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 Credit Institution status in March 2024.
Profits and Assets Continue to Grow
Opportunity Bank posted a 28% increase in net profit after tax, rising to UGX 3.19 billion in 2024 from UGX 2.79 billion in 2023. This strong bottom-line growth reflects enhanced operational efficiency and prudent credit management, even amidst a competitive and tightening financial environment.
Total income rose modestly by 2%, reaching UGX 59.28 billion compared to UGX 58.2 billion in the previous year.
The bank’s loan portfolio expanded by 7%, growing from UGX 141 billion in 2023 to UGX 158.29 billion in 2024, underlining a strategic push to deepen access to credit, particularly among rural and underserved segments.
Opportunity Bank’s total assets grew by 12%, increasing to UGX 265.9 billion from UGX 237.0 billion. This growth was largely driven by the expanded loan book and investments in customer-centric innovations.
Despite a 5% decline in customer deposits, which fell from UGX 155.36 billion in 2023 to UGX 147.5 billion in 2024, the bank maintained a healthy liquidity position.
Asset quality remained stable, with Non-Performing Loans (NPLs) reducing slightly from UGX 7.20 billion to UGX 6.98 billion. Capital buffers remained strong, with a Core Capital Adequacy Ratio of 18.5% and a Total Capital Adequacy Ratio of 20.7%—both comfortably above regulatory thresholds.
“We pursue our vision and mission to deliver sustainable and growing value for our customers, shareholders and the wider community by investing in the resilience and growth of our customers’ businesses, and supporting growth in our nation,” Owen Amanya, the bank’s CEO, noted in a commentary accompanying the results.
Championing Financial Inclusion
Anastacia Tshesane to become PwC SA CEOOpportunity Bank continued to strengthen its reputation as a champion of financial inclusion in 2024, maintaining a strong focus on serving rural, underserved, and vulnerable communities across Uganda.
Rural outreach remained a central pillar, with 79% of the bank’s customer base located in rural areas. Opportunity Bank served 395,290 active customers and disbursed over 32,476 loans worth UGX 161 billion.
The bank deliberately targeted marginalised segments:
- 50% of loans were disbursed to women entrepreneurs, helping narrow gender gaps in financial access.
- 36% of borrowers were youth, supporting the economic empowerment of Uganda’s young population.
- 3% of borrowers were refugees, and 1% were persons with disabilities (PWDs), reinforcing the bank’s commitment to inclusive finance.
“In our continuing efforts to focus on empowering Ugandans and enhancing access to finance for women, youth, refugees, and people living with disabilities, we reached out to our friends, neighbours, and customers as part of our drive towards an empowered and transformed society,” said Mr. Owen Amanya, Chief Executive Officer.
By prioritising lending to these segments, Opportunity Bank is not only achieving commercial success but also fulfilling a vital social mission — empowering historically excluded communities to participate more fully in Uganda’s economic growth.
Embracing Green Finance and Digital Innovation
In 2024, Opportunity Bank broadened its environmental initiatives, disbursing UGX 14 billion in green loans and delivering carbon literacy training to over 48,000 individuals.
The bank also strengthened its digital capabilities, rolling out instant inter-bank transfers available 24/7 through its next-generation mobile banking application.
“As a customer-centric bank, we have continued to innovate and enhance our digital and service offering to improve convenience for our customers,” Amanya noted.
Opportunity Bank also collaborated with Peek Vision, Tooro Kingdom, and Dr. Arunga’s Eye Hospital to finance cataract surgeries, demonstrating a new model of integrating financial services with community healthcare.
