Africa-Press – Uganda. The shareholders of PostBank Uganda have given a green light to the proposal to have the bank’s name changed, subject to Bank of Uganda approval.
On Thursday, the bank held its 2024 Annual General Meeting (AGM) at the Ministry of Finance, Planning and Economic Development (MoFPED) offices in Kampala, where its performance was commended by the shareholders, highlighting the banks solid performance and being among the most profitable government entities after posting shs35.4 billion Profit After Tax (PAT) in 2024 financials.
Speaking during the AGM, Finance Minister, Matia Kasaija announced that shareholders had allowed the bank to change name to Pearl Bank.
“I stand here to announce that we shareholders of PostBank have approved the rebrand of the Bank to a name that evokes a sense of pride in all of us, in being Ugandan. A name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity,” Kasaija said.
“Taken from Sir. Winston Churchill’s portrayal of Uganda as “The Pearl of Africa” for its natural beauty, abundant wildlife, and cultural diversity, PostBank will rebrand to become Pearl Bank Uganda Limited, which is subject to Bank of Uganda approvals.”
Financial Results
It was announced during the AGM that PostBank has continued to showcase resilience, growth, and stability among other key metrics, which yielded strong performance results for the year ending 2024.
The bank grew its income by 20% from shs206 billion to shs248 billion, deposits grew by 25% from shs 790 billion to shs990 billion, and the loan book grew by 19% from shs 603 billion to shs719 billion.
The bank closed the year with a Profit After Tax of shs35.4 billion, reflecting a 28% growth from 2023.
“I am very delighted by the progress the bank has made in solidifying its position as a transformative force since becoming a fully-fledged commercial bank in December 2021,” said the Board Chairman, Mr. Andrew Otengo Owiny.
“The bank has continued to support the government’s programmes, including digitizing payments for the Parish Development Model through Wendi, which has created convenience and transparency as the funds can now be pushed directly to the ultimate beneficiary.”
At the start of the year, PostBank Uganda rolled out its purpose of Fostering PostBank Uganda Managing Director Mr. Julius Kakeeto noted that rebranding is part of the wider strategy to grow PostBank into a leading indigenous commercial bank.
“Rebranding enables the bank to attract strategic partners and high-value deposit customers. This will enable the bank to continue supporting MSMEs and the agriculture value chain, in the process growingproductivity and incomes of Ugandans,” Kakeeto noted.
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