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EXCLUSIVE: Customer Deposits Grow To Shs31.5 Trillion As Top Banks Revealed

A photomontage of bank Chief Executive Officers and Managing Directors

Total customer deposits for Uganda’s banking industry grew to Shs31.53 trillion in 2022, up from Shs28.17 trillion recorded in 2021, an exclusive analysis by Business Focus, reveals.

Customer deposits is one of the key performance indicators for banks. They (banks) use deposits to lend to customers and make a profit.

It’s important to note that commercial banks are required by law to publish their financial statements/results for the previous year (which ends every 31st December) in a national newspaper before May of the following year.

This website has exclusively compiled and analyzed the audited financial statements of all the 25 banks for the year ended 31st December 2022 so as to help customers, partners and stakeholders of these financial institutions to know how their banks performed and help them make informed decisions.

This analysis is also important for students with a bias in banking finance as well as policy makers.

Business Focus has been running a series of stories about 2022 bank results and in this article, the focus is on customer deposits. What are Uganda’s largest and smallest banks by customer deposits?

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Top banks by customer deposits

Stanbic Bank Uganda Ltd (SBUL) that is headed by Anne Juuko as Chief Executive, is Uganda’s largest bank by customer deposits. The lender has maintained the number one spot on all key performance parameters. Stanbic’s customer deposits grew by 6.79% to Shs6.13 trillion in 2022, up from Shs5.74 trillion in 2021. The bank holds a huge market share of 19.44% under this category.

Like on most key performance parameters, Stanbic is followed by Centenary Bank that is headed by Fabian Kasi as Managing Director.

Centenary’s customer deposits grew by 22.64% to Shs3.9 trillion in 2022, up from Shs3.18 trillion in 2021.

This gives the bank a market share of 12.37% under the customer deposits category.

In the third seat is Equity Bank whose customer deposits grew by  20.61% to Shs2.75 trillion in 2022, up from Shs2.28 trillion in 2021. Headed by Anthony Kituuka as Managing Director, Equity’s market share under this category is 8.72%.

It is followed by Standard Chartered Bank in fourth position. Headed by Sanjay Rughani as Managing Director, StanChart as it’s commonly known, saw its customer deposits grow by 1.62% to Shs2.51 trillion in 2022, up from Shs2.47 trillion in 2021. Its market share under this category is 7.96%.

In fifth position is Absa Bank Uganda that is headed by Mumba Kalifungwa as Managing Director. Its deposits grew by 1.24% to Shs2.45 trillion in 2022, up from Shs2.42 trillion recorded a year earlier. Its market share under this category is 7.77%.

The top 10 banks control 56.26% of the industry market share under the customer deposits category.

In sixth position is dfcu Bank whose deposits increased by 5.7% to Shs2.41 trillion in 2022, up from Shs2.28 trillion in 2021. Dfcu bank that recently appointed Charles M Mudiwa, a Zimbabwean national, as its substantive Managing Director, has a market share of 7.64% under the customer deposits category.

It is followed by Diamond Trust Bank (DTB) that is headed by Varghese Thambi as Managing Director. Its deposits grew by 24.67% to Shs1.87 trillion in 2022, up from Shs1.5 trillion recorded a year earlier. Its market share under this category is 5.93%.

In eighth position is Bank of Baroda that recently appointed Shashi Dhar as Managing Director. The bank’s customer deposits grew by 11.32% to Shs1.77 trillion in 2022, up from ShsShs1.59 trillion in 2021. Its market share under this category is 5.61%.

It’s followed by Housing Finance in ninth position. Headed by Michael Mugabi as Managing Director, the indigenous bank that is largely owned by the Government, saw its customer deposits grow by 36.69% to Shs1.118 trillion in 2022, up from Shs817.9bn in 2021. Its market share under this category is 3.55%.

Citibank Uganda completes the top 10 largest banks by customer deposits. Headed by Sarah Arapta as the Chief Executive Officer, Citibank saw its customer deposits grow by 19.85% to Shs1.02 trillion in 2022, up from Shs851.08bn in 2021. Its customer deposits under this category is 3.23%.

Business Focus analysis shows that the top 10 banks have a commanding combined market share of 82.22% under the customer deposits category, leaving the other 15 banks to share a meager 17.78%.

The table below gives more details about the largest and smallest banks by customer deposits;

Deposits-2022-1

Smallest banks by customer deposits

This analysis shows that Stanbic bank alone beats 15 banks combined because its market share under the customer deposits category is 19.44%%. Apart from KCB, PostBank and Bank of Africa with a market share of 2.55%, 2.19% and 2.17 respectively, the other 13 banks in the bottom table have less than 2% market share under the customer deposits category.

The smallest banks by customer deposits based on their market share (in order) include; ABC Capital Bank (0.09%), Cairo Bank Uganda (0.54%), Tropical Bank (0.58%), Opportunity bank (0.59%), Guaranty Trust Bank (0.61%), Bank of India (0.70%), Exim Bank (0.88%), Finance Trust Bank (0.88%), UBA (1.05%), Ecobank (1.41%), NCBA (1.56%) and I&M Bank (1.98%).

The table below gives more details about the largest and smallest banks by customer deposits;

Deposits-2022-1

For tips, opinions and advertising, Tel: 0775170346/0703828741/staddewo@gmail.com. Follow us on Twitter: @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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