NCBA Bank Uganda Limited has posted Shs 38.9 billion profit after tax for the financial year ending December 31, 2024, according to the bank’s audited financial results.
The results reflect a strong year of growth across key performance. The Net Loans and Advances to customers increased by 18% from Shs 253 billion in 2023 to Shs 298 billion in 2024 while Customer deposits increased by 15% from Shs 567 billion in 2023 to Shs 654 billion in 2024.
The growth led to a 13% growth in Total assets from Shs 854 billion in 2023 to Shs 963 billion in 2024, and the robust balance sheet performance resulted in a 11% growth of Operating Income from Shs 85 billion in 2023 to Shs 95 billion in 2024 and a 40% increase in Profit Before Tax (PBT) from Shs 32 billion to Shs 46 billion.
According to Mark Muyobo Chief Executive Officer, NCBA Bank Uganda, NCBAU continued to deliver on its purpose of inspiring greatness in its customers through our integrated model centered on corporate customer ecosystems by providing solutions along the value chain, resulting in strong financial performance in 2024.
“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 said.
Muyobo said they increased our branch distribution network with the strategic expansion into Namanve Industrial Park, targeting Corporate and Retail customers’ ecosystem through the specific sector approach.
The bank 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 said.
He said in partnership with the National Forestry Authority (NFA), the bank 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.
