Uganda Development Bank Ltd (UDB), acclaimed as the Best Bank in East Africa 2024, has unveiled its extraordinary 2023 annual performance report, underscoring its pivotal role in driving economic resilience and sustainable growth across Uganda’s key sectors.
In a dazzling display of financial prowess, UDB announced a post-tax (net) profit of UGX 49.8 billion for 2023, marking an impressive 17% increase from the UGX 42.6 billion recorded in 2022.
This remarkable profit surge was attributed to the bank’s meticulous growth strategy, including a robust balance sheet and shrewd investments in interest-earning assets while maintaining lean operations.
The results were revealed at the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development. This grand event saw the presence of distinguished guests, including the Finance Minister, Matia Kasaija, and Minister of State for Planning, Amos Lugoloobi, standing in for the Minister of State for Privatization and Investment, Evelyn Anite.
The occasion was further graced by officials from the Office of the Auditor-General, the Ministry of Finance, UDB’s Board of Directors, and Executive Management.
UDB’s Managing Director, Patricia Ojangole, highlighted the bank’s monumental achievements in 2023. The bank approved a staggering Shs691.8 billion and disbursed Shs610 billion, showcasing a steadfast commitment to bolstering private sector growth.
“UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda. Our focus on key priority sectors underpins our mission to deliver high socio-economic value and support Uganda’s long-term development goals,” Ojangole declared with unwavering confidence.
The bank’s 2023 funding approvals amounted to Shs692 billion in new loans, benefiting over 200 enterprises across 63 districts. These ambitious projects are projected to create 18,558 new jobs and generate a staggering output value of Shs11.4 trillion. This includes Shs616 billion in tax revenue for the government and Shs3.34 trillion in foreign exchange earnings.
In a bid to address systemic growth constraints and support vital sectors, UDB rolled out various institutional initiatives. These initiatives focused on expanding access to clean water and electricity and promoting local content, reflecting the bank’s holistic approach to economic development.
A significant milestone in 2023 was the operationalization of UDB’s regional representative offices, starting with the inauguration of its Gulu office. Plans are underway to open four more offices—in Mbale, Hoima, Mbarara, and Arua by mid-2025. Additionally, the bank is leveraging cutting-edge technology to enhance financial accessibility.
The bank’s contributions to job creation and maintenance were equally noteworthy. A total of 51,841 jobs were created or sustained among the enterprises financed by UDB, up from 51,439 in 2022. Remarkably, 64% of these jobs were occupied by youth, 27% by women, and 0.25% by Persons With Disabilities (PWDs). Furthermore, 33%, 39%, and 0.2% of the youth, women, and PWDs, respectively, are among the bank’s shareholders.
The 2023 annual report is a testament to UDB’s unwavering dedication to Uganda’s socio-economic advancement. The bank’s strategic investments and inclusive growth initiatives have not only fortified the economy but also set a stellar example of financial excellence and social responsibility.
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