A photo montage of CEOs of the top 10 most profitable banks in Uganda
Uganda’s banking sector posted strong profitability growth in 2025, with 22 commercial banks registering a combined net profit of UGX2.18 trillion, up from UGX1.61 trillion recorded in 2024, according to an exclusive analysis by Business Focus.
The performance highlights the continued resilience of the country’s banking industry despite tighter capital requirements introduced by the Bank of Uganda. However, the results also reveal growing concentration within the sector, with the top 10 most profitable banks controlling 87.68% of total industry earnings, leaving the remaining 13 banks to share just 12.32%.
The top five banks alone accounted for 69.02% of the sector’s profits.
Sector Changes
Uganda currently has 22 fully-fledged commercial banks following the downgrade of Finance Trust Bank to a Tier II Credit Institution licence effective April 1, 2026 after failing to meet the minimum capital requirement of UGX150 billion. For purposes of the 2025 analysis, however, Finance Trust Bank was considered a commercial bank because it operated under a Tier I licence during the review period.
Earlier in 2024, the central bank also approved the transition of ABC Capital Bank, Opportunity Bank, and Guaranty Trust Bank from Tier I commercial banking licences to Tier II credit institution licences after failing to meet the revised capital threshold.
Market Leaders
Stanbic Bank Uganda retained its position as Uganda’s most profitable bank after posting a 20.42% increase in net profit to UGX586.2 billion in 2025, up from UGX486.8 billion a year earlier. The performance gives the lender a 26.89% share of total industry profits under the leadership of Chief Executive Mumba Kenneth Kalifungwa.
“This performance reflects the collective effort of our people, the trust of our clients, and the strength of our partnerships. I am encouraged by the momentum we have built and confident in our ability to sustain it,” Kalifungwa said.
Centenary Bank maintained second position after its profit grew 23.94% to UGX424.23 billion from UGX342.28 billion in 2024, translating into a 19.46% market share under the profit category. The year marked the final full reporting period under outgoing Managing Director Fabian Kasi before the appointment of Godfrey Byekwaso effective July 2026.
Together, Stanbic and Centenary controlled 46.35% of total banking sector profits.
Absa Bank Uganda ranked third after recording a 25.04% increase in profit to UGX222.4 billion in 2025, up from UGX177.86bn recorded a year earlier.
Under the leadership of David Wandera as Managing Director, Absa’s market share is 10.20% under the profit category.
Bank of Baroda Uganda remained fourth with profit rising 17.08% to UGX156.83 billion, while Standard Chartered Bank Uganda posted one of the sharpest improvements in the sector. The bank recorded UGX115.09 billion profit in 2025, up from UGX19.09 billion in 2024, representing growth of 502.88% following restructuring that included the sale of its retail and wealth business to Absa.
Profit Growth
Equity Bank Uganda registered profit growth to UGX101.09 billion from UGX20.14 billion in 2024 under Managing Director Gift Shoko.
Citibank Uganda posted UGX89.37 billion in profit, up 24.28% year-on-year, making it the seventh most profitable bank in Uganda. The bank is led by Sarah Arapta, currently the only female CEO among the country’s top 10 most profitable banks.
Housing Finance Bank also delivered strong growth, with profit increasing 20.1% to UGX85.43 billion under Managing Director Michael K. Mugabi.
dfcu Bank recorded an 8.48% increase in profit to UGX81.5 billion. The lender’s total income rose 16% to UGX526 billion, supported by a 20% increase in non-funded income.
Dfcu Bank Managing Director, Charles Mudiwa, attributed the performance to a phased transformation programme focused on stabilizing operations, strengthening leadership structures, rebuilding governance frameworks, and addressing structural inefficiencies.
“These actions restored credibility, improved resilience, and created the conditions for the growth that is now evident in the business,” said Mudiwa.
KCB Bank Uganda completed the top 10 after posting a 64.56% increase in profit to UGX49.27 billion under Managing Director Edgar Byamah.
Smaller Players
Among the smaller but profitable lenders, government-owned Pearl Bank emerged as the 11th most profitable bank after posting UGX47.3 billion in profit.
Other banks posted the following profits: NCBA Bank Uganda (UGX37.91 billion), Bank of Africa Uganda (UGX34.43 billion), Diamond Trust Bank Uganda (UGX26.1 billion), Ecobank Uganda (UGX24.34 billion), Bank of India Uganda (UGX21.28 billion), Finance Trust Bank (UGX18.06 billion), Exim Bank Uganda (UGX17.6 billion), United Bank for Africa Uganda (UGX16.53 billion), Tropical Bank (UGX12.6 billion), I&M Bank Uganda (UGX10.23 billion), and Cairo Bank Uganda (UGX10 billion).
Only Salaam Bank Uganda posted a loss of UGX3.24 billion in 2025, largely reflecting the costs associated with establishing new operations after becoming Uganda’s first licensed Islamic bank in 2023 and officially launching operations in 2024.
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