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Uganda’s Biggest Banks By Customer Deposits Revealed

Total banking industry customer deposits increased to Shs23.21 trillion in 2019, up from Shs19.63 trillion, an exclusive analysis done by Business Focus shows.

This analysis is based on financial results for 2019 released by 25 commercial banks between March and May 2020. It excludes Afriland First Bank Uganda Limited that joined the Ugandan market effective September 12, 2019.

The results show that nine (09) banks have a market share that is less than one, further highlighting how a few banks are controlling the market.

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The Top 10

Stanbic Bank also leads under this category; its customer deposits increased by 20.51% to 4.7 trillion in 2019, up from Shs3.9 trillion in 2018.

Headed by Anne Juuko as CEO, Stanbic’s market share under this category is 20.24%.

It is followed by Centenary Bank, an indigenous bank headed by Fabian Kasi as Managing Director.

The bank’s customer deposits increased by 10.96% to Shs2.53 trillion in 2019, up from Shs2.28 trillion recorded in 2018.

Its market share stands at 10.9%.

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In third is Absa Bank Uganda that is headed by Mumba Kalifungwa as Managing Director. The bank’s customer deposits increased by 22.47% to Shs2.18 trillion, up from Shs1.78 trillion recorded a year earlier. This gives it a market share of 9.39% under the customer deposits category.

Standard Chartered Bank comes fourth after its customer deposits increased to Shs2.13 trillion from Shs1.92 trillion.

Headed by Albert R. Saltson as CEO, StanChart’s market share as of 30th December 2019 is 9.17%.

dfcu Bank that is headed by Mathias Katamba as Managing Director comes fifth with a market share of 8.74%. This is after its customer deposits increased to Shs2.03 trillion in 2019, up from Shs1.97 trillion recorded a year earlier.

The top five banks control over 58.44% of the customer deposits industry market share. The remaining 20 banks share 41.56%.

In 6th position is Bank of Baroda whose market share is 6.16% after its customer deposits increased to Shs1.43 trillion in 2019, up from   Shs1.3 trillion recorded in 2018.

It is followed by Diamond Trust Bank with 5.68%. This is after its customer deposits increased to Shs1.32 trillion in 2019 up from Shs1.148 trillion in 2018.

Equity Bank comes 8th after its customer deposits increased to Shs1.24 trillion in 2019, up from Shs875.5bn in 2018. Its market share stands at 5.34%.

 Orient Bank comes 9th with a market share of 2.9%. This is after its customer deposits increased to Shs673.4bn in 2019, up from Shs618bn recorded a year earlier.

KCB completes the top 10 banks in Uganda when it comes to customer deposits. This is after it registered Shs662.8bn in customer deposits up from Shs489.5bn recorded in 2018. Its market share is 2.85%.

The top 10 banks control 81.3% of the industry customer deposits, leaving the 15 banks to share the remaining 18.63%.

It is followed by Citi bank that saw its customer deposits increase by 22.5% to Shs656.75bn in 2019, up from Shs536.13bn recorded in 2018, giving it a market share of 2.83%.

Bank of Africa is 12th with a market share of 2.41%. This is after customer deposits slightly increased to Shs578.5bn in 2019, up from Shs568.86bn recorded a year earlier.

Housing Finance Bank comes 13th after its customer deposits increased to Shs559.8bn in 2019, up from Shs451.3bn in 2018.

Housing Finance Bank

Its market share is 2.41%.

It is followed by Ecobank whose customer deposits increased by 90.74% to Shs549.9bn in 2019, up from Shs288.3bn recorded a year earlier.

It has a market share of 2.37% under the category of customer deposits.

United Bank for Africa comes 15th after its customer deposits increased to Shs326.26bn in 2019 from Shs244.67bn recorded a year earlier.

Exim Bank is 16th with a market share of 1.19%. This is after its customer deposits increased to Shs275.56bn in 2019, up from Shs225.9bn in 2018.

Banks whose market share under the category of customer deposits is below 1% include; Tropical Bank (0.96%), Bank of India (0.93), NC Bank (0.82%),  Guaranty Trust Bank(0.77%), Commercial Bank of Africa (0.77%), Finance Trust Bank (0.66%),  Cairo (0.52%), Opportunity bank (0.37%) and ABC Capital Bank (0.10%).

More details in the table.

For tips or feedback on this story, reach out to us via staddewo@gmail.com/0775170346, follow me @TaddewoS @BusinessFocusug for further unmatched analysis of Uganda’s banking sector and the economy at large.

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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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