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EXCLUSIVE: Uganda’s Largest, Smallest Banks By Assets Revealed As Total Industry Assets Hit Shs41.4 Trillion In 2021

A photo montage of CEOs heading the top 10 banks with largest assets

Total industry assets for banks operating in Uganda increased to Shs41.39 trillion in 2021, up from Shs38.8 trillion 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.

It’s worth noting 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 explains why banks have in the last one month been 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 as well as policy makers.

Uganda has 26 banks. In our first article about the performance of banks in 2021, we revealed how 18 banks made a record net profit of Shs1.081 trillion in 2021, up from Shs817.85bn profit posted by 20 banks in 2020. This is the highest ever profit recorded by banks in Uganda’s banking industry.

Meanwhile, eight (8) banks made a net loss of Shs79.82bn in 2021 compared to Shs60.63bn loss made by six banks in 2020.

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This particular article focuses on assets, one of the key performance parameters for any financial institution.

According to the results, the top five banks share a commanding industry share of 58.95% under the assets category.

What is shocking further is that the top 10 banks under the assets category have a combined industry market share of 82.42%, leaving the remaining 16 banks to share a mere 17.58%. In fact, Stanbic Bank alone beats  a combined 17 banks in as far as assets are concerned.

Largest Banks By Assets

Headed by Anne Juuko as Chief Executive, Stanbic Bank is in a league of its own.  The bank’s assets grew by 1.63% to Shs8.71 trillion in 2021, up from Shs8.57 trillion recorded a year earlier. This gives the bank an industry market share of 21.04% under the assets category.

Stanbic is followed by Centenary Bank, one of the few indigenous banks giving the ‘big boys’ a run for their money.

Under the stewardship of Fabian Kasi as the Managing Director, Centenary Bank has grown in leaps and bounds.

In 2021, the bank’s assets grew by 6.46% to Shs4.78 trillion, up from Shs4.49 trillion in 2020. This gives the bank an industry market share of 11.55% under the assets category.

In third position is Absa Bank Uganda whose assets grew by 12.99% to Shs4 trillion in 2021, up from Shs3.54 trillion recorded a year earlier.

Under the leadership of Mumba Kalifungwa as Managing Director, Absa also beats a combined seven banks when it comes to assets. Absa’s market share under the assets category is 9.66%.

Standard Chartered Bank is the fourth largest bank by assets as of 31st December 2021.

The bank is currently headed by Godfrey Sebaana as the Ag. Managing Director.

It was previously managed by Albert Saltson as MD/CEO. Although StanChart saw its total assets reduce by 2.35% to Shs3.74 trillion in 2021, down from Shs3.83 trillion recorded the previous year.

Its market share under the assets category is 9.04%.

It is followed by dfcu bank headed by Mathias Katamba as Managing Director. The bank’s assets market share is 7.66% after its assets reduced to 3.17 trillion in 2021, down from Shs3.54 trillion in 2020.

Bank-Assets-2021-Uganda

Samuel Kirubi, the Managing Director at Equity Bank Uganda has done a fantastic job so much that with just over 10 years in the market, the bank is already competing with giants.

Equity Bank’s assets grew by 36.41% to Shs2.81 trillion in 2021, up from 2.06 trillion in 2020. Its market share under assets category is 6.79%, making it the 6th largest bank by assets in Uganda.

It is followed by Bank of Baroda in 7th position. Under the leadership of Raj Kumar Meena as Managing Director, Bank of Baroda saw its assets grow by 3.32% to Shs2.18 trillion in 2021, up from Shs2.11 trillion registered a year earlier. Its market share under this category is 5.27%.

It is followed by Diamond Trust Bank (DTB) whose assets grew by 13.56% to Shs2.01 trillion in 2021, up from Shs1.77 trillion recorded a year earlier. The bank is headed by Varghese Thambi as Managing Director and its market share under the assets category is 4.86%.

In 9th position of largest banks by assets is Citibank that is headed by Sarah Arapta as CEO. The bank’s assets grew by 41.52% to Shs1.41 trillion in 2021, up from Shs996.3bn recorded in 2020. This gives the bank an industry market share of 3.41% under the assets category.

Housing Finance completes the top 10 largest banks by assets in Uganda.

Headed by Michael Mugabi as Managing Director, Housing Finance Bank, another indigenous bank largely owned by the Government of Uganda has continued to perform well. Its assets grew by 18.18% to Shs1.3 trillion in 2021, up from Shs1.1 trillion recorded a year earlier. This gives the bank 3.14% industry market share under the assets category.

Bank-Assets-2021-Uganda

Smallest Banks By Assets

It is important to note that all the top 10 largest banks by assets as of 31st December 2021 have over 3% industry market share under the assets category.

The rest of the 16 banks have less than 2% industry market share under the assets category apart from Bank of Africa whose share stands at 2.4%. This is after its assets increased by 12.65% to Shs992.2bn in 2021, up from Shs880.8bn recorded a year earlier.

New entrant, Afriland First Bank has the smallest assets with Shs34bn, representing 0.08% industry assets market share.

From the bottom, it is followed by ABC with total assets of Shs62.28bn and a market share of 0.15%.

Third from bottom is Cairo Bank Uganda whose assets grew by 5.46% to Shs230.95bn in 2021, up from Shs219bn in 2020. Its industry market share is 0.56% under the assets category.

It is followed by Opportunity Bank with an industry assets market share of 0.60%. This is after its assets slightly increased to Shs249bn in 2021, up from Shs242.5bn recorded a year earlier.

It is closely followed by Guaranty Trust Bank with a market share of 0.62%. This after its assets increased by 7.64% to Shs258.5bn in 2021, up from Shs240.16bn recorded a year earlier.

Tropical Bank follows with total assets of 272.55bn representing 0.66% market share under the assets category.

Other banks whose market share under the assets category is below 2% include  Bank of India (Shs362.8bn/0.88% market share), Finance Trust Bank (Shs393.85bn/0.95% market share), Exim Bank (Shs399.5bn/0.97% market share), Ecobank (504.06bn/1.22% market share), UBA (Shs555.91bn/1.34% market share), I&M Bank (710.39bn/1.72% market share), NCBA (Shs719.72bn/1.74% market share), PostBank (Shs 745bn/1.8% market share) and KCB Bank (Shs790.26bn/1.91% market share).

Bank-Assets-2021-Uganda

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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