A photomontage of bank Chief Executive Officers and Managing Directors
Uganda’s banking industry total assets increased by 252% to Shs45.44 trillion in 2022, up from Shs41.34 trillion recorded in 2021, an exclusive analysis by Business Focus, shows.
For the last seven years, this website has exclusively analyzed the performance of banks based on their financial statements.
This website interprets and reports these financial statements in a simple and easy-to-understand manner.
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.
It’s against this background that banks have in the last one month been releasing/publishing their audited financial statements for the year ended 31st December 2022.
Business Focus has exclusively compiled and analyzed the results so as to help customers, partners and stakeholders of these financial institutions to know how their banks performed and help them make informed decisions.
The analysis is also important for students with a bias in banking finance as well as policy makers.
In our first article, we revealed the most profitable and loss-making banks as total industry net profit hit Shs1.29 trillion in 2022, up from ShsShs1.081 trillion posted in 2021.
It is important to note that Uganda currently has 25 banks. 23 banks made a profit while two (02) recorded a loss.
In this article, the focus on assets, one of the key performance indicators for banks.
According to results exclusively analyzed by Business Focus, the top 10 banks control 82.18% of the total industry assets, leaving 15 banks to share a paltry 17.82%.
This shows there’s a big gap between the big and small banks. In fact, the top five banks have a combined market share of 57.54% under the assets category.
Largest Banks By Assets
Stanbic Bank Uganda Ltd (SBUL) which is headed by Anne Juuko as Chief Executive is Uganda’s largest bank by assets.
Stanbic’s assets grew by 3.67% to Shs9.03 trillion in 2022, up from Shs8.71 trillion in 2021. This gives the bank 19.88% market share under the assets category.
Stanbic is followed by Centenary Bank in the second position. Headed by Fabian Kasi as Managing Director, Uganda’s leading indigenous bank, saw its assets grow by 20.24% to Shs5.72 trillion in 2022, up from Shs4.75 trillion recorded a year earlier. This gives the bank an industry market share of 12.59% under the assets category.
Absa Bank Uganda sits 3rd on the table of banks with largest assets in Uganda. Absa, headed by Mumba Kalifungwa as Managing Director, saw its assets grow by 5.75% to Shs4.23 trillion in 2022, up from Shs4 trillion recorded a year earlier. This gives the lender a market share of 9.31% under the assets category.
It’s followed by Standard Chartered Bank in 4th position.
StanChart which is headed by Sanjay Rughani as Managing Director, saw its assets increase by only 1.34% to Shs3.79 trillion in 2022, up from Shs3.74 trillion ion 2021. Its market share under this category is 8.34%.
StanChart is closely followed by Equity Bank whose assets grew by 19.59% to Shs3.37 trilion, up from Shs2.81 trillion in 2021. Headed by Anthony Kituuka as Managing Director, Equity bank has a market share of 7.42% under the assets category.
In 6th position is dfcu Bank. The bank’s new Managing Director, Charles M Mudiwa, will start on a high after dfcu’s assets grew by 3.24% to Shs3.28 trillion in 2022, up from Shs3.177 trillion recorded a year earlier. This gives the bank that prides itself in ‘making more possible’ a market share of 7.22% under the assets category.
Bank of Baroda Uganda sits in 7th position after its assets grew by 11.06% to Shs2.43 trillion in 2022, up from Shs2.188 trillion in 2021. Headed by Shashi Dhar as Managing Director, Bank of Baroda has a market share of 5.35% under this category.
Diamond Trust Bank (DTB) Uganda is the 8th largest bank by assets. This is after its assets increased to Shs2.42 trillion in 2022, up from Shs2.016 trillion recorded a year earlier.
This represents an increase of 20.04% and a market share of 5.32%. DTB is headed by Varghese Thambi as Managing Director. Thambi has been at DTB for over a decade.
Housing Finance Bank (HFB) continues to post impressive results across all key performance parameters. HFB which is headed by Michael Mugabi as Managing Director saw its assets grow by 24.62% to Shs1.62 trillion, up from Shs1.3 trillion in 2021. This makes the largely Government owned indigenous bank the 9th largest bank by assets with a market share of 3.56%.
Citibank Uganda completes the top 10 largest banks by assets in Uganda. Its assets increased by 3.57% to Shs1.45 trillion in 2022, up from Shs1.4 trillion in 2021. Headed by Sarah Arapta as CEO, Citibank’s market share under this category is 3.19%.
Importantly, five banks among the top 10 largest banks by assets are headed by Ugandans. There are also only two female CEOs managing banks in the top 10 banks by assets. These are Juuko of Stanbic and Arapta of Citibank. Juuko and Arapta are indigenous Ugandans.
It’s also important to note that all the top 10 banks have assets above the Shs1 trillion mark.
There are only two banks outside the top 10 with assets in excess of Shs1 trillion. These are KCB and Bank of Africa with assets worth Shs1.09 trillion and and Shs1.07 trillion respectively. This means that KCB is the 11th largest bank by assets while Bank of Africa sits 12th under the assets category.
Below is a table with details on the largest and smallest banks by assets in 2022;
Assets-2022Smallest banks by assets
ABC Capital bank is the smallest bank by assets. Headed by Jesse Timbwa as CEO, ABC’s assets reduced slightly to Shs62.14bn in 2022, down from Shs62.28bn in 2021. Its market share under this category is a paltry 0.14%
From the bottom, it’s followed by Guaranty Trust Bank that saw its assets reduce by 2.86% to Shs251.1bn in 2022, down from Shs258.5bn in 2021.
Headed by Oluwole Shodiyan as Managing Director, Guaranty Trust Bank has a market share of 0.55% under the assets category.
Opportunity Bank sits 3rd from the bottom of the table after its assets grew to Shs261.95bn in 2022, up from Shs249bn in 2021. Its market share under the assets category is 0.58%.
It’s followed by Cairo Bank Uganda (Shs274.78bn), Tropical Bank (Shs281.03bn), Bank of India (Shs366.91bn), Exim Bank (Shs376.4bn), Finance Trust Bank (Shs441.3bn), UBA Uganda (Shs571.56bn) and Ecobank (Shs583.7bn).
There are only three banks with assets above Shs600bn. They include PostBank (Shs947bn), I&M Bank (Shs710.39bn) and NCBA (Shs741.22bn).
Below is a table with details on the largest and smallest banks by assets in 2022;
Assets-2022We’ll continue giving you unmatched analysis about the performance of banks in 2022 and beyond. For tips, opinions and advertising, Tel: 0775170346/0703828741/staddewo@gmail.com. Follow us on Twitter: @TaddewoS @BusinessFocusug
