Post Bank has registered Shs27.5 billion in profits after tax, the just-released 2023 financial year results indicate. Julius Kakeeto, the managing director and CEO of Post Bank, alluded to the fact that profits are linked to an increase in interest on deposits and placements, loans and advances, investment securities, and foreign exchange income.
“This reinforces the bank’s capital position as it prepares itself for the new minimum capital requirements that will take effect on June 30, 2024, and demonstrates the bank’s consistent improvement in its operations,” he said.
The bank reported an increase in its earnings from Shs159 billion recorded in the previous year to Shs206 billion in 2023. This is alluded to by an increase in customer loans and deposits and the drive to diversify our business lines.
He said our growth over the past five years is undeniable! We have increased our profit after tax from Shs8.4 billion in 2019 to an impressive Shs27.5 billion in 2023.
Whereas its total expenditure stood at Shs171 billion, the bank paid 6.8 billion in tax in the last financial year. The customer’s deposits stood at Shs789.8 billion, while the total liabilities and shareholders’ equity were Shs1 billion.
