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Customer Deposits Hit Shs35 Trillion Mark As Five Banks Control 56% Of Industry Market Share

Banking industry customer deposits increased by 97% to Shs35.17 trillion in 2024 to Shs33.55 trillion in 2023, Business Focus exclusively reports.

However, five banks including Stanbic, Centenary, Absa, Equity and dfcu control 55.84% of the industry deposits, leaving 17 banks to share 44.16%.

This analysis is derived from the financial statements for the year ended 31st December 2024 that banks have been publishing lately. It’s important to note that banks are compelled to publish their financials for the previous year (in this case 2024) before May of the following year.

Uganda currently has 22 fully fledged commercial banks. This is after three banks including ABC Capital Bank, Opportunity Bank and Guaranty Trust Bank downgraded from a Tier I Commercial Bank License to a Tier II Credit Institution License effective July 1, 2024.

The three banks failed to meet Bank of Uganda’s new minimum capital requirement of Shs150bn, resulting into the downgrade. The paid-up capital for tier II credit institutions is Shs25bn.

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This website has exclusively analyzed the financial results so as to help customers, partners, policy makers and stakeholders of these financial institutions to know how their banks performed as well as help them make informed decisions.

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Top 10 banks by customer deposits

Stanbic Bank maintained its position as Uganda’s biggest bank by customer deposits. This is after its deposits increased by 12.16% to Shs7.1 trillion in 2024, up from Shs6.33 trillion in 2023. Headed by Mumba Kenneth Kalifungwa as Chief Executive, Stanbic’s market share under this category is 20.19%.

Like on other key performance parameters, Stanbic is followed by Centenary Bank with a market share of 11.97%. Headed by Fabian Kasi as Managing Director, Centenary Bank’s customer deposits grew by 3.19% to Shs4.21 trillion in 2024, up from Shs4.08 trillion recorded a year earlier.

Absa Bank which is headed by David Wandera as Managing Director is the 3rd largest bank by customer deposits with a market share of 9.04%. This is after its deposits increased by 11.58% to Shs3.18 trillion in 2024, up from Shs2.85 trillion in 2023.

Equity Bank remains a top bank with a market share of 7.96% under the customer deposits category. This is despite its customer deposits reducing to Shs2.8 trillion in 2024, from Shs2.97 trillion in 2023.

It’s followed by dfcu Bank with a market share of 6.68%. Headed by Charles M. Mudiwa as Managing Director, dfcu bank saw its customer deposits grow by 1.73% to Shs2.35 trillion in 2024, from Shs2.31 trillion in 2023.

Interestingly, the top five banks including Stanbic, Centenary, Absa, Equity and dfcu control 55.84% of the industry deposits, leaving 17 banks to share 44.16%.

In sixth position is Standard Chartered Bank with a market share of 6.25%. Its deposits reduced by 13.39% to Shs2.2 trillion in 2024 from Shs2.54 trillion recorded a year earlier.

Headed by Sanjay Rughani as Chief Executive Officer, StanChart as it is popularly known, announced it was divesting its Wealth and Retail business. The bank says the divestment process has since been initiated and is expected to be completed within 18-24 months subject to regulatory approvals.

Bank of Baroda is Uganda’s 7th largest bank by customer deposits as of December 2024. The bank’s customer deposits increased by 8.91% to Shs2.2 trillion in 2024 from Shs2.02 trillion in 2023. Its market share under this category is 6.25%.

It is followed by Diamond Trust Bank with a market share of 5.94%. DTB’s customer deposits reduced by 5% to Shs2.09 trillion in 2024 from Shs2.2 trillion in 2023.

It is followed by Housing Finance Bank in 9th position with a market share of 4.55%.  Headed by Michael K. Mugabi as Managing Director, HFB’s customer deposits grew by 11.65% to Shs1.6 trillion in 2024, up from Shs1.433 trillion in 2023.

KCB completes the top 10 banks by customer deposits in Uganda with a market share of 3.53%. This is after its deposits grew by 28.7% to Shs1.24 trillion in 2024 from Shs963.46bn in 2023.

Like on other key performance indicators, a few banks also dominate the customer deposits category. The top 10 banks control a commanding 82.36% of the industry customer deposits, leaving the 12 banks to share a paltry 17.64%%.

Small banks by customer deposits

All banks above the 10th position don’t have customer deposits amounting to Shs1 trillion. PostBank which recently rebranded to Pearl Bank saw its deposits grow by 25.38% to Shs990bn in 2024 from Shs790bn in 2023. Headed by Julius Kakeeto as Managing Director/CEO, Pearl Bank has a market share of 2.82% under this category.  It’s followed by Bank of Africa in 12th position with a market share of 2.45%. Its customer deposits grew by   25.48% to Shs863.4bn in 2024 from Shs688.08bn in 2023.

It’s closely followed by Citibank with a market share of 2.3%. This is after its customer deposits reduced to Shs808.25bn in 2024 from Shs835.26bn recorded a year earlier.

In 14th position is I&M Bank with a market share of 2.15%. This is after its deposits grew to Shs757.41bn in 2024 from Shs687.76bn in 2023.

Leading from the bottom is Tropical Bank with customer deposits worth Shs183.2bn. It’s followed by Cairo Bank (Shs185.4bn), Bank of India (Shs226.25bn), Exim Bank (Shs332.48bn), UBA (Shs334.59bn), Finance Trust Bank (Shs340.74bn), Ecobank (Shs528.17bn) and NCBA (Shs654.17bn).

We’ll continue giving you unmatched analysis about the performance of banks in 2024 and beyond. For tips, opinions and advertising, Tel: 0775170346/0703828741/staddewo@gmail.com. Follow us on X: @TaddewoS @BusinessFocusug

 
 
Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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