Africa-Press – Uganda. NCBA Bank Uganda has reported a pre-tax profit of Shs 46 billion for the year ended 2024, marking a 40% increase from Shs33 billion in 2023.
The significant growth reflects the bank’s aggressive push into digital banking, improved risk management, and continued customer trust.
The bank’s latest financial results show strong gains across core indicators. Net loans and advances jumped 18% to Shs298 billion, indicating NCBA’s strategic expansion of credit facilities in response to growing demand in Uganda’s business and consumer markets.
Customer deposits also rose by 15%, climbing to Shs 654 billion from Shs 567 billion last year — a signal of deepening public confidence in the institution.
NCBA Bank Uganda’s total income rose by 20%, reaching Shs 137 billion, up from Shs114 billion in 2023. Total assets increased to Shs959 billion, while gross loans and advances rose by 11% to Shs314 billion.
The bank’s balance sheet closed the year at Shs 963 billion, reflecting a 13% increase largely driven by deposit growth and a 90% jump in recoveries — a notable achievement that the bank attributed to better debt collection mechanisms.
James Mulandi, the bank’s Chief Financial Officer, said the performance was no accident.
“Our exceptional 2024 performance, characterised by a 40% increase in profit before tax and double-digit growth in our asset base, is a direct outcome of our disciplined strategic execution, prudent risk management protocols, and our unwavering commitment to creating sustainable value for all our stakeholders within the Ugandan economy,” he said.
Mulandi added that NCBA’s strong numbers were backed by deliberate capital allocation decisions and a forward-looking strategy that aligns with the bank’s ambition to deepen its footprint and influence in Uganda’s financial sector.
A key highlight in the report was the improvement in asset quality, which resulted in a sharp drop in credit impairment charges.
The bank’s Non-Performing Loan (NPL) ratio declined from 6.4% in December 2023 to 3.8% in 2024. This reduction, officials said, underscores NCBA’s growing capacity to identify and manage credit risk — a major challenge for the banking industry.
NCBA Uganda’s Chief Executive Mark Muyobo reflected on the bank’s evolution since its 2020 merger of NIC and CBA.
“Our fundamental purpose is to inspire greatness by providing banking services that truly make a difference in the lives and businesses of our customers here in Uganda,” Muyobo said.
He noted that NCBA has grown into the third-largest banking institution in East Africa, with regional assets valued at Shs 742 billion. “This growth is rooted in a clear mission, bold investments, and the resilience of our teams and customers across the region,” he added.
The performance comes at a time when Uganda’s financial services sector is experiencing recovery and digital acceleration.
NCBA’s strong showing may pressure other mid-tier banks to re-evaluate their digital strategies and risk management systems in order to keep pace.
With the bank projecting further growth in 2025, analysts say NCBA Uganda has positioned itself as a key player in shaping the country’s banking landscape — especially among institutions keen to combine technological innovation with disciplined banking.
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