Centenary Bank Uganda wrapped up 2024 on a high note, posting its highest-ever net profit of UGX 342.3 billion. The impressive 15.2% jump from 2023’s UGX 297.1 billion highlights the bank’s dominance in financial inclusion, sustainability, and digital banking.
Managing Director Fabian Kasi described 2024 as a landmark year.
“Despite global turbulence, the Ugandan economy showed resilience.
Centenary Bank recorded robust growth across customer deposits, loans, total assets, and profitability,” he said.
Strong Financial Growth Across the Board
The Bank’s total assets climbed 12.3%, from UGX 6.33 trillion to UGX 7.11 trillion. Loan advances rose 13.0%, reaching UGX 3.72 trillion, while customer deposits grew modestly by 3.3% to UGX 4.21 trillion.
Operating income grew by 8.5%, driven largely by a 10.9% rise in interest income on loans, up from UGX 668.2 billion to UGX 741.6 billion. Marketable securities income also jumped by 22.1%, thanks to better yields.
Foreign exchange earnings increased sharply by 20.7%, as trading activities expanded and currency movements favored the bank. Meanwhile, fee and commission income stayed stable around UGX 187 billion, reflecting resilience even as digital transactions surged.
Importantly, Centenary Bank improved its Non-Performing Loan (NPL) ratio to 2.6% in 2024, down from 2.8% the previous year, a testament to strong credit underwriting and cost management.
Financial Inclusion and Digital Expansion Drive Growth
In line with its mission, Centenary Bank expanded its mission-critical portfolios. Agricultural lending grew 18.4% to UGX 448.8 billion, supporting over 50,500 smallholder farmers.
Microfinance loans surged by 24.8% to UGX 539.3 billion, while SME lending reached UGX 423.5 billion.
“The mission-critical portfolio now makes up 37% of our loan book, a clear reflection of our commitment to real financial inclusion,” Kasi noted.
Digital adoption soared as active CenteMobile users grew 14%, internet banking customers surged 30.3%, and agent banking expanded by 5.3%.
Remarkably, 51% of all customer transactions now flow through agent banking, underlining the bank’s reach into Uganda’s rural communities.
Sustainability and ESG Achievements
Beyond profits, Centenary Bank took major steps in environmental and social governance (ESG). It piloted carbon emissions tracking and strengthened environmental risk assessments aligned with international standards.
The bank recycled 4,000 tons of paper and planted over 41,000 trees in 2024, pushing its total to more than 70,000 trees nationwide. Socially, it registered over one million youth and 1.4 million women into the formal banking sector, alongside 7,509 refugees.
The Bank also devoted UGX 2.9 billion to 733 community initiatives and bolstered cybersecurity to protect its expanding digital footprint.
Hosting the 2025 Global Alliance for Banking on Values meeting in Kampala further cemented Centenary’s leadership in values-based banking, attracting 76 banks from across the globe.
Accolades and Strategic Outlook for 2025
Centenary Bank bagged numerous awards in 2024, including Best Bank in Uganda (Global Finance Best Bank Awards), AFAWA Bank of the Year for SME support, and Most Admired Financial Services Brand in Uganda (Brand Africa).
It also clinched Gold and Diamond Awards at the Digital Impact Awards Africa.
Looking to 2025, Centenary Bank is set to deepen its outreach by opening five new rural branches, installing fourteen offsite ATMs, and onboarding 2,000 new CenteAgents.
Key priorities include optimizing the balance sheet, growing non-funded income, enhancing risk management, and driving innovation through digitization.
“In 2025, we aim to deliver even greater impact through innovation, expansion, and deepening our values-driven mission,” Kasi affirmed.
With a rock-solid foundation and strategic focus, Centenary Bank is poised to scale even greater heights, leading Uganda’s banking sector into a more inclusive and sustainable future.
