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EXCLUSIVE: Uganda’s Largest Banks By Customer Deposits Revealed As The Top 10 Control 82% Of The Market

A photo montage of some bank CEOs/MDs

Customer deposits for the 25 commercial banks operating in Uganda increased to Shs33.92 trillion in 2023, up from Shs31.53 trillion in 2022.

Business Focus’ exclusive analysis of the banks’ financial statements for the year ended 31st December 2023 shows that the top 10 largest banks by customer deposits control 81.66% of the market under this category.

Stanbic is the largest bank by customer deposits in Uganda. This is after its customer deposits grew by 3.26% to Shs6.33 trillion in 2023, up from Shs6.13 trillion in 2022. This gives the bank a market share of 18.66% under this category.

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Like on other key performance parameters, Stanbic is followed by Centenary Bank in the second position. Centenary’s customer deposits increased by 4.62% to Shs4.08 trillion in 2023, up from Shs3.9 trillion in 2022. This gives the bank a market share of 12.03% under the customer deposits category.

Equity Bank is the third largest bank by customer deposits.

Its customer deposits grew by 8% to Shs2.97trillion in 2023, up from Shs2.75 trillion recorded a year earlier. Its market share under this category is 8.76%.

It is followed by Absa Bank Uganda in 4th position. The bank’s customer deposits grew by 16.33% to Shs2.85 trillion in 2023, up from Shs2.45 trillion in 2022. This gives Absa a market share of 8.4% under the customer deposits category.

Standard Chartered Bank takes the 5th position. This is after its customer deposits increased slightly to Shs2.54 trillion in 2023, from Shs2.51 trillion recorded a year earlier. This gives the bank a market share of 7.5% under the customer deposits category.

Pie-Chart-Customer-Deposits

The top five banks control 55.35% of the industry market share under the customer deposits category.

dfcu Bank is the 6th largest bank by customer deposits in Uganda.

Its customer deposits reduced to Shs2.31 trillion in 2023, down from Shs2.41 trillion in 2022. This gives dfcu bank a market share of 6.81% under the customer deposits category.

Diamond Trust Bank (DTB) Uganda occupies the 7th position among the largest banks by customer deposits in Uganda.

Its deposits increased by 17.65% to Shs2.2 trillion in 2023, up from Shs1.87 trillion recorded in 2022. This gives the bank a market share of 6.49% under this category.

Bank of Baroda is the 8th largest bank by customer deposits in Uganda. Its customer deposits increased by 14.12% to Shs2.02 trillion in 2023, up from Shs1.77 trillion in 2022. Its market share under this category is 5.95%.

Housing Finance Bank is increasingly growing into a bigger bank. Its customer deposits grew by 27.91% to Shs1.43 trillion in 2023, up from Shs1.118 trillion recorded a year earlier. Its market share under this category is 4.22%.

It’s important to note that all the top nine (09) banks have customer deposits above Shs1 trillion. The rest of the banks have customer deposits below one trillion shillings.

KCB Bank completes the top 10 banks by customer deposits.

Its deposits grew by 19.66% to Shs963.46bn in 2023, up from Shs805.16bn in 2022. KCB’s market share under this category is 2.84%.

The top 10 largest banks by customer deposits control 81.66% of the industry market under this category, leaving 15 banks to share 18.34%.

It’s important to note that three commercial banks including ABC Capital Bank (U) Ltd, Opportunity Bank and Guaranty Trust Bank (U) Ltd failed to meet Bank of Uganda’s new Shs150bn capital requirements and have since been downgraded from a Tier I Commercial Bank License to a Tier II Credit Institution License effective July 1, 2024.

Check for more details about Uganda’s largest and smallest banks by customer deposits in the table below;

Customer-Deposits

Others

Banks whose customer deposits range between Shs500bn and Shs850bn include Citibank (Shs835.26bn), PostBank (Shs790bn), Bank of Africa (688.08bn), I&M Bank (687.7bn), Ecobank (Shs667.08bn) and NCBA (Shs567.09bn).

Banks with smaller deposits

ABC Capital Bank has the smallest customer deposits (Shs24.96bn). It’s followed by Opportunity bank (Shs155.36bn), Guaranty Trust Bank (Shs186.28bn), Tropical Bank (Shs198.36bn), Cairo Bank Uganda (Shs217bn), Bank of India (Shs247.01bn), Finance Trust Bank (Shs276.7bn), Exim Bank (Shs298.46bn) and United Bank for Africa Uganda (Shs386.57bn).

Check for more details about Uganda’s largest and smallest banks by customer deposits in the table below;

Customer-Deposits

We’ll continue giving you unmatched analysis about the performance of banks in 2023 and beyond. 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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