Uganda Development Bank (UDB) has posted a Shs49.8 billion profits up from Shs42.6 billion, the just released 2023 financial year results indicate.
The results indicated that the bank continued to grow, with total assets closing at Shs1.67 trillion in 2023, an uplift from Shs1.52 trillion the previous year.
Loans and advances stood at Shs1.47 trillion, growing 20% from Shs1.22 trillion, underpinned by the Shs610 billion in new loan disbursements realized during the reporting period.
This resulted from the sustained growth in the bank’s balance sheet, matched by prudent investment in interest-earning assets while ensuring lean operations.
UDB’s net loans expanded to Shs1.47 trillion in 2023, reflecting robust support for the private sector. In 2023, the Bank approved funding of Shs692 billion in new loans to over 200 enterprises in 63 districts nationwide.
UDB Managing Director Patricia Ojangole noted that in 2023, the bank approved Shs691.8 billion and disbursed Shs610 billion, demonstrating a dedicated approach to supporting private business growth.
“UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda. Our focus on key priority sectors underpins our mission to deliver high socio-economic value and support Uganda’s long-term development goals,” she said.
Similarly, these businesses’ profitability improved to Shs869 billion from Shs492 billion in 2022. Because of improved output, performance, and profitability amongst the companies financed by the Bank, their total contribution to government tax revenue grew by 60%, to Shs236.1 billion from the Shs147.5 billion registered in 2022.
The report shows that 51,841 jobs were created/maintained amongst the enterprises that the Bank financed, compared to 51,439 jobs realised in 2022.
“64% of the jobs created and maintained were filled by the youth, 27% by women, and 0.25% by persons with disabilities (PWDs). Additionally, 33%, 39%, and 0.2% of the youth, women, and PWDs, respectively, are among the shareholders,’ the report reads.
Supporting Private Sector Performance This output value grew 71% year-on-year, from Shs3.4 trillion in 2022 to Shs5.8 trillion in 2023, supported by improved production mainly in agriculture and industry.
The Chairman of the Board of Directors, Uganda Development Bank, Felix Okoboi, pledged the bank’s continued commitment towards catalysing socio-economic development within the country.
“UDB remains resolute in driving inclusive economic growth through innovative financing solutions and leveraging strategic partnerships, reinforcing its role as a catalyst for sustainable development in Uganda,” Okoboi said.
