The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Uganda Development Bank Ltd (UDB), the country’s national Development Finance Institution and the Best Bank in East Africa 2024, has today announced its 2023 annual performance, highlighting its continued role in fostering economic resilience and sustainable growth across key sectors of the economy.
In 2023, the Bank realized a post-tax (net) profit of UGX 49.8 billion, a 17% uplift from UGX 42.6 billion registered in 2022. This resulted from the sustained growth in the Bank’s balance sheet, matched by prudent investment in interest-earning assets while ensuring lean operations.
The results, released during the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development, reflect a sustained effort to facilitate economic recovery.
The meeting was attended by the Bank’s shareholders, the Finance Minister, Matia Kasaija, and the Minister of State Planning, Amos Lugoloobi, who was appointed proxy to represent the Minister of State for Privatization and Investment, Evelyn Anite. Also in attendance were officials from the Office of the Auditor-General and the Ministry of Finance, the Bank’s Board of Directors, and Executive Management.
UDB’s Managing Director Patricia Ojangole said, in 2023, the Bank approved Shs691.8 billion and disbursed Shs610 billion, demonstrating a dedicated approach to supporting private business growth.
“UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda. Our focus on key priority sectors underpins our mission to deliver high socio-economic value and support Uganda’s long-term development goals,” she said.
In 2023, the Bank approved funding of Shs692 billion in new loans to over 200 enterprises in 63 districts nationwide.
“These projects, upon full implementation, are expected to create 18,558 new jobs and generate an output value of Shs11.4 trillion, from which Shs616 billion will be generated as tax revenue to the Government, and Shs3.34 trillion in foreign exchange earnings,” the Bank’s Annual Report reads in part.
Additionally, the Bank implemented various institutional initiatives to expand its support to various vital sectors and address systemic growth constraints in the economy, including the following access to clean water, access to electricity, supporting local content and more.
The Bank began operationalizing its regional representative offices. The inaugural office was opened in Gulu in 2023, and plans are underway to open four more offices—in Mbale, Hoima, Mbarara, and Arua by mid-2025. It is also optimizing technology to enhance access to finance.
In terms of jobs, a total of 51,841 jobs were created/maintained amongst the enterprises that the Bank financed, compared to 51,439 jobs realized in 2022.
“64% of the jobs created and maintained were filled by the youth, 27% by women, and 0.25% by Persons With Disabilities (PWDs). Additionally, 33%, 39%, and 0.2% of the youth, women, and PWDs, respectively, are among the shareholders,” the report reads.
