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Shareholder Commends PostBank for Being a Profitable Government Entity and Registering Ushs. 35.4 billion PAT in 2024 Financials
Kampala,Uganda | THE INDEPENDENT | Shareholders have hailed PostBank for being among the top 10 performing banks in the country and seconded its rebranding to Pearl Bank.
The highlight of the bank’s solid performance saw them become among the most profitable government entities after posting sh35.4 billion profit after tax (PAT) in the 2024 financials.
PostBank Uganda, whose purpose is to foster prosperity for Ugandans, on Thursday held its 2024 Annual General Meeting (AGM) at the Ministry of Finance, Planning, and Economic Development (MoFPED) offices in Kampala, where its performance was commended by the shareholders.
Building on the success registered in the previous years, PostBank continued to showcase resilience, growth, and stability among other key metrics, which yielded strong performance results for the year ending 2024.
The bank grew its income by 20%, from sh206 billion to sh248 billion, deposits grew by 25%, from sh790 billion to ah990 billion, and the loan book grew by 19%, from sh603 billion to sh719 billion. The bank closed the year with a Profit After Tax of sh35.4 billion, reflecting a 28% growth from 2023.
“I am very delighted by the progress the bank has made in solidifying its position as a transformative force since becoming a fully-fledged commercial bank in December 2021, said the Board Chairman, Andrew Otengo Owiny, adding that the bank has 57 branches and over 6,000 agents across the country, which provides a strong footprint for financial inclusion.”
Owiny further mentioned, “The bank has continued to support the government’s programmes, including digitizing payments for the Parish Development Model through Wendi, which has created convenience and transparency as the funds can now be pushed directly to the ultimate beneficiary.
At the start of the year, PostBank Uganda rolled out its purpose of Fostering Prosperity for Ugandans, through the two high-impact goals of Driving Sustainable Financial Inclusion and Stimulating Entrepreneurship and Services. The key strategic focus areas for 2024 were sustainable financial inclusion, customer satisfaction, service and innovation, sustainability, proactive stakeholder management and relevance, support to MSMEs, risk management, and this strategic approach has enabled the bank to boost its performance.
Following the Bank’s transformation and strong progress over the last five (5) years, the shareholders approved the Bank’s strategy to change its name and rebrand to reposition itself better and attract stronger banking partners as well as high-value depositors that can continue scaling lending to MSMEs and Agriculture.
During the AGM, Matia Kasaija, Minister of Finance, Planning, and Economic Development, said, “Therefore, I stand here to announce that we shareholders of PostBank have approved the rebrand of the bank to a name that evokes a sense of pride in all of us in being Ugandan. A name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity. Taken from Sir. Winston Churchill’s portrayal of Uganda as “The Pearl of Africa” for its natural beauty, abundant wildlife, and cultural diversity, PostBank will rebrand to become Pearl Bank Uganda Limited, which is subject to Bank of Uganda approvals.”
He added that, “On behalf of the shareholders, I wish the bank continued success as they begin this transition period of the rebrand. I invite all the Bank’s customers and Ugandans at large to be part of this journey that will strengthen the bank’s ability to foster prosperity for Ugandans through driving sustainable financial inclusion and supporting the government’s ATMS strategy, especially in agriculture value addition.”
PostBank Uganda Managing Director Julius Kakeeto noted that rebranding is part of the wider strategy to grow PostBank into a leading indigenous commercial bank. Four years ago, the emphasis was on strengthening governance and risk management, deploying the right technology, improving service, and becoming profitable. Last year, the bank’s strategy evolved into delivering economic and social impact sustainably, as evidenced by rolling out a new purpose of “Fostering Prosperity,” which is implemented through the high-level goals of driving financial inclusion and stimulating entrepreneurship and services.
“As mentioned by the Minister, rebranding enables the bank to attract strategic partners and high-value deposit customers. This will enable the bank to continue supporting MSMEs and the agriculture value chain, in the process growing productivity and incomes of Ugandans,” Kakeeto concluded.
