Absa Bank Uganda’s revenue increased by 15 percent to shs546 billion, which is a reflection of strategic investments made and unwavering customer loyalty to the bank.
The revelation was made by Mr. Michael Segwaya, Executive Director and Chief Financial Officer at Absa Bank Uganda, during the release of the 2024 Annual Financial report at Kampala Serena Hotel on Tuesday.
In a statement read before members of the media, Segwaya said the Bank has registered a robust set of financial results for the year ended December 31, 2024, with profit after tax rising by 22 percent which translates to UGX 178 billion.
He said revenue increased by 15 percent 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’s leading financial institutions.
“Total revenue growth of 15.1 percent was driven by a 21 percent increase in non-funded income and 11 percent growth in net-interest income”
“The bank’s strong revenue performance is a testament to our sound financial strategy and disciplined execution. We also saw an 11.5 percent growth in customer liabilities and a 12.7 percent increase in our loan book, which closed the year at shs1.99 trillion—reflecting a 15.1 percent three-year cumulative average growth rate”, reads Segwaya’s statement in part.
He in addition said Absa Bank Uganda continued to focus lending on key sectors of the economy. As of December 2024, trade comprised 26 percent of the total loan book, personal and household loans grew to 27 percent (from 24 percent in 2023), while agriculture and manufacturing accounted for 10percent and 9 percent , respectively.
“Absa Bank Uganda lending strategy reflects our commitment to catalyzing Uganda’s 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,” added Segwaya.
He in addition pointed out that customer deposits rose to shs3.18 trillion, up 11.5 percent year-on-year, supported by an active customer base and deeper engagement through digital and alternate channels.
He attributed this growth in deposits to a clear signal of their customers’ trust in Absa Bank Uganda.
The Interim Managing Director at Absa Bank Uganda Mr. David Wandera, attributed the 2024 performance to strategic execution and a customer-first mindset.
“He said Absa Bank strong results reflect the resilience of the Bank.s business model and the success of their strategy in responding to evolving market needs.
“We supported customers across all segments, from SMEs to large corporates with timely and relevant financial solutions,” he said.
He explained that Absa Uganda cemented its leadership in digital payments, issuing over 70 percent of credit cards in the market and processing 92 percent of total credit card payment volumes nationwide.
“Payment volumes rose by 18.5 percent, far outpacing the market average of 11 percent while active card usage grew by 15 percent”.
“Our leadership in digital payments and agency banking isn’t just about technology—it’s about improving access, inclusion, and convenience,” he added.
According to the 2024 Absa Bank Uganda financial report, the Bank’s commitment to sustainability and inclusive growth remained central in 2024.
“Sustainability is not just a commitment, it’s embedded in how we do business,” he further stressed.
According to the report, in 2024, the bank extended Shs38 billion in green financing to support Uganda’s shift to clean transport, empowering boda boda riders with affordable e-mobility financing that improves livelihoods while reducing emissions.
“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”, further adds the report statement.
Mr. Wandera explained that their ambition is to be a purpose-led, customer-obsessed bank that fuels Uganda’s economic progress.
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