LIST: See How Much Money Banks Made in Profits — Plus Names of Those Choking on Losses

First published on 2023/05/13 at 9:01 am

Audited financial reports by Uganda’s commercial banks have revealed how each of the 25 financial institutions performed in the year ended December 2022, indicating how much profit or loss each bank made. Here is a quick breakdown of how much money each commercial bank made in profits or losses last year as the economy continued to recover from the negative impact of Covid19 lockdown and global shocks occasioned by Russia’s war in Ukraine:

Stanbic Bank

Stanbic Bank Uganda Ltd (SBUL) registered a Shs366bn profit in 2022. Compared to the Shs275.4bn profit the commercial bank recorded in 2021, the financial institution’s profit rose by about Shs90.6bn or nearly 33 per cent.

Centenary Bank

This financial institution registered a Shs249.6bn profit in 2022 alone. In the previous year, it had recorded Shs211.5bn in profit. Between 2021 and 2022, Centenary Bank’s profit rose by 18 per cent or about Shs35bn.

Absa Bank

Formerly Barclays Bank, Absa recorded a Shs141bn profit, about Shs31bn – and 11 per cent – higher than the Shs109.5bn recorded the previous year.

Bank of Baroda

This bank recorded a Shs122bn profit – Shs32bn or 35 per cent – higher than the Shs90.23bn mustered in 2021.

Housing Finance Bank

This financial institution’s profit grow from Shs40.97bn in 2021 to Shs58.5bn in 2022. This translates in a profit increment of about Shs17.53bn or 43 per cent.

Citibank Uganda

This bank’s profit dropped from Shs55.3bn in 2021 to Shs52.39bn in 2022, translating in a profit reduction of Shs2.9bn or about 5.3 per cent.

Equity Bank Uganda

Although it made some profits, the rate was nearly 50 per cent lower in 2022 compared to 2021. In 2021, Equity Bank Uganda made a profit of Shs86bn but this reduced to about Shs45.8bn in 2022, meaning that the tumble was a whole Shs40bn or about 47 per cent.

Standard Chartered Bank Uganda

Although it posted a Shs44.2bn profit in 2022, Standard Chartered Bank Uganda saw its profitability drop by over 50 per cent compared to the previous year when the profit was about Shs94.3bn. This means that compared to 2021, the profit fell by Shs50bn or 53 per cent in 2022.

Diamond Trust Bank (DTB) Uganda

DTB registered nearly Shs5bn or about 16 per cent as its increase in profit when 2021 and 2022 profit figures are compared. In 2021, DTB’s profit was about Shs30.8bn while in 2022 it was about Shs35.8bn.

KCB Uganda

This bank’s profit grew by 347 per cent in 2022 compared to 2021. While its profit was about Shs7.4bn in 2021, KCB earned about Shs32.9bn in profit last year. The difference in profit over these two years of reporting is about Shs25.5bn.

Dfcu Bank

In just one year, Dfcu Bank’s profit grew by Shs17.4bn or about 132 per cent from Shs13.2bn in 2021 to Shs30.6bn in 2022.

Post Bank

Post Bank’s profits grew from Shs12.2bn in 2021 to Shs15bn in 2022, translating in about Shs3bn or about 24 per cent in profit change over the reporting period.

NCBA – Shs22.8bn (profit)

Tropical Bank – Shs7.4bn (profit)

I&M Bank – Shs5.6bn (profit)

Ecobank – Shs401m (profit)

Opportunity Bank – Shs212m (profit)

BANKS MAKING LOSSES

United Bank for Africa (UBA)

UBA managed to reduce its loss by about Shs2bn. In 2021, it had made a loss of Shs10.3bn while in 2022, the loss was Shs8bn.

Cairo Bank Uganda

This financial institution’s loss increased from about Shs1.9bn in 2021 to about Shs5.3bn last year.

Summary of Banks’ Profit in 2022

1. Stanbic Bank: Shs366bn
2. Centenary Bank: Shs249.6bn
3. Absa Bank: Shs141bn
4. Bank of Baroda: Shs122bn
5.  Housing Finance Bank: Shs58.5bn
6. Citibank Uganda: Shs52.39bn
7. Equity Bank Uganda: Shs45.8bn
8. Standard Chartered Bank Uganda: Shs44.2bn
9. Diamond Trust Bank (DTB) Uganda: Shs35.8bn
10. KCB Uganda: Shs32.9bn
11. Dfcu Bank: Shs30.6bn
12. Bank of Africa: Shs29.3bn
13. NCBA: Shs22.8bn
14. Post Bank: Shs15bn
15. Bank of India: Shs10bn
16. Finance Trust Bank: Shs8.5bn
17. Tropical Bank: Shs7.4bn
18. Guaranty Trust Bank: Shs5.8bn
19. I&M Bank: Shs5.6bn
20. Exim Bank: Shs5.1bn
21. ABC Bank: Shs803m
22. Ecobank: Shs401m
23. Opportunity Bank: Shs212m
24. United Bank for Africa (UBA): -Shs8bn
25. Cairo Bank Uganda: -Shs10.3bn

It should be noted that very profitable banks such as Stanbic Bank have got their fair share of challenges. For example, a few months ago, there was reported Fraud at Stanbic after fraudsters gained unauthorized access to a client’s account and stole Shs6.6bn. (See Details Here).

You can also read about how fallen freedom fighter’s wife got in trouble with Housing Finance Bank over multi-billion loan Here and There.

MORE STORIES ON UGANDA’S BANKS

#1: BoU Confirms Closure of Another Bank; Clients Told to Withdraw Their Money

#2: Entebbe Airport ‘Sale’ Reports: CAA Confirms Exim Bank of China is Monitoring its Bank Accounts

#3: HOW DO YOU CIVILIANS SURVIVE? Retired Police Boss Asan Kasingye Shocked After ABSA Bank Receptionist Blocked Him from Seeing Manager for Two Hours

See our other lists by searching the word ‘list.’ You can see our list of 25 most highly paid government employees Here.

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