Absa Bank Uganda Reports 22% Profit Growth and 15% Increase in Revenue

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 UGX 178 billion. 

Revenue increased by 15% to UGX 546 billion, reflecting strategic investments and unwavering customer loyalty.

According to Michael Segwaya, Executive Director and Chief Financial Officer, the total revenue growth of 15.1% was driven by a 21% increase in non-funded income and 11% growth in net-interest income.

He noted that the loan book closed the year at UGX 1.99 trillion, reflecting a 15.1% three-year cumulative average growth rate.

The bank’s Customer deposits rose to UGX 3.18 trillion, up 11.5% year-on-year, supported by an active customer base and deeper engagement through digital and alternate channels.

Segwaya, Director and Chief Financial Officer, stated: “The bank’s strong revenue performance is a testament to our sound financial strategy and disciplined execution.”

David Wandera, Interim Managing Director, attributed the 2024 performance to strategic execution and a customer-first mindset, saying: “Our strong results reflect the resilience of our business model and the success of our strategy in responding to evolving market needs.”

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. Payment volumes rose by 18.5%, far outpacing the market average of 11%.

The bank’s sustainability and inclusive growth remained central in 2024. The bank extended UGX 38 billion in green financing to support Uganda’s shift to clean transport and planted 372,643 trees as part of its 1 million trees in 3 years target.

The bank remains optimistic about 2025, despite global macroeconomic uncertainties, and has outlined a clear roadmap for sustainable growth and digital transformation. “Our ambition is to be a purpose-led, customer-obsessed bank that fuels Uganda’s economic progress,” Wandera emphasized.