NCBA Bank Uganda has released its performance for the year 2024 showing that the bank’s Net Loans and Advances to customers have increased by 18% from UGX 253 billion in 2023 to UGX 298 billion in 2024.
Customer deposits increased by 15% from UGX 567 billion in 2023 to UGX 654 billion in 2024.
The results further shows a 13% growth in total assets from UGX 854 billion in 2023 to UGX 963 billion in 2024, and the robust balance sheet performance resulted in a 11% growth of operating Income from UGX 85 billion in 2023 to UGX 95 billion in 2024 and a 40% increase in Profit Before Tax (PBT) from UGX 32 Billion to UGX 46 Billion.
“NCBAU continues to deliver on its purpose of inspiring greatness in its customers through our integrated model centred on Corporate customer ecosystems by providing solutions along the value chain, resulting in strong financial performance in 2024.” said Mark Muyoba, the Bank’s CEO.
“In 2024, we implemented an improved risk management framework by reviewing the Credit Risk Management structure, credit management process, and building the resources bench strength of the department, which resulted in a Non-Performing Loan (NPL) ratio of 3.8%, below the industry average of 5.2%, as we continued to register improved asset quality year on year.” He added.
He said that the bank also increased its branch distribution network with the strategic expansion into Namanve Industrial Park, targeting Corporate and Retail customers’ ecosystem through the specific sector approach.
The bank also continued to invest in digital transformation, enhancing platform reliability with strategic partnerships with fintechs to expand our distribution channels. “Our existing strategic partnership with MTN Uganda, coupled with the recently upgraded BOSS platform continued to provide the flexibility of making banking more accessible to the unbanked population, achieving approximately 4.5 million active customers over the period,” he emphasized.
MoKash product
In Uganda, MoKash launched in 2016 and is a partnership between MTN Uganda and NCBA.
MoKash provides 30 day loans of upto ugx 1.5m, the Loan limit grows with increased usage and loan behaviour.
Since its inception, MoKash service has disbursed Uganda shillings 2.8trillion to customers. The platform has registered over 2million borrowers of which 63% are male and 37% female.
The platform has registered 14 million customers of which 58.8% are male and 41.2% female.
Championing Sustainability
“Our commitment to “Change the Story” for Sustainability in Uganda as part of the Group’s Sustainability drive across the region anchored on 15 core commitments, focused on minimizing our direct impact on climate and climate-related risks, transitioning customers to low-carbon operations, community engagement, and optimizing corporate governance.
In partnership with the National Forestry Authority (NFA), the bank has planted 20,000 trees to support the restoration of the degraded Jubiya Forest Reserve in Masaka District, Central Uganda, in addition to our tree planting programs at Golf courses during NCBA Golf events. This was complementary to the regional. “sport development program where we are a major promoter of Golf in the country, sponsoring the NCBA Golf Series, the NCBA Monthly Mug at Mary Louise Simkins Golf Club, Namulonge, and the NCBA Junior Golf Series which nurtures young golfing talent,” Muyobo revealed.
Outlook for 2025
NCBA Uganda remains well positioned to deliver on its commitment to be the financial services partner that inspires your growth through sustainable value creation for all its stakeholders along the Corporate ecosystem.
The bank continues to be a primary partner for Retail/SME customers, drive Corporate Banking leadership through industry-specific
initiatives, particularly Asset Finance, invest in digital technologies through the launch of improved CIB and Retail Internet banking platforms, advance Financial inclusion through the MoKash Solution and increase customer engagement. “Our plans to transition our customers and the Bank to low-carbon operating models are also on track as we enter into partnership with our customers and suppliers to transition our transport vehicles from internal combustion types to Electric Vehicles that we expect to deploy in 2025, along with two EV charging stations that will also be available for public use. He remarked
