Overview:
Absa Bank Uganda's 2024 financial results show a 22% increase in profit after tax to UGX 178 billion, fueled by customer growth and lending, the bank announced Tuesday in Kampala.
KAMPALA, Uganda – Absa Bank Uganda announced Tuesday a profit after tax of 178 billion Ugandan shillings for the year ending Dec. 31, 2024, a 22% increase over the previous year. The bank cited growth in its customer base, increased transactional activity and expanded lending for the strong financial performance.
Revenue for the year climbed 15.1% to 546 billion shillings. Customer loans increased by 12.7% to 1.99 trillion shillings, while customer deposits grew by 11.5% to 3.18 trillion shillings, the bank said.
Michael Segwaya, Absa Bank Uganda’s executive director and chief financial officer, attributed the positive results to the bank’s sound financial strategy and disciplined execution. He noted the growth in both customer liabilities and the loan portfolio.
The bank said its lending focused on key sectors of the Ugandan economy, including trade, personal and household loans, agriculture and manufacturing.
Interim Managing Director David Wandera credited the bank’s customer focus and robust business model for the strong financial outcome. He also highlighted Absa Uganda’s leadership in digital payments and its commitment to sustainability efforts.
Absa Bank Uganda said it remains optimistic for future growth and will continue to invest in digital capabilities and sustainable practices.