGX 1.10 trillion, representing a 16.3% increase. Its market share rose from 1.9% to 2.1%, reflecting momentum following the successful post-acquisition integration of Orient Bank.
Meanwhile, KCB Bank Uganda posted the highest asset growth rate among mid-sized banks, with a UGX 400.9 billion gain, up from UGX 1.32 trillion to UGX 1.72 trillion, marking 30.4% annual growth and increasing its market share from 2.7% to 3.2%.
These asset reallocations underscore the emergence of a more dynamic and competitive mid-tier, with regionally backed and tech-savvy banks aggressively scaling up—while some legacy giants are beginning to feel the pressure of slowed momentum and strategic conservatism.
Winning Wallets: The Battle for Deposits in 2024
In 2024, total customer deposits held by Uganda’s commercial banks rose from UGX 33.60 trillion to UGX 35.24 trillion, an increase of UGX 1.64 trillion, representing 4.9% industry-wide growth. This headline figure masks deeper movements across the sector, marked by a visible flight to perceived stability, digital convenience, and stronger brand engagement.
- Leading the Pack: Big Banks Deepen Their Grip
Stanbic Bank, Uganda’s largest bank by market share, recorded the highest absolute deposit growth, rising from UGX 6.33 trillion to UGX 7.11 trillion. This UGX 774 billion increase (12.2%) cemented its dominance, supported by wide-reaching digital services such as FlexiPay, SME-focused offerings, and an extensive agency network.
Tribunal Backs URA in UGX 10.2 Billion Century Bottling Tax FightAbsa Bank Uganda saw deposits increase from UGX 2.86 trillion to UGX 3.19 trillion, a UGX 328.6 billion rise, reflecting an 11.5% growth. The bank’s success was driven by its expanded product mix, stronger visibility, and enhanced mobile banking offerings.
Centenary Bank, known for its wide rural reach and strong SACCO partnerships, posted a smaller yet solid increase of UGX 133.4 billion, growing deposits from UGX 4.08 trillion to UGX 4.21 trillion, a 3.3% rise. Though relatively moderate, this growth reaffirmed Centenary’s broad customer base and enduring trust among low- to middle-income clients.
- Mid-Tier Banks on the Rise: Bold Gains from Aggressive Outreach
Among the mid-tier banks, several posted double-digit deposit growth:
- PostBank Uganda led the surge with deposits increasing from UGX 789.8 billion to UGX 990.3 billion, a jump of UGX 200.5 billion or 25.4%. This reflects the impact of government payments, digital inclusion efforts, and branch expansion.
- KCB Bank Uganda grew its deposits by UGX 283 billion, from UGX 963.5 billion to UGX 1.25 trillion, marking an impressive 29.4% growth, likely driven by SME banking, cross-border linkages, and consumer credit push.
- Bank of Africa reported a rise from UGX 688.1 billion to UGX 863.4 billion, an increase of UGX 175.3 billionor 25.5%, supported by customer-centric innovations and enhanced branch efficiency.
- I&M Bank continued its growth trajectory, with deposits up UGX 69.6 billion, from UGX 687.8 billion to UGX 757.4 billion, a 10.1% rise—largely attributed to post-acquisition stability and digital transformation.
- Finance Trust Bank grew deposits from UGX 276.7 billion to UGX 340.7 billion, a UGX 64.0 billion gain (23.1%), as its focus on women-led enterprises and digital channels expanded uptake.
- NCBA Bank rose from UGX 567.1 billion to UGX 654.2 billion, a 17.8% growth equivalent to UGX 87.1 billion, leveraging digital loans, savings platforms, and payroll banking.
Customer Deposits Performance (2023–2024)
| # | Bank | 2023 Deposits (UGX Bn) | 2024 Deposits (UGX Bn) | Growth (UGX Bn) | Growth (%) | 2023 Rank | 2024 Rank | Rank Movement | 2023 Market Share (%) | 2024 Market Share (%) | Market Share Movement (%) |
| 1 | Stanbic Bank | 6,332.9 | 7,106.9 | 774.0 | 12.2% | 1 | 1 | 0 | 18.8% | 20.2% | 1.4 |
| 2 | Centenary Bank | 4,081.1 | 4,214.5 | 133.4 | 3.3% | 2 | 2 | 0 | 12.1% | 12.0% | -0.1 |
| 3 | Absa Bank Uganda | 2,856.5 | 3,185.1 | 328.6 | 11.5% | 4 | 3 | 1 | 8.5% | 9.0% | 0.5 |
| 4 | Equity Bank | 2,974.1 | 2,801.8 | -172.3 | -5.8% | 3 | 4 | -1 | 8.9% | 7.9% | -1.0 |
| 5 | dfcu Bank | 2,318.6 | 2,356.3 | 37.7 | 1.6% | 6 | 5 | 1 | 6.9% | 6.7% | -0.2 |
| 6 | Standard Chartered | 2,544.4 | 2,208.2 | -336.2 | -13.2% | 5 | 6 | -1 | 7.6% | 6.3% | -1.3 |
| 7 | Bank of Baroda | 2,024.9 | 2,204.9 | 180.0 | 8.9% | 7 | 7 | 0 | 6.0% | 6.3% | 0.3 |
| 8 | DTB Uganda | 2,207.3 | 2,094.0 | -113.3 | -5.1% | 8 | 8 | 0 | 6.6% | 5.9% | -0.7 |
| 9 | Housing Finance Bank | 1,433.9 | 1,607.3 | 173.4 | 12.1% | 9 | 9 | 0 | 4.3% | 4.6% | 0.3 |
| 10 | KCB Bank | 963.5 | 1,246.5 | 283.0 | 29.4% | 10 | 10 | 0 | 2.9% | 3.5% | 0.6 |
| 11 | PostBank Uganda | 789.8 | 990.3 | 200.5 | 25.4% | 11 | 11 | 0 | 2.4% | 2.8% | 0.4 |
| 12 | Bank of Africa | 688.1 | 863.4 | 175.3 | 25.5% | 12 | 12 | 0 | 2.0% | 2.4% | 0.4 |
| 13 | Citi Bank | 835.3 | 808.3 | -27.0 | -3.2% | 13 | 13 | 0 | 2.5% | 2.3% | -0.2 |
| 14 | I&M Bank | 687.8 | 757.4 | 69.6 | 10.1% | 14 | 14 | 0 | 2.0% | 2.1% | 0.1 |
| 15 | NCBA Bank | 567.1 | 654.2 | 87.1 | 15.4% | 15 | 15 | 0 | 1.7% | 1.9% | 0.2 |
| 16 | Eco Bank | 667.1 | 528.2 | -138.9 | -20.8% | 16 | 16 | 0 | 2.0% | 1.5% | -0.5 |
| 17 | Finance Trust Bank | 276.7 | 340.7 | 64.0 | 23.1% | 17 | 17 | 0 | 0.8% | 1.0% | 0.2 |
| 18 | UBA | 386.6 | 334.6 | -52.0 | -13.5% | 18 | 18 | 0 | 1.2% | 0.9% | -0.3 |
| 19 | Exim Bank | 298.5 | 332.5 | 34.0 | 11.4% | 19 | 19 | 0 | 0.9% | 0.9% | 0.0 |
| 20 | Bank of India | 247.0 | 226.3 | -20.7 | -8.4% | 20 | 20 | 0 | 0.7% | 0.6% | -0.1 |
| 21 | Cairo Int’l Bank | 217.0 | 185.4 | -31.6 | -14.6% | 21 | 21 | 0 | 0.6% | 0.5% | -0.1 |
| 22 | Tropical Bank | 198.4 | 183.2 | -15.2 | -7.7% | 22 | 22 | 0 | 0.6% | 0.5% | -0.1 |
| 23 | Salaam Bank | 0.8 | 12.9 | 12.1 | 1512.5% | 23 | 23 | 0 | 0.0% | 0.0% | 0.0 |
- Flat or Falling: Trouble at the Top and Mid-Tier
Despite their size, some banks experienced deposit declines or stagnation:
- Equity Bank’s deposits dropped from UGX 2.97 trillion to UGX 2.80 trillion, a UGX 172.3 billion decrease (-5.8%), indicating deposit flight amidst operational restructuring and a shrinking loan book.
- Standard Chartered Bank saw a UGX 336.2 billion dip, falling from UGX 2.54 trillion to UGX 2.21 trillion, a 13.2% decrease, likely due to reduced lending appetite and continued strategic consolidation.
- DTB Uganda remained virtually flat, with deposits inching down from UGX 2.21 trillion to UGX 2.09 trillion, a UGX 113.3 billion decline (-5.1%), leading to relative loss of market share as peers posted stronger growth.
- Smaller Banks and New Entrants: Mixed Performance
- Tropical Bank increased its deposits from UGX 198.4 billion to UGX 183.2 billion, a decline of UGX 15.2 billion (-7.7%).
- Cairo International Bank fell from UGX 217.0 billion to UGX 185.4 billion, a UGX 31.6 billion drop (-14.6%).
- United Bank for Africa (UBA) declined from UGX 386.6 billion to UGX 334.6 billion, a UGX 52.0 billion fall (-13.5%).
- Exim Bank rose slightly from UGX 298.5 billion to UGX 332.5 billion, a UGX 34.0 billion increase (11.4%).
- Salaam Bank, licensed in September 2023, ended the year with UGX 12.9 billion in deposits—remarkable for its first operational period.
Lending: Solid Growth with a Few Red Flags
In 2024, Uganda’s commercial banks grew their total loans and advances from UGX 20.30 trillion to UGX 21.51 trillion, marking an increase of UGX 1.20 trillion, equivalent to 5.9% annual growth. This positive performance reflected strong economic recovery, increased appetite for credit, and improving borrower confidence. However, the sector’s stability masks key undercurrents—several major banks posted lending declines, raising red flags on asset quality, internal rebalancing, or strategic caution.
- Major Banks Drive Growth, But with Diverging Fortunes
Stanbic Bank, Uganda’s market leader in lending, increased its loan book from UGX 4.23 trillion in 2023 to UGX 4.37 trillion in 2024, reflecting an absolute growth of UGX 148.7 billion, equivalent to a 3.5% increase. While the rise was modest, Stanbic maintained its top position with a 20.3% share of total industry loans.
Centenary Bank led the pack in absolute growth, expanding its loans from UGX 3.29 trillion to UGX 3.72 trillion, a significant gain of UGX 426.4 billion or 13.0%. This performance pushed its market share upward from 16.2% to 17.3%, reinforcing its standing as the second-largest lender in the country.
Absa Bank Uganda continued its upward trajectory with loans increasing from UGX 1.77 trillion in 2023 to UGX 1.99 trillion in 2024, a rise of UGX 225.0 billion, translating to 12.7% growth. This pushed its lending market share slightly up to 9.3%, reflecting deeper penetration in the SME and retail credit space.
Bank of Baroda also posted impressive growth, with its loan portfolio expanding from UGX 1.24 trillion to UGX 1.45 trillion, an increase of UGX 207.1 billion, or 16.7%. This gain helped the bank increase its market share to 6.7%, one of the highest improvements among the top-tier lenders.
Loans and Advances Performance (2023–2024)
| # | Bank | 2023 Loans (UGX Bn) | 2024 Loans (UGX Bn) | Growth (UGX Bn) | Growth (%) | 2023 Rank | 2024 Rank | Rank Movement | 2023 Market Share (%) | 2024 Market Share (%) | Market Share Movement (%) |
| 1 | Stanbic Bank | 4,225.1 | 4,373.8 | 148.7 | 3.5% | 1 | 1 | 0 | 20.81% | 20.34% | -0.47 |
| 2 | Centenary Bank | 3,290.2 | 3,716.6 | 426.4 | 13.0% | 2 | 2 | 0 | 16.21% | 17.28% | 1.07 |
| 3 | Absa Bank Uganda | 1,768.8 | 1,993.8 | 225.0 | 12.7% | 3 | 3 | 0 | 8.71% | 9.27% | 0.56 |
| 4 | Bank of Baroda | 1,239.9 | 1,447.0 | 207.1 | 16.7% | 5 | 4 | 1 | 6.11% | 6.73% | 0.62 |
| 5 | Equity Bank | 1,609.5 | 1,308.8 | -300.7 | -18.7% | 4 | 5 | -1 | 7.93% | 6.09% | -1.84 |
| 6 | dfcu Bank | 1,125.8 | 1,132.2 | 6.4 | 0.6% | 6 | 6 | 0 | 5.54% | 5.26% | -0.28 |
| 7 | Housing Finance Bank | 995.7 | 1,084.7 | 89.0 | 8.9% | 7 | 7 | 0 | 4.90% | 5.04% | 0.14 |
| 8 | Standard Chartered | 1,130.0 | 996.1 | -133.9 | -11.8% | 8 | 8 | 0 | 5.57% | 4.63% | -0.94 |
| 9 | KCB Bank | 762.5 | 903.5 | 141.0 | 18.5% | 10 | 9 | 1 | 3.76% | 4.20% | 0.44 |
| 10 | DTB Uganda | 874.2 | 902.2 | 28.0 | 3.2% | 9 | 10 | -1 | 4.30% | 4.20% | -0.10 |
| 11 | PostBank Uganda | 602.6 | 718.7 | 116.1 | 19.3% | 11 | 11 | 0 | 2.97% | 3.34% | 0.37 |
| 12 | Bank of Africa | 426.8 | 481.0 | 54.2 | 12.7% | 12 | 12 | 0 | 2.10% | 2.24% | 0.14 |
| 13 | I&M Bank | 301.0 | 406.9 | 105.9 | 35.2% | 13 | 13 | 0 | 1.48% | 1.89% | 0.41 |
| 14 | Finance Trust Bank | 291.4 | 356.3 | 64.9 | 22.3% | 14 | 14 | 0 | 1.43% | 1.66% | 0.23 |
| 15 | Citi Bank | 420.3 | 320.7 | -99.6 | -23.7% | 15 | 15 | 0 | 2.07% | 1.49% | -0.58 |
| 16 | NCBA Bank | 253.0 | 298.0 | 45.0 | 17.8% | 16 | 16 | 0 | 1.25% | 1.39% | 0.14 |
| 17 | Bank of India | 197.2 | 214.0 | 16.8 | 8.5% | 17 | 17 | 0 | 0.97% | 1.00% | 0.03 |
| 18 | Eco Bank | 180.1 | 201.9 | 21.8 | 12.1% | 18 | 18 | 0 | 0.89% | 0.94% | 0.05 |
| 19 | Exim Bank | 185.1 | 199.4 | 14.3 | 7.7% | 19 | 19 | 0 | 0.91% | 0.93% | 0.02 |
| 20 | Cairo Int’l Bank | 176.8 | 178.9 | 2.1 | 1.2% | 20 | 20 | 0 | 0.87% | 0.83% | -0.04 |
| 21 | UBA | 136.2 | 148.0 | 11.8 | 8.7% | 21 | 21 | 0 | 0.67% | 0.69% | 0.02 |
| 22 | Tropical Bank | 111.1 | 115.4 | 4.3 | 3.9% | 22 | 22 | 0 | 0.55% | 0.54% | -0.01 |
| 23 | Salaam Bank | 0.0 | 7.4 | 7.4 | — | 23 | 23 | 0 | 0.00% | 0.03% | 0.03 |
- Mid-Tier and Challenger Banks Step Up
Several mid-sized and challenger banks recorded double-digit lending growth in 2024, accelerating their push to capture market share and improve positioning in a competitive credit landscape.
KCB Bank Uganda expanded its loan portfolio from UGX 762.5 billion in 2023 to UGX 903.5 billion in 2024, marking an UGX 141.0 billion increase, or 18.5% growth. This growth pushed its market share to 4.2%, supported by strong SME and regional lending linkages.
PostBank Uganda increased its loans from UGX 602.6 billion to UGX 718.7 billion, gaining UGX 116.1 billion, a 19.3% rise, and raising its share of the market to 3.3%. The bank’s growth was underpinned by salary loans, group lending, and expanding reach in rural and peri-urban areas.
Bank of Africa posted a growth of UGX 54.2 billion, rising from UGX 426.8 billion to UGX 481.0 billion, a 12.7% increase, driven by greater activity in SME and trade finance segments.
I&M Bank stood out with one of the fastest growth rates, expanding its loan book from UGX 301.0 billion to UGX 406.9 billion, an impressive gain of UGX 105.9 billion, or 35.2%, as the bank reaped benefits from its post-Orient Bank acquisition strategy and digital transformation.
Finance Trust Bank grew from UGX 291.4 billion to UGX 356.3 billion, an increase of UGX 64.9 billion, translating to 22.3% growth, primarily through targeted lending to group borrowers and women-led enterprises.
NCBA Bank also posted strong performance, growing its loan book by UGX 45.0 billion, from UGX 253.0 billion to UGX 298.0 billion, a 17.8% increase, supported by digital lending platforms, salary-based products, and fleet financing solutions.
- Key Banks Show Lending Declines
Despite the broader sectoral growth in Uganda’s banking industry, several major banks posted notable contractions in their loan books, raising questions about portfolio quality, lending appetite, or evolving strategies in risk management and capital allocation.
Equity Bank, once among Uganda’s fastest-expanding banks, recorded the sharpest absolute decline, with its loan book shrinking by UGX 300.7 billion—from UGX 1.61 trillion in 2023 to UGX 1.31 trillion in 2024. This represents an 18.7% decrease, and saw the bank’s market share drop from 7.9% to 6.1%, indicating a significant retreat from credit intermediation.
Standard Chartered Bank reduced its lending from UGX 1.13 trillion to UGX 996.1 billion, a drop of UGX 133.9 billion, representing an 11.8% decline. Its market share contracted from 5.6% to 4.6%, reflecting a deliberate strategic pullback from corporate lending and possible rebalancing toward lower-risk exposures.
Citi Bank experienced one of the most severe proportional contractions, with its loan book falling by UGX 99.6 billion, from UGX 420.3 billion to UGX 320.7 billion—a 23.7% drop. This reduced its share of the industry’s total loans to just 1.5%, suggesting repositioning or limited appetite for local balance sheet expansion.
These sharp declines could reflect portfolio clean-up exercises, internal credit tightening, or a deliberate pivot away from riskier or low-yield segments, even as competitors captured more lending market share. The divergence also underscores a changing competitive landscape where caution among traditional global players is creating opportunities for local and regional banks.
The banking sector’s 2024 lending performance presents a generally strong and broad-based rebound, with the top 10 banks accounting for nearly 85% of the total loans disbursed. However, the significant loan book contractions at Equity Bank, Standard Chartered, DTB, and Citi Bank highlight a fragmented recovery, where certain institutions are treading carefully due to internal risk assessments, asset quality concerns, or declining loan demand in corporate sectors.
As Uganda’s economic activity continues to pick up, the focus for 2025 will be twofold: balancing growth with asset quality, and expanding lending to underserved but promising segments, particularly SMEs, agriculture, and digital-first customers.
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Outlook: A Stronger, Sharper, and More Competitive Banking Sector
Uganda’s banking sector in 2024 delivered its strongest overall performance yet—growing assets to UGX 53.06 trillion, expanding customer deposits by UGX 1.64 trillion, and increasing net profit to a record UGX 1.63 trillion. For the first time, all 22 operating banks (excluding Salaam Bank, newly licensed in September 2023) were profitable, a testament to the sector’s post-pandemic resilience, capital efficiency, and improving credit risk management.
But beneath the surface of these gains lies a sector that is rapidly evolving—and fragmenting.
Big banks like Stanbic, Absa, and Centenary continue to consolidate dominance, not just in deposits but in lending, profitability, and customer growth. Their investments in digital infrastructure, agency networks, and broad-based product suites are paying off in both scale and efficiency. Yet, mid-tier challengers are closing in fast, using niche focus, speed, and technology to drive double-digit growth in lending, deposits, and customer base.
On the other hand, some legacy institutions are losing market share, weighed down by stagnant innovation, shrinking loan books, or unclear value propositions. For these banks, 2024 was a warning: in a more transparent, mobile-first, and data-driven financial landscape, scale alone is not a moat—relevance is.
Looking ahead, 2025 will not just be about growth. It will be about how banks grow—the quality of assets, the depth of digital transformation, the agility to meet emerging client needs, and the ability to comply with evolving regulatory and ESG expectations. With new players like Salaam Bank gaining ground, fintech competition intensifying, and customer expectations rising, the next era will reward those who are lean, trusted, and insight-driven.
In short, Uganda’s banking sector is entering its most competitive phase yet. The winners will be those who balance profitability with purpose, scale with simplicity, and tradition with transformation.
