PostBank Uganda has reported strong financial performance for 2024, posting a Profit After Tax (PAT) of UGX 35.4 billion, marking a 28% growth from the previous year.
During the bank’s Annual General Meeting (AGM) held at the Ministry of Finance, Planning and Economic Development (MoFPED), shareholders lauded PostBank as one of the top 10 performing banks in Uganda and one of the most profitable government-owned entities.
The AGM also marked a major announcement — the bank is set to rebrand to Pearl Bank Uganda Limited, a move shareholders say reflects Uganda’s identity and ambition, subject to regulatory approvals from the Bank of Uganda.
Board Chairman Mr Andrew Otengo Owiny commended the bank’s consistent progress since transitioning into a fully-fledged commercial bank in 2021. “The bank’s 57 branches and over 6,000 agents across the country reflect its commitment to expanding financial inclusion,” he said. Owiny also highlighted PostBank’s role in digitising government payments, notably for the Parish Development Model, using the Wendi platform to promote efficiency and transparency.
Key performance metrics for 2024 included: Revenue growth of 20%, from UGX 206 billion to UGX 248 billion, Deposits growth of 25%, from UGX 790 billion to UGX 990 billion and Loan book growth of 19%, rising from UGX 603 billion to UGX 719 billion.
Finance Minister Matia Kasaija, speaking at the AGM, officially announced the rebrand. “We shareholders have approved a name that evokes Ugandan pride and prosperity — Pearl Bank Uganda Limited. Inspired by Winston Churchill’s reference to Uganda as the ‘Pearl of Africa’, this new identity positions the bank for greater visibility and strategic partnerships,” he said.
Kasaija urged Ugandans to embrace the bank’s journey, noting that the transition aligns with government efforts to strengthen financial inclusion and bolster agriculture through the Agro-Industrialisation Strategy (ATMS).
PostBank Managing Director Mr Julius Kakeeto emphasised that the rebrand is part of a broader growth strategy. “Over the last four years, we focused on governance, risk, technology, and profitability. Today, we are delivering measurable social and economic impact by driving financial inclusion and supporting entrepreneurship,” he said.
Kakeeto added that the rebrand will help attract new strategic partners and high-value clients, positioning the bank to scale up lending to Micro, Small, and Medium Enterprises (MSMEs) and the agricultural sector.
With this renewed focus and a refreshed identity, PostBank — soon to be Pearl Bank — is reinforcing its commitment to “Fostering Prosperity for Ugandans” through sustainable financial growth and inclusion.