Absa bank Uganda remains profitable amidst tough global financial conditions associated with the COVID-19 pandemic, a negative increase in commodity terms of trade and the war in Europe (Ukraine). The developments come from a 2022 report that shows the bank’s increase in total equity of 12% and a 12.5% growth in revenue.

The same report shows that Absa’s revenue grew by Shs46b (12.5%) due to customer loans and deposits coupled with increased customer transactional activity. The bank then closed the year 2022 with a profit after tax of Shs141 billion, reflecting a growth of 28.9% from the Shs110 billion posted the previous year despite the tough financial environment.

The report also reveals how Absa registered a net growth in customer loans by 19.8% to Shs1.6trn as it nears 2023.

The summary statement of comprehensive income shows a total income growth of Shs504 709 million in 2022 compared to Shs454 985 million in 2021; and the net profit before tax standing at Shs178, 552m in 2022 with a taxation of sh37, 389m and Shs138, 921m with taxation of Shs29, 410m in 2021; making a net profit after tax of Shs141, 163m in 2022 and Shs109, 511m in 2021.

According to Nadine Byarugaba, the Board Chairperson says Absa Bank is growing solid with a strong financial performance that is so profitable. She notes;

“We remain solid and stable as we grow our balance sheet while continuing to meet our customers’ needs. So am pleased to report that Absa Bank Uganda Limited is growing.”

The financial statements were approved by the Board of Directors on 1 March 2023 and discussed with Bank of Uganda on 24 March 2023.

Author: UG pepper

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