KAMPALA, Uganda — Absa Bank Uganda has reported a UGX 178 billion profit after tax for the year ending December 31, 2024—marking a 22% jump compared to 2023.
The surge, the bank said, is powered by a growing customer base, expanded lending, and increased digital transactions.
In a Tuesday press briefing in Kampala, the bank released its audited 2024 financials, revealing strong growth across key performance areas.
Revenue rose 15.1% to UGX 546 billion, while customer loans increased 12.7% to UGX 1.99 trillion. Customer deposits also grew by 11.5%, reaching UGX 3.18 trillion.
“This performance reflects a disciplined execution of our strategy and customer-centric operations,” said Michael Segwaya, Executive Director and Chief Financial Officer of Absa Uganda.
Lending That Targets Uganda’s Economic Backbone
Segwaya emphasized that Absa’s lending focused on critical sectors of Uganda’s economy: trade, agriculture, personal and household loans, and manufacturing.
“We remain committed to driving financial inclusion while supporting Uganda’s key growth areas,” Segwaya added.
That focus has positioned Absa as a strong financial partner for both individual customers and corporate players navigating a recovering economy.
Digital, Sustainable, and Built for the Future
David Wandera, the bank’s Interim Managing Director, praised the team’s resilience and Absa’s digital evolution as key ingredients of the 2024 performance.
“Our strong results are a reflection of our robust business model, digital leadership, and the trust of our customers,” said Wandera.
Absa Uganda continued to lead in digital payments, expanding its reach via mobile and online platforms. The bank also reaffirmed its commitment to sustainability, pledging continued investment in green financing and responsible business practices.
Market Confidence and Long-Term Vision
The results come at a time when Uganda’s financial sector is seeing fierce competition from both traditional banks and fintech players. Yet Absa’s performance signals strong market confidence and operational strength.
Looking ahead, the bank says it will double down on innovation, customer experience, and sustainable growth—positioning itself as a resilient force in Uganda’s banking landscape.
“We are optimistic about 2025,” Wandera said. “We’ll continue investing in technology, people, and communities.”
