Uganda Development Bank’ has announced its 2024 performance indicating a 16% increase in profit after tax to shs57.8 billion from shs49.8 billion the previous year in 2023.
The bank’s total assets also grew by 7% in 2024, reaching Shs1.78 trillion, up from shs1.67 trillion in 2023 and to support this growth, UDB strategically reinvested shs437 billion collected as loan repayments, alongside shs80.7 billion in additional contribution from government.
This injection by government helped strengthen UDB’s capital base rising cumulative capitalization from shs1.32 trillion to shs1.46 trillion.
Speaking during their Annual General Meeting, Dr. Patricia Ojangole, UDB Managing Director highlighted the bank’s strides in facilitating private sector growth by providing targeted financial support and enabling productive investments across key sectors.
“Through 2024, UDB remained a committed partner in advancing the Government’s economic development agenda, providing targeted financial support to qualifying enterprises and enabling productive investments across priority growth sectors. UDB has made strides in facilitating private sector growth across many dimensions. The bank has made investments in boosting agriculture and manufacturing, whilst also unlocking and improving opportunities in the services sector,” Ojangole said.
Performance
According to the 2024 performance, UDB supported enterprises created and maintained 55,553 jobs in 2024, representing a 7.2% increase from 51,841 jobs in 2023.
“This growth was driven by the rise in the number of funded businesses, enabled by increased capital support and heightened economic activity,” Ojangole said.
She noted that 59.9% of these jobs were taken up by youth, while 31.3% were held by women, reflecting UDB’s continued commitment to inclusive and youth-focused development.
The bank’s loan portfolio also expanded with net loans and advances increasing by 9% from shs1.47 trillion to shs1.53 trillion.
Ojangole said in 2024, the bank provided targeted financial support to qualifying enterprises and enabling productive investments across priority growth sector.
“UDB has made investments in boosting agriculture and manufacturing, whilst also unlocking and improving opportunities in the services sector,” Ojangole said.
Stimulating Private Sector Growth
According to officials, in 2024, UDB approved shs454 billion in new loans to over 170 enterprises across the country which are projected to create 17,832 new jobs, shs9.7 trillion in additional output , shs1.8 trillion in foreign exchange earnings , shs1.7 trillion in profits and shs455 billion in tax revenue to government.
The bank’s supported enterprises created and maintained a total of 55,553 jobs, a 7.2% rise compared to 51,841 jobs in 2023.
Speaking about the performance, the Finance Minister, Matia Kasaija hailed UDB for scaling the heights.
He however urged that UDB extends nearer the people by starting branches upcountry.
“We have agreed that as the economy continues to grow, as businesses pick up and individuals both in towns and rural areas begin to earn money from PDM, they need this bank to be very close.I have asked them to make plan on how they are going to spread their wings in terms of branches around the country,” Kasaija said.
Government announced it will capitalize UDB up to a tune of shs1 trillion in the 2025/26 budget.