• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

PostBank posts strong 2021 results; sets new record highs across major fundamentals

“We shall continue to innovate tailor-made products that support the entire value chain and deepen our coverage and outreach using our robust financial literacy programs,” he said.

watchdog by watchdog
3 weeks ago
in Finance
2 0
One of PostBank’s intelligent ATMs at the Forest Mall Branch. In 2021, the bank replaced half of its fleet of ATM dispensers with recycler/intelligent ATMs that support instant cash deposits, cardless transactions, and a wide range of other services. The rest of the ATM fleet will be replaced this 2022.

One of PostBank’s intelligent ATMs at the Forest Mall Branch. In 2021, the bank replaced half of its fleet of ATM dispensers with recycler/intelligent ATMs that support instant cash deposits, cardless transactions, and a wide range of other services. The rest of the ATM fleet will be replaced this 2022.

ShareTweetSendShare

PostBank Uganda Limited, the Government of Uganda owned bank has announced its 2021 financials posting yet another year of healthy growth.

In the results released on 25th April 2022, the bank reported, that customer deposits, the lifeblood of every bank, had grown by UGX58.3 billion – a growth of 13% from UGX449 billion in 2020 to UGX507.2 billion.

The double-digit growth in customer deposits enabled the bank to boost its lending book by an impressive 35.9% – from UGX334.7 billion to UGX454.9 billion – a growth of UGX120.2 billion.

Burgeoning lending saw a 20.9% growth in total income – from UGX119.5 billion to UGX144.5 billion.

Despite increased investment especially into new technology, that pushed expenditure, upwards from UGX104.3 billion to UGX126.9 billion, the bank still reported a healthy 21.5% growth in net profit – from UGX10.1 billion to UGX12.2 billion.

Shareholder Funds also grew by 15.5% from UGX101.4 billion to UGX117.1 billion.

The 2021 results are Julius Kakeeto’s second full-year results since he joined the bank in October 2019 and the first since the bank got a Tier One Commercial banking licence in December 2021. The impact of the licence is however expected to start bearing fruits in 2022.

Commenting on the results, Mr. Kakeeto said that the 2021 strong performance was underpinned by the continued steady execution of the bank’s transformation agenda – which seeks to shape the bank into a market leader in financial inclusion and a pacesetter in economically transforming the lives and livelihoods of its customers.

“2021 was a tough year owing to the COVID-19 pandemic. Many customers were still suffering from the effects of the 2020 lockdown and then they had to deal with another lockdown in 2021. At PostBank, we focused on supporting the adversely affected businesses to survive and recover through restructuring of facilities and providing working capital support,” he said, adding: “The Bank continued with its strategy of revamping and widening its distribution channels to enable access to its products and services while improving customer experience.”

He also said that the bank, in line with its strategic intent of being a people’s bank focused more on impact lending to key sectors of the economy.

“PostBank prides itself in offering affordable and sustainable financial services to the masses. Last year’s earnings underpin our commitment to supporting Micro Small and Medium-Sized Enterprises (MSMEs) with agriculture being one of our core areas. Considering most of these MSMEs are involved in the agriculture value chain – production, trade, processing, distribution, storage, and logistics, PostBank will remain an MSME bank,” he said.

“We shall continue to innovate tailor-made products that support the entire value chain and deepen our coverage and outreach using our robust financial literacy programs,” he said.

Leveraging the tier-one licence for mutual bank and customer growth

Kakeeto said that the acquisition of the Tier One operating licence in December 2021, would enable the bank to unlock opportunities that would fully optimize PostBank’s potential.

“We are in a stronger position to mobilize deposits which are the heartbeat of a bank. Our customers are also set to enjoy a new and wider variety of products and services that come with being a fully-fledged commercial bank,” he said, adding: “The Bank will ensure that it continues to improve the customer experience for its target market – the masses, MSMEs and agro-businesses on a wider scale. We also intend to scale up our existing partnerships with both Government and Development Partners to extend financial services to Ugandans, especially the underserved.”

Over the last two years, the bank has been undergoing transformation, heavily investing in

new technologies, revamping its digital banking platforms, revamping the branch network as well as opening new outlets.

To take services to the people, the bank opened new branches in 2021 starting with Mukono, Kamdini, Rushere, Butogota and Kyazanga. The bank also opened a Corporate Branch at Forest Mall, Kampala to cater for the high net worth and corporate customers.

The bank also upgraded its PostApp and PostMobile  *263# to ease transactions, as well as replaced half of its fleet of ATM dispensers with recycler/intelligent ATMs that support instant cash deposits, and cardless transactions, and a wide range of other services.

“We are planning on replacing the rest of the ATM fleet during this year, 2022. Last year, we also embarked on upgrading our core banking system which has been completed,” Kakeeto said.

He also noted that the bank continues to support its clients recover from the effects of the pandemic.

“We are the people’s bank, providing opportunities for financial growth to Ugandans countrywide. Through our competent staff, we are in constant engagement with borrowers to support them to pay back their debts,” Kakeeto emphasized.

“We also set in motion the Small Business Recovery Loan which is complemented by the Uganda Development Bank-PBU partnership low-rate loan for value addition to further support financially distressed businesses and individuals. The goal is to avail capital that borrowers can be able to pay back under flexible repayment terms,” he added.

“This year, we shall continue to provide affordable and sustainable banking services that drive the social and economic transformation of our customers. We also plan on continuing with our digital journey that will further improve the customer experience at all touchpoints of interaction with the Bank,” Kakeeto concluded.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

ShareTweetSendShare

Related Posts

Finance Minister Matia Kasaija
Business

Develop a saving culture, Finance Minister Kasaija tells Ugandans 

19th May 2022 at 10:15
Finance Minister Matia Kasaija
Business

Uganda’s debt burden set to escalate further as government prepares to borrow shs. 9.7 trillion

19th May 2022 at 09:10
Dfcu's Katamba with new UBA chair Sarah Arapta
Business

Dfcu Chief Executive Katamba bows out as Uganda Bankers’ Association chair

17th May 2022 at 13:52
Next Post

Moroto Municipality announces night curfew to stem insecurity 

Follow us on Twitter

Trending Posts

  • President Yoweri Museveni

    Government in confusion on how to effect salary increment for science teachers

    39 shares
    Share 16 Tweet 10
  • It’s not Andrew Mwenda! Sheebah finally reveals identity of ‘big man’ in government who sexually assaulted her

    26 shares
    Share 10 Tweet 7
  • A sneak peek into Sudhir’s Ruparelia Group of Companies, Here are businesses under the conglomerate 

    24 shares
    Share 10 Tweet 6
  • Migyera road accident kills 3 

    10 shares
    Share 4 Tweet 3
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    1875 shares
    Share 750 Tweet 469

Follow us on Facebook

Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow us on Twitter

Follow us on Facebook

© 2022 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2022 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....