UDB’s net profit increased by 17%, reaching Shs50 billion in 2023.
The national development finance institution of Uganda, Uganda Development Bank Ltd. (UDB), which was named the Best Bank in East Africa 2024, has released its 2023 annual performance report, emphasizing its ongoing contribution to the promotion of sustainable growth and resilience in several important economic sectors.
The Bank’s post-tax (net) profit in 2023 was UGX 49.8 billion, a 17% increase from the UGX 42.6 billion recorded in 2022. This came about as a result of the Bank’s balance sheet’s consistent growth combined with wise investments in assets that generated interest while maintaining lean operations.
The findings, which were presented at the Ministry of Finance, Planning, and Economic Development’s Annual General Meeting, show a persistent effort to promote economic recovery.
The Bank’s shareholders, Minister of Finance Matia Kasaija, and Minister of State Planning Amos Lugoloobi—who had been designated as Evelyn Anite’s stand-in for the Minister of State for Privatization and Investment—were present at the meeting. The Bank’s Board of Directors, Executive Management, and representatives from the Ministry of Finance and the Office of the Auditor-General were also present.
According to Patricia Ojangole, Managing Director of UDB, the Bank approved Shs691.8 billion in 2023 and distributed Shs610 billion, exhibiting a committed attitude to fostering the expansion of private businesses.
“UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda.” she said.
The Bank authorized additional loans of Shs692 billion to be given to more than 200 businesses throughout 63 districts around the country in 2023.
In order to overcome systemic growth limits in the economy and to increase its support to several critical sectors, the Bank also adopted a number of institutional initiatives, such as encouraging local content, providing access to power, and ensuring clean water availability.
The Bank started putting its regional representative offices into operation. Plans call for the opening of four further offices by the middle of 2025 in Mbale, Hoima, Mbarara, and Arua. The first office opened its doors in Gulu in 2023. Additionally, it is maximizing technology to improve financial accessibility.
51,841 employment were generated or retained overall among the businesses the Bank supported
“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.
