Businessman Sudhir Ruparelia has received Shs2.25 billion in dividends from his shareholding in Bank of Baroda Uganda following the lender’s strong financial performance for the year ended December 31, 2025.
A payment document dated August 19, 2026 shows that Ruparelia was paid Shs2,250,981,000 by Bank of Baroda (Uganda) Limited as dividends from his shareholding in the bank.
The payment corresponds exactly with his reported holding of 375,163,500 shares in the listed bank and a dividend of Shs6 per share declared for the 2025 financial year. At Shs6 per share, the 375,163,500 shares generate Shs2,250,981,000, matching the amount on the payment document.
Ruparelia owns about 2.5% of Bank of Baroda Uganda, making him one of the largest individual shareholders in the lender. The majority stake is held by Bank of Baroda of India, while other significant shareholders include the National Social Security Fund, businessman Ceasor Mulenga and dfcu Bank.
The dividend payment gives fresh prominence to Ruparelia’s long standing position in Uganda’s listed banking sector and comes at a time when Bank of Baroda Uganda has continued to strengthen its financial performance.
For the year ended December 31, 2025, the bank reported profit after tax of Shs156.84 billion, up from Shs133.95 billion in 2024, representing a 17.08 percent increase. Its earnings per share also rose from Shs8.93 to Shs10.46.
The bank’s balance sheet also expanded during the year, with total assets rising by 13.46 percent to Shs3.497 trillion from Shs3.083 trillion in 2024.
Net loans and advances increased by 11.56 percent to Shs1.614 trillion, while customer deposits grew by 14.34 percent to Shs2.521 trillion from Shs2.205 trillion the previous year. The bank also reported growth in its net interest income, which reached about Shs231.77 billion in 2025, up from Shs196.39 billion in 2024.
The improved earnings enabled the bank to increase its dividend payout. Available financial data shows that Bank of Baroda Uganda’s dividend per share rose from Shs2 for the 2023 financial year to Shs4 for 2024 and then to Shs6 for 2025.
This marks a significant improvement from earlier years when the bank paid lower dividends. The bank paid Shs2 per share for the 2023 financial year, amounting to Shs30 billion, while the dividend for 2024 was doubled to Shs4 per share, translating into Shs60 billion to shareholders.
With the 2025 dividend set at Shs6 per share, the total distribution to shareholders would amount to Shs90 billion if applied across the bank’s 15 billion issued shares. The figure is consistent with the reported per share dividend and the bank’s share structure.
For Ruparelia, the latest payment is part of a broader portfolio of investments in Uganda’s capital markets. His holdings have included stakes in several listed financial institutions, with Bank of Baroda Uganda and Stanbic Uganda Holdings among his prominent investments. His 2.5 percent stake in Bank of Baroda Uganda has remained one of his notable publicly traded investments.
His investment in Bank of Baroda Uganda also places him among the better-known individual investors on the Uganda Securities Exchange. Publicly available shareholder information lists him with 375,163,500 shares, equivalent to about 2.5 percent of the bank.
The latest dividend is therefore not simply a payment from the bank but also an illustration of how substantial shareholdings in profitable listed companies can generate recurring income for investors.
Bank of Baroda Uganda has maintained a presence on the Uganda Securities Exchange for more than two decades. The bank offered 20 percent of its shares to institutional and private investors through an initial public offering in November 2002, creating an avenue for Ugandan investors and institutions to participate directly in its ownership.
Over the years, the lender has remained one of the established counters on the Ugandan stock market, with its dividend history showing periods of significant increases. Dividend payments included Shs10 per share in some of the years between 2019 and 2022, before the dividend structure changed in subsequent years.
The bank’s latest results suggest that its improved dividend position is supported by stronger underlying earnings rather than a rise in payouts alone. Profit after tax increased by more than Shs22.8 billion between 2024 and 2025, while total assets, deposits and lending all recorded double digit growth.
The bank’s 2025 performance comes amid a broader push by commercial banks in Uganda to expand lending, mobilise deposits and improve digital and customer-focused services while maintaining profitability.
For Ruparelia, whose business interests span real estate, hospitality, education, insurance, agriculture and other sectors through the Ruparelia Group, the Bank of Baroda investment represents part of his investment portfolio.
His Shs2.25 billion dividend was paid on August 19, 2026, shortly after the bank’s 2025 annual dividend of Shs6 per share became payable to shareholders. Market data indicates that the dividend payment date was August 21, 2026, following the July 24 ex dividend date.
The payment means Ruparelia has earned more than Shs4.5 billion from Bank of Baroda Uganda dividends over the last two reported financial years alone, based on his unchanged 375,163,500 shareholding and the Shs4 per share dividend for 2024 followed by Shs6 per share for 2025.
His Shs2.25 billion payment also illustrates the financial impact of owning a sizeable stake in a listed company when earnings and shareholder distributions rise. With Bank of Baroda Uganda reporting another year of double-digit profit growth, shareholders stand to benefit from the lender’s continued performance as the bank seeks to sustain growth in assets, deposits, and lending.
