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EXCLUSIVE: Largest, Smallest Banks By Customer Deposits Revealed As Total Industry Deposits Hit Shs28 Trillion

A photo montage of some bank CEOs

Customer deposits for all the 26 commercial banks operating in Uganda grew to Shs28.17 trillion in 2021, up from Shs26.8trillion recorded in 2020, Business Focus exclusively reports.

Every year, this website carries out an in-depth analysis into the performance of banks based on their financial statements for the previous year.

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 explains why banks were busy in April this year releasing/publishing their audited financial statements for the year ended 31st December 2021.

This website 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, but also help them make informed decisions.

This analysis is also important for students with a bias in banking and  finance. It’s also important for researchers and policy makers.

Biggest banks by customer deposits

According to the results, five banks have a combined 57% of the  total industry market share under the customer deposits category.

The results indicate that Stanbic Bank Uganda leads on this key parameter. Headed by Anne Juuko as Chief Executive, Stanbic Bank’s customer deposits grew by 4.55% to Shs5.74 trillion in 2021, up from Shs5.49 trillion recorded a year earlier.

The bank leads with an industry market share of 20.37% under the customer deposits category.

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

The largest indigenous bank saw its customer deposits grow slightly to Shs3.18 trillion in 2021, up from Shs3.13 trillion recorded a year earlier. Its market share under customer deposits category is 11.28%.

In third position is Standard Chartered whose customer deposits reduced to Shs2.47 trillion in 2021, down from Shs2.71 trillion in registered in 2020.

StanChart’s market share under customer deposits category is 8.77%.

It is closely followed by Absa Bank Uganda whose customer deposits grew by 2.98% to Shs2.42 trillion in 2021, up from Shs2.35 trillion in 2020.

Headed by Mumba Kalifungwa as Managing Director, Absa’s market share under this category is 8.59%.

It is followed by dfcu Bank that is headed by Mathias Katamba as Managing Director. Dfcu’s customer deposits reduced to Shs2.28 trillion in 2021, down from Shs2.59 trillion recorded a year earlier. This makes dfcu the 5th largest bank by customer deposits with a market share of 8.09%.

Dfcu and Equity Bank have the same market share of  8.09%. Headed by Samuel Kirubi as Managing Director, Equity Bank saw its customer deposits grow by 40.74% to Shs2.28 trillion in 2021, up from Shs1.62 trillion registered in 2020.

In seventh position is  Bank of Baroda that is  headed by Raj Kumar Meena as Managing Director.

Its customer deposits grew slightly to Shs1.59 trillion in 2021, up from Shs1.57 trillion in 2020. Its market share under this category is 5.64%.

It is followed by Diamond Trust Bank whose customer deposits increased to Shs1.5 trillion in 2021, up from Shs1.28 trillion in 2020.

Headed by Varghese Thambi as Managing Director, DTB has an industry market share of 5.32% under the customer deposits category.

Citibank occupies the 9th position. Citibank that headed by Sarah Arapta as CEO saw its customer deposits increase by  26.48% to Shs851.08bn in 2021, up from Shs672.9bn recorded in 2020. Its market share under the customer deposits category is 3.02%.

Housing Finance Bank completes the top 10 largest banks by customer deposits in Uganda.

Headed by Michael Mugabi, Housing Finance Bank’s customer deposits grew by 25.03% to Shs817.9bn in 2021, up from Shs654.16bn recorded a year earlier. Its market share under the customer deposits category is 2.9%.

Customer-Deposits-2021

The top 10 largest banks by customer deposits control a commanding market share of 81.33% under the customer deposits category. This leaves the rest of the banks (16) to share a paltry 18.67%.

Smallest banks by customer deposits

Most of the banks have less than 2% market share under the customer deposits category.

Bank of Africa has a market share of  2.16%. This is after its customer deposits reduced to Shs607.54bn in 2021, down from Shs617.55bn in 2020.

In 12th position is KCB Bank whose customer deposits increased to Shs592.69bn in 2021, up from Shs445.55bn in 2020.

Its market share is 2.1% under the customer deposits category.

It is followed by I&M Bank in 13th position. Its customer deposits reduced to Shs573.7bn in 2021, down from Shs605.5bn in 2020. Its market share under this category is 2.04%.

In 14th position is NCBA  whose customer deposits increased to Shs566.8bn in 2021, up from Shs369.7bn in 2020. Its market share under the customer deposits category is 2.01%.

Banks whose market share is below 2% under the customer deposits category include PostBank (Shs507bn/1.8%), UBA (Shs382.14bn/1.36%), Ecobank (Shs377.3bn/1.34%) and Exim Bank (Shs302.1bn/1.07%).

The figures in brackets represent customer deposits and the corresponding market share for the above banks in 2021.

Banks whose market share under the customer deposits category is below 1% include Bank of India (0.8%), Guaranty Trust Bank (0.71%), Finance Trust Bank (0.65%), Tropical Bank (0.64%), Opportunity Bank (0.63%), Cairo Bank (0.52%), ABC (0.1%) and Afriland First Bank (0.00%).

Customer-Deposits-2021

We’ll continue giving you unmatched analysis about the performance of banks in 2021 and beyond. For tips, opinions and advertising, Tel: 0775170346/0703828741/[email protected] 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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