Absa Bank Uganda has announced a robust set of financial results for the year ended December 31, 2024, with profit after tax rising by 22% to UGX 178 billion. Revenue increased by 15% to UGX 546 billion, which is a reflection of strategic investments made and unwavering customer loyalty to the bank, cementing its position as one of Uganda’s leading financial institutions.
Total revenue growth of 15.1% was driven by a 21% increase in non-funded income and 11% growth in net-interest income.
“The bank’s strong revenue performance is a testament to our sound financial strategy and disciplined execution. We also saw an 11.5% growth in customer liabilities and a 12.7% increase in our loan book, which closed the year at UGX 1.99 trillion—reflecting a 15.1% three-year cumulative average growth rate,” said Michael Segwaya, Executive Director and Chief Financial Officer at Absa Bank Uganda.
Absa Bank Uganda continued to focus lending on key sectors of the economy. As of December 2024, trade comprised 26% of the total loan book, personal and household loans grew to 27% (from 24% in 2023), while agriculture and manufacturing accounted for 10% and 9%, respectively.
“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,” Segwaya added.
Customer deposits rose to UGX 3.18 trillion, up 11.5% year-on-year, supported by an active customer base and deeper engagement through digital and alternate channels.
“This growth in deposits is a clear signal of our customers’ trust in Absa. It strengthens our ability to extend more credit and expand access to underserved market segments,” said Segwaya.
David Wandera, Interim Managing Director at Absa Bank Uganda, attributed the 2024 performance to strategic execution and a customer-first mindset.
“Our strong results reflect the resilience of our business model and the success of our strategy in responding to evolving market needs. We supported customers across all segments, from SMEs to large corporates with timely and relevant financial solutions,” said Wandera.
Absa Uganda cemented its leadership in digital payments, issuing over 70% of credit cards in the market and processing 92% of total credit card payment volumes nationwide. Payment volumes rose by 18.5%, far outpacing the market average of 11%, while active card usage grew by 15%.
“Our leadership in digital payments and agency banking isn’t just about technology—it’s about improving access, inclusion, and convenience,” said Wandera. “We processed over 8.1 million transactions through 1,971 agency banking locations, ensuring service reach even in remote areas.”
Absa’s commitment to sustainability and inclusive growth remained central in 2024.
“Sustainability is not just a commitment, it’s embedded in how we do business,” said Wandera. “We take a holistic approach to ESG, integrating environmental and social responsibility into everything we do.”
In 2024, the bank extended UGX 38 billion in green financing to support Uganda’s shift to clean transport, empowering boda boda riders with affordable e-mobility financing that improves livelihoods while reducing emissions. Absa also planted 372,643 trees in 2024 as part of its 1 million trees in 3 years target, helping restore ecosystems, protect water sources, and build resilience against climate change.
Furthering its commitment to financial empowerment, the bank delivered financial literacy training to over 44,000 Ugandans, enabling better financial decision-making and long-term economic security.
“These initiatives speak to our deep commitment to being a force for good and delivering lasting impact in the communities we serve,” Wandera noted.
The bank remains optimistic about 2025, despite global macroeconomic uncertainties, and has outlined a clear roadmap for sustainable growth and digital transformation.
“Our ambition is to be a purpose-led, customer-obsessed bank that fuels Uganda’s economic progress,” Wandera emphasized. “We will continue investing in digital capabilities, talent development, and ESG-driven initiatives to deliver solutions that matter to our customers and communities.”
Segwaya concluded, “With a stabilizing macroeconomic environment and a strong risk governance framework, Absa Bank Uganda is well-positioned to sustain momentum and deliver value for all stakeholders.”
Absa Bank Uganda’s performance in 2024 provides a strong springboard for continued innovation and inclusive growth in 2025 and beyond.
