The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | NCBA Bank Uganda has reported a net profit of Shs27 billion, representing a 17% increase in 2023 from the previous year’s performance of Shs23 billion.
The growth was supported by a surge in customer deposits, which rose to Shs567 billion in 2023 up from Shs491 billion a year before, executives said on May 6.
Patrick Muyobo, the bank’s Chief Executive Officer, attributed the performance to NCBA’s strategic focus on fostering a high-performance culture and leveraging the performance of its digital lending arm, Mokash.
Muyobo emphasized the bank’s commitment to enhancing financial inclusion in Uganda by providing access to short-term credit and savings platforms to over 10 million clients through Mokash.
“Through our digital lending business of Mokash we have elevated financial inclusion in the Ugandan market through easing access to short-term credit to the unbanked and providing a savings platform for over 10 million of our clients,” Muyobo said.
The bank witnessed notable growth, with total assets increasing by 9% to Shs854 billion in 2023 from Shs741 billion in the previous year. Total equity recorded a remarkable 29% jump, reaching an impressive figure. Additionally, gross loans and advances grew by 8%, reaching Shs242 billion.
On the income side, the bank demonstrated healthy growth, with total income increasing from Shs100 billion to Shs114 billion, representing a robust 14% increase. Additionally, the bank managed to reduce impairments by an impressive 56%, from Shs7 billion to Shs4 billion.
Operational costs were also effectively managed, with a 6% reduction from Shs48 billion in 2022 to Shs48 billion in 2023, contributing to the bank’s overall profitability.
Looking ahead, Muyobo reaffirmed NCBA’s commitment to delivering on strategic business priorities, leveraging its digital capabilities, and maintaining a customer-centric approach.
“With a solid financial foundation and a culture of innovation, NCBA Bank Uganda is poised to capitalize on emerging opportunities and drive sustainable growth in the market,” he said.
