UDB reports UGX55bn in profits for 2024

February 25, 2025 in Business, Companies, Finance, Financial Services by Editor

Patient lender Uganda Development Bank has released unaudited financial results for 2024, indicating  a profit after tax of UGX55.13 billion. The  loan book also expanded 4.3pc  from 1.6 trillion the previous year, to UGX1.67 trillion, supported by increased disbursements to agriculture and manufacturing.

The lender approved 171 projects projected to yield 17,832 jobs, with allocations to primary agriculture leading at 45 projects, followed by 32 in manufacturing. Allocations were biased in favour of agro-industrialisation, tourism development, manufacturing, human capital development (in health and education), private sector development, and regional development, all earmarked as priority areas for growth in the third edition of the National Development Plan NDP111.

Of the UGX 454 billion kitty, manufacturing led with UGX219.67 billion approved for 32 projects, followed by UGX 88.31 billion for 25 projects in agro-industrialisation. Another 52 projects under human capital development also received funding, 12 in integrated transport infrastructure and services, and 32  in tourism development.

The lender reported  a 3pc increase in total assets from UGX1.67 trillion to UGX1.71 trillion, attributed to increased funding from government capital allocations and other partners.

“This solid performance reflects our unwavering commitment to driving change and fostering a prosperous future for Uganda,” Joshua Allan Mwesiga, the Bank’s Director for Strategy and Corporate Affairs, said during a media event at Bwera School of Nursing and Midwifery in Kasese .

Loan disbursements topped UGX388 billion during the year, taking the bank’s active projects above the 770 mark, spread across 105 districts in the country.