Overview:
Housing Finance Bank realised a 13.6% growth in shareholders' equity, from UGX 279 billion in 2021 to UGX 317 billion in 2022. This growth reflects its continued commitment to creating value for its shareholders.
Housing Finance Bank, a financial institution owned by the Government of Uganda, has released its 2022 full-year financial results, indicating that its Net Profit After Tax grew to UGX 58.5 billion, up from UGX 40.9 billion in 2021.
This reflects a 43% growth buoyed by an increase in the bank’s customer deposits, which grew by 36.8%, hitting a new record of UGX 1.118 trillion.
“We are proud to provide innovative financial solutions that support economic growth. We remain grateful to our customers for their continued trust and confidence,” the bank said in a statement.
The Bank’s net loans and advances grew by 15.4% to UGX 777.9 billion from UGX 674.3 billion in 2021.
“This remarkable achievement is a testament to our commitment to providing innovative financial solutions to our customers,” the bank said.
Housing Finance Bank realised a 13.6% growth in shareholders’ equity, from UGX 279 billion in 2021 to UGX 317 billion in 2022. This growth reflects its continued commitment to creating value for its shareholders.
The total asset base expanded by 24.2% from UGX 1.30 trillion in 2021 to UGX 1.62 trillion in 2022.
“This expansion shows the Bank’s progress towards being the preferred business and consumer avenue in Housing Finance,” Housing Finance added.
The bank is the leading mortgage lender in the country, with approximately 60 percent of all Ugandan mortgage accounts.