Industry & AnalysisThe Big Story

Uganda’s Banks in 2024: Profits Surge, Giants Hold Ground, and Mid-Tier Challengers Rise In 2024, Uganda’s banking sector posted record profitability and robust asset growth. Big banks tightened their grip, nimble mid-tier players surged, and for the first time in years, nearly every bank—bar one—reported profits, signalling a sector-wide transformation.

by Muhereza Kyamutetera
A visual round-up of all 23 commercial banks that defined Uganda’s banking story in 2024—a year marked by record UGX 1.63 trillion profits, UGX 4.08 trillion asset growth, big-bank dominance, mid-tier breakthroughs, and sector-wide profitability, save for one new entrant.

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…

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.

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