Absa Bank Uganda has reported impressive financial results for the year ending December 31, 2024, underscoring its commitment to purpose-driven banking and sector-focused growth. The bank’s profit after tax rose by 22% to UGX 178 billion, while revenue increased by 15% to UGX 546 billion—reflecting strong strategic execution, customer loyalty, and a resilient business model.
David A. Wandera, Interim Managing Director at Absa Bank Uganda, attributed the performance to disciplined strategy and customer-centric innovation.
“From leading in digital payments with over 70% of credit card issuance in Uganda, to 12.7% growth in customer loans, we are enabling Uganda’s growth story—one sector at a time,” Wandera said.
“Our leadership in digital payments and agency banking isn’t just about technology—it’s about improving access, inclusion, and convenience.”
The bank cemented its market leadership in digital payments, processing 92% of credit card volumes nationwide and recording an 18.5% growth in total payment volumes—well above the market average of 11%. Over 8.1 million transactions were handled via 1,971 agency banking locations, enabling deepened financial access even in remote communities.
Strategic Sector Lending and Customer Confidence
Absa’s customer loan book closed at UGX 1.99 trillion, representing a 12.7% increase and a 15.1% cumulative average growth rate over three years. The bank maintained its focus on key sectors—trade (26%), personal and household (27%), agriculture (10%), and manufacturing (9%)—as part of its inclusive lending strategy.
“Our lending strategy reflects our commitment to catalyzing Uganda’s real economy. The sustained growth in our loan book is not only a result of customer confidence but also our prudent risk management and sectoral focus,” said Michael Segwaya, Executive Director and Chief Financial Officer.
Customer deposits also grew by 11.5% year-on-year, reaching UGX 3.18 trillion, backed by an active customer base and expanded engagement through digital and alternate channels.
Driving Impact Through Sustainability and Financial Literacy
In line with its purpose-led banking agenda, Absa made significant investments in environmental and social initiatives in 2024. The bank extended UGX 38 billion in green financing—primarily toward clean transport solutions like e-mobility financing for boda boda riders—and planted 372,643 trees as part of its 1 million trees in 3 years goal.
“Sustainability is not just a commitment, it’s embedded in how we do business,” Wandera noted.
Furthering its community impact, Absa trained over 44,000 Ugandans in financial literacy, supporting better financial decision-making and long-term economic inclusion.
“This is more than performance—this is purpose in action,” added Segwaya.
Leadership Transitions and Looking Ahead
The announcement also marked a leadership milestone with Keith Kalyegira assuming the role of Chairperson of the Absa Bank Uganda Board of Directors.
“It’s an honour to address you for the first time as Absa Uganda Board Chairman at a time when Absa Uganda is not just performing—but thriving,” Kalyegira said.
Looking ahead, the bank remains optimistic despite global macroeconomic uncertainties. Continued investments in digital transformation, ESG initiatives, and talent development are expected to reinforce Absa’s position as a key driver of Uganda’s economic progress.
“Our ambition is to be a purpose-led, customer-obsessed bank that fuels Uganda’s economic progress,” said Wandera.
With a strong financial position, disciplined governance, and clear strategic direction, Absa Bank Uganda is poised to maintain momentum and deliver even greater value to customers and stakeholders in 2025.