{"id":97937,"date":"2025-04-16T07:46:42","date_gmt":"2025-04-16T07:46:42","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit"},"modified":"2025-04-16T07:46:42","modified_gmt":"2025-04-16T07:46:42","slug":"absa-bank-uganda-posts-22-growth-in-profit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit","title":{"rendered":"Absa Bank Uganda Posts 22% Growth in Profit"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Uganda. <\/strong><\/span><b>Absa Bank Uganda has announced a robust set of financial results for the year ended December 31, 2024, with profit after tax rising by 22% to shs 178 billion.<\/b><\/p>\n<p>Revenue increased by 15% to shs 546 billion, which is a reflection of strategic investments made and unwavering customer loyalty to the bank, cementing its position as one of Uganda\u2019s leading financial institutions.<\/p>\n<p>Total revenue growth of 15.1% was driven by a 21% increase in non-funded income and 11% growth in net-interest income.<\/p>\n<p>\u201cThe bank\u2019s strong revenue performance is a testament to our sound financial strategy and disciplined execution. We also saw an 11.5% growth in customer liabilities and a 12.7% increase in our loan book, which closed the year at shs1.99 trillion\u2014reflecting a 15.1% three-year cumulative average growth rate,\u201d said Michael Segwaya, Executive Director and Chief Financial Officer at Absa Bank Uganda.<\/p>\n<p>Absa Bank Uganda continued to focus lending on key sectors of the economy. As of December 2024, trade comprised 26% of the total loan book, personal and household loans grew to 27% (from 24% in 2023), while agriculture and manufacturing accounted for 10% and 9%, respectively.<\/p>\n<p>\u201cOur lending strategy reflects our commitment to catalyzing Uganda\u2019s real economy. The sustained growth in our loan book is not only a result of customer confidence, but also our prudent risk management and sectoral focus,\u201d Segwaya added.<\/p>\n<p>Customer deposits rose to shs3.18 trillion, up 11.5% year-on-year, supported by an active customer base and deeper engagement through digital and alternate channels.<\/p>\n<p>\u201cThis growth in deposits is a clear signal of our customers\u2019 trust in Absa. It strengthens our ability to extend more credit and expand access to underserved market segments,\u201d said Segwaya.<\/p>\n<p>David Wandera, Interim Managing Director at Absa Bank Uganda, attributed the 2024 performance to strategic execution and a customer-first mindset.<\/p>\n<p>\u201cOur strong results reflect the resilience of our business model and the success of our strategy in responding to evolving market needs. We supported customers across all segments, from SMEs to large corporates with timely and relevant financial solutions,\u201d said Wandera.<\/p>\n<p>Absa Uganda cemented its leadership in digital payments, issuing over 70% of credit cards in the market and processing 92% of total credit card payment volumes nationwide.<\/p>\n<p>Payment volumes rose by 18.5%, far outpacing the market average of 11%, while active card usage grew by 15%.<\/p>\n<p>\u201cOur leadership in digital payments and agency banking isn\u2019t just about technology\u2014it\u2019s about improving access, inclusion, and convenience,\u201d said Wandera. \u201cWe processed over 8.1 million transactions through 1,971 agency banking locations, ensuring service reach even in remote areas.\u201d<\/p>\n<p>Absa\u2019s commitment to sustainability and inclusive growth remained central in 2024.<\/p>\n<p>&#8220;Sustainability is not just a commitment, it\u2019s embedded in how we do business,\u201d said Wandera. \u201cWe take a holistic approach to ESG, integrating environmental and social responsibility into everything we do.\u201d<\/p>\n<p>In 2024, the bank extended Shs38 billion in green financing to support Uganda\u2019s shift to clean transport, empowering boda boda riders with affordable e-mobility financing that improves livelihoods while reducing emissions.<\/p>\n<p>Absa also planted 372,643 trees in 2024 as part of its 1 million trees in 3 years target, helping restore ecosystems, protect water sources, and build resilience against climate change.<\/p>\n<p>Furthering its commitment to financial empowerment, the bank delivered financial literacy training to over 44,000 Ugandans, enabling better financial decision-making and long-term economic security.<\/p>\n<p>\u201cThese initiatives speak to our deep commitment to being a force for good and delivering lasting impact in the communities we serve,\u201d Wandera noted.<\/p>\n<p>The bank remains optimistic about 2025, despite global macroeconomic uncertainties, and has outlined a clear roadmap for sustainable growth and digital transformation.<\/p>\n<p>\u201cOur ambition is to be a purpose-led, customer-obsessed bank that fuels Uganda\u2019s economic progress,\u201d Wandera emphasized. \u201cWe will continue investing in digital capabilities, talent development, and ESG-driven initiatives to deliver solutions that matter to our customers and communities.\u201d<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Uganda<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Uganda. Absa Bank Uganda has announced a robust set of financial results for the year ended December 31, 2024, with profit after tax rising by 22% to shs 178 billion. Revenue increased by 15% to shs 546 billion, which is a reflection of strategic investments made and unwavering customer loyalty to the bank, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":97936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,258],"tags":[234],"class_list":["post-97937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-uganda"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Absa Bank Uganda Posts 22% Growth in Profit - Uganda<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Absa Bank Uganda Posts 22% Growth in Profit\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Uganda. Absa Bank Uganda has announced a robust set of financial results for the year ended December 31, 2024, with profit after tax rising by 22% to shs 178 billion. Revenue increased by 15% to shs 546 billion, which is a reflection of strategic investments made and unwavering customer loyalty to the bank, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-16T07:46:42+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Absa Bank Uganda Posts 22% Growth in Profit\",\"datePublished\":\"2025-04-16T07:46:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\"},\"wordCount\":629,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2025\/04\/sm_1744777514.345345.jpg\",\"keywords\":[\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/absa-bank-uganda-posts-22-growth-in-profit\",\"name\":\"Absa Bank Uganda Posts 22% Growth in Profit - 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