Key Financial Highlights
- Profit after tax: Sh178 billion (22% growth)
- Total revenue: Sh546 billion (15% increase)
- Non-funded income: Up 21%
- Net interest income: Grew by 11%
- Customer deposits: Rose to Sh3.18 trillion (11.5% increase)
- Loan book expansion: Reached Sh1.99 trillion (12.7% growth)
Absa Bank Uganda has announced impressive financial results for the year ended December 31, 2024, with profit after tax surging by 22% to Sh178 billion, up from the previous year. The bank’s total revenue grew by 15% to Sh546 billion, driven by strong performance in both interest and non-interest income streams.
The results underscore Absa’s resilience and strategic focus, reinforcing its position as one of Uganda’s leading financial institutions.
Michael Segwaya, Executive Director and Chief Financial Officer at Absa Bank Uganda, attributed the strong performance to disciplined financial management and customer confidence.
“Our revenue growth reflects our sound financial strategy and execution. The 11.5% rise in customer deposits and 12.7% loan book expansion demonstrate trust in our brand and prudent risk management,” Segwaya said.
Absa Bank Uganda strategically allocated credit across key sectors, with trade leading at 26% of total loans, followed by personal & household loans (27%), agriculture (10%), and manufacturing (9%), reinforcing its role in driving economic growth.
“Our lending strategy supports Uganda’s real economy. The growth in our loan book reflects customer confidence and our focus on high-impact sectors,” Segwaya added.
Absa Bank Uganda solidified its leadership in digital financial services, commanding over 70% of credit card issuance, processing 92% of nationwide credit card payments, and achieving 18.5% payment volume growth – nearly double the market average.
The bank also expanded its agency banking network, processing 8.1 million transactions through 1,971 agents, enhancing financial access in remote areas.
“Our digital leadership isn’t just about technology, it’s about inclusion and convenience,” said David Wandera, Interim Managing Director.
“Sustainability is core to our business. We are committed to being a force for good,” Wandera emphasized.
“We are well-positioned to sustain growth and deliver value for all stakeholders,” Segwaya concluded.
Demonstrating its commitment to sustainable development, Absa Uganda in 2024 provided Sh38 billion in green financing for e-mobility, planted 372,643 trees towards its million-tree goal, and empowered over 44,000 Ugandans through financial literacy training.
With a strong 2024 performance, Absa Bank Uganda is poised for continued innovation and inclusive growth in the years ahead.
Looking ahead to 2025, Absa Uganda remains confident in its growth trajectory, with strategic plans to strengthen digital innovation, develop local talent, and expand its environmental and social impact initiatives despite global economic headwinds.