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Last week, PostBank Uganda, the only tier-1 wholly-owned government commercial bank, released its 2023 performance results reporting that deposits grew by 15% from UGX689 billion in 2022 to UGX790 billion in 2023.
This pushed lending to grow by 26% from UGX480 billion to UGX603 billion as well as income to grow by 30% from UGX159 billion to UGX206 billion. As a result, net profit grew from UGX15.2 billion to UGX27.5 billion, an 82% increase.
Total assets grew by 14% from UGX943 billion to UGX1.071 trillion, a growth of UGX128 billion.
But beyond this 2023 growth story is an even greater story of 4 years of transformational growth and above-industry average growth, all under the leadership of Julius Kakeeto, the bank’s CEO since October 2019.
In these four years, the bank’s deposits have more than doubled, growing at a compounded annual average of 22.8%, from UGX348 billion in 2019 to UGX790 billion at the end of 2023.
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Airtel Africa-UNICEF Partnership Connects 1,200 Schools, 1m Africa Children to Digital EducationLending has also more than doubled from UGX267 billion to UGX603 billion- a compounded annual growth rate of 22.5%. Increased lending has powered a compounded annual growth rate of 17.1% in income, seeing it almost double, from UGX111 billion to UGX206 billion.
Net profit too, has grown by an average CAGR of 34.6% from UGX8.4 billion to UGX27.5 billion.
Assets have grown by a CAGR of 21.5%, more than dibbling from UGX491 billion to UGX1.071 trillion.
For leading PostBank through the Covid-19 pandemic and emerging stronger across all fronts and for all stakeholders, CEO East Africa Magazine wishes to recognise Julius Kakeeto, as our CEO of the Week!