Absa Bank Uganda Reports Robust Revenue Growth Amidst Economic Resurgence

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Absa Bank Uganda Reports Robust Revenue Growth Amidst Economic Resurgence
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By Eric Wakabi

Absa Bank Uganda has unveiled impressive financial results, citing a significant surge in revenue driven by Uganda's economic growth trajectory since 2022.

The bank reported a remarkable 15.6% increase in revenue, amounting to over UGX 64 billion by the end of 2023, signalling a positive outlook for both the financial institution and the broader economy.

Commenting on the notable revenue growth, Mumba Kalifungwa, Managing Director of Absa Uganda, attributed the success to the resurgence of economic activity witnessed in the country.

"The uptick in Uganda's economy has spurred increased customer uptake of our working capital and trade solutions, reflecting a growing demand for financial products to support business needs," remarked Kalifungwa.

The Executive Director and Chief Financial Officer (CFO) of Absa Uganda, Micheal Segwaya, provided further insight into the driving forces behind the bank's performance.

"The surge in revenue was fueled by heightened demand from customers for working capital requirements, indicating a positive trend in business confidence and investment," explained Segwaya.

With a focus on delivering value-driven banking services, Absa Bank Uganda is well-positioned to contribute to the sustained growth and development of Uganda's economy in the years ahead.

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