Homegrown Pearl Bank posts UGX 47.3 billion profit; Kasaija hails economic impact

KAMPALA, Uganda – Pearl Bank Uganda reported a 34% increase in net profit for 2025, marking its first financial results since rebranding from PostBank Uganda.

The government-owned lender announced Tuesday that profit after tax rose to 47.3 billion Ugandan shillings, or about $12.5 million, up from 35.4 billion shillings the previous year. The bank also received approval from the Ministry of Finance to reinvest those profits into its operations rather than paying out dividends.

The performance follows a June 2025 name change and a commercial operating license issued last November.

Managing Director Julius Kakeeto said the results reflect a strategy to build a national, impact-led financial institution.

The bank has aligned its operations with the government’s growth strategies, Kakeeto said. Last year’s performance was attributed to the growth in customer deposits, which is a clear vote of confidence from our customers.

Customer deposits climbed 43% to 1.4 trillion shillings, crossing the 1 trillion mark for the first time. The bank’s digital platform, the Wendi wallet, saw deposits surge to 240.5 billion shillings from 45.5 billion shillings in 2024.

Finance Minister Matia Kasaija commended the growth as a reflection of the broader Ugandan economy.

During last year’s AGM, I said money had come, and Pearl Bank, you did not disappoint, Kasaija said. Banks do not grow in isolation. They grow when the economy grows. When I look at Pearl Bank’s performance, I see more than numbers. I see evidence that the Ugandan economy continues to move from strength to strength.

Kasaija urged the bank to increase lending to productive sectors, describing credit as the fuel for the next phase of economic transformation.

The bank’s total assets grew 31% to 1.87 trillion shillings, while its loan portfolio reached 749 billion shillings. Pearl Bank also reported paying 32 billion shillings in taxes.

Board Chairman Andrew Otengo Owiny said the rebranding is nearly complete and has positioned the institution as a modern commercial bank.

The rebrand has successfully positioned Pearl Bank as a modern, impact-driven national commercial bank, firmly anchored in Uganda’s development agenda, Owiny said.

Evelyn Anite, the state minister for investment and privatization, said the results prove a homegrown institution can compete with multinationals.

It is refreshing and inspiring to see a Ugandan bank rising with this level of ambition, discipline, and credibility, Anite said. The opportunity before Pearl Bank is clear — leverage these strengths to compete not just locally, but regionally.

The bank reported significant agricultural impact, disbursing 340 billion shillings in lending to more than 11,000 farmers. It also provided 398 billion shillings to small and medium enterprises.

Pearl Bank, which is 100% owned by the government, operates 59 branches and a network of more than 8,000 agents.