Absa Bank Uganda has released its financial results for the year ended December 2023 in which it indicated that it earned shs146 billion in profit after tax.
The results released on Tuesday indicated that the growth in profit was attributed to the shs141 billion growth in revenue representing a 15.6% growth to shs475billion.
“Despite an uncertain operating environment, I am pleased to report that it was a year of growth for us at Absa. This performance is underpinned by the resilience of Uganda’s economy which grew by 5.2% in 2023 an improvement from the 4.6% in 2022,” said Mumba Kalifungwa, the Managing Director, Absa Bank Uganda.
On the other side, Absa Bank reported a 16% growth in customer deposits to shs2.9trillion representing a growth of 400bn while the loan portfolio grew by 12.9%.
Absa bank also contributed shs110 billion in taxes to government in the year 2023 while the assets grew to shs1.8 trillion.
“Our growth in profitability was driven by business recovery and strong revenue growth while our balance sheet growth driven by resurgence of the economy and continued investments in digital channels. On the other side, contained impairment driven by improved credit monitoring, “said Michale Ssegwaya, the Absa Chief Finance Officer.