UDB has reported significant year-on-year growth for 2024, showcasing robust performance across key metrics, characterized by healthy asset quality and increased development impact throughout
the country.
The bank's loan portfolio experienced remarkable growth in 2024, increasing to shs1.67 trillion while its total assets grew by 3%, from shs1.67 trillion to shs1.71 trillion, attributed to increased funding primarily
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, UDB's Director for Strategy and Corporate Affairs, revealed during a press conference held at Bwera School of Nursing and Midwifery.
This facility, which UDB funded, is vital for training future professionals in nursing, midwifery, and environmental health sciences.
"UDB is more than just a financial institution; it is a transformative force. We are devoted to empowering individuals and businesses across Uganda, stimulating socio-economic growth, and paving the way for a brighter future for our nation."
Development outcomes
UDB approved 171 projects projected to create 17,832 jobs, generate profits of shss1,778 billion, and contribute shs455 billion in taxes (Corporation tax and PAYE), as well as bring in shs1,808.53 billion in foreign exchange earnings.
The bank has made significant strides in supporting the operationalization of the National Development Programs approving shs454 Billion that contributed to the different NDPIII programs.
Notable contributions were made in promoting agro-industrialization, tourism development, manufacturing, human capital development (in health and education), private sector development, and regional development.
For the manufacturing sector, shs219.67 billion was allocated for 32 projects, while 25 projects in agro-
industrialization received a total of shs88.31 billion. Additionally, 52 projects were approved under Human Capital Development, 12 for integrated transport infrastructure and services, and 32 for tourism development.
UDB also approved shs455 billion for private sector development across various regions in the country, to stimulate rapid, private-sector-led growth, enhance shared prosperity and economic expansion, and serve as a driving force for socio-economic development.
Most loan approvals (45) were in the primary agriculture sector, followed by manufacturing (32).
The bank disbursed shs388 billion in 2024 to various projects. UDB has over 770 active projects in 105
districts across the country.
Promoting investment readiness
UDB provides training, incubation programs, business advisory services, and technical support to existing and prospective customers to empower small and medium enterprises to become sustainable, profitable, and bankable.
In 2024, the Bank approved 34 projects classified as green, marking a 13% increase from the 30 green projects approved in 2023.
UDB continued to seek partnerships with strategic allies to enhance its resource pool for green
financing initiatives.
Notably, the Bank participated in the UN Climate Conference (COP29) in Baku, Azerbaijan, where
it received acclaim for its efforts in providing patient capital to private enterprises focused on low-carbon
industrialization, green manufacturing, and climate-resilient infrastructure.
According to the performance report, UDB successfully expanded its loan portfolio for SMEs, youth, and women by 39%, increasing from shs 33.05 billion at the end of December 2023 to shs49.50 billion by December 2024.
The bank's unaudited financial results for the year ending December 31, 2024, demonstrated robust performance, with a profit after tax of shs55.13 billion.
Mwesiga affirmed that this upward momentum is a testament to the Bank’s unwavering commitment to sparking economic development and the Bank’s dedicated efforts in supporting sustainable projects
across Uganda.
“The substantial financial growth demonstrates our resilience and highlights strategic initiatives that enhance economic stability and propel national development goals forward.”
Godfrey Kabbyanga, the state minister for National Guidance applauded the board, management, and staff of Uganda Development Bank for their diligent efforts in steering the bank towards achieving its objectives.
"Your hard work and dedication are commendable, and your unwavering commitment has fostered an environment of growth, innovation, and resilience. Acknowledging UDB's role in our country's broader development agenda is essential. In a rapidly changing economic landscape, where inflation, climate change, and global uncertainties abound, the Bank has continued to fulfill its mandate of providing financial solutions and fostering sustainable development," he said.
"Your interventions in the health and education sectors have played a pivotal role in bridging the gap in skills development and facilitating the much-needed development in the health sector. As government, we will continue to support you so as to enable you deliver on your critical mandate."
Dr. Francis Mulekya Bwambale, a Director of Bwera School of Nursing and Midwifery (BSNM), appreciated the bank for the support extended to the learning institution.
“We thank UDB for your continued partnership with our school. We have created employment for 33 Ugandans in the education and development sector. The over 400 students who have graduated from BSNM have joined the labour industry and are providing the much-needed healthcare that our country and region need. Each of these facility beneficiaries have families and other dependants they support for livelihoods at the community level,” Dr. Mulekya mentioned.
