Absa Bank Bids Farewell to Outgoing Board Chairperson Nadine Byarugaba

Absa Bank Uganda recently bid farewell to its outgoing Board Chairperson, Nadine Byarugaba, and Board Member, Prof. Barnabas Nawangwe, at a dinner event held at the Kampala Serena Hotel.

During the farewell ceremony, Acting Board Chairman George Opio praised Byarugaba’s leadership and wise counsel, which contributed significantly to the bank’s tremendous growth. 

Notably, she steered the bank through the unprecedented times of the COVID-19 pandemic, which affected most sectors of Uganda’s economy.

“Under her strategic vision, business acumen, and commitment to excellence, Absa Bank grew from being among Uganda’s top ten banks to emerging among the top three commercial banks in Uganda,” Opio said. “Through that period, we have seen growth in innovation, prompting customers to make Absa a preferred banking partner.”

Mumba Kalifungwa, the bank’s Managing Director, applauded Byarugaba for providing the necessary support to deliver on his mandate. 

“It has been an honor serving under your astute leadership and guidance. I have come to deeply appreciate your counsel. Thank you for making my job a little bit easier every day. On behalf of everyone at Absa Bank, we wish you the very best in your future endeavors,” Kalifungwa said.

During Byarugaba’s tenure as Absa Bank Board Chair, the bank’s profitability grew by 256%, closing 2023 at Ushs 146 billion from Ushs 41 billion posted in 2020. This significant leap in profitability has anchored Absa’s position among the top three leading banks in the market.

Opio also credited Prof. Nawangwe for his expertise on the board, saying his wisdom and guidance have been a constant source of support and inspiration. “We are grateful for his dedication and the positive impact he has had on the growth of Absa Bank and the success of the institution.”

Byarugaba commended the Board members and the Absa executive team for the milestones achieved during her tenure. Some of the notable achievements include a 256% growth in profitability, a 50.1% growth in revenue, and a significant increase in customer loans and deposits.

The bank’s customer deposits rose to Ushs 2.856 trillion, maintaining a four-year cumulative average growth of 4.9%. Customer assets stood at Ushs 1.769 trillion, up by 35.3%, maintaining a four-year cumulative average growth of 7.9%.