Post Bank records strong 2021 results and promises better service provision in 2022

PostBank Uganda Limited, the Government of Uganda owned bank has announced its 2021 financials posting yet another year of healthy growth.

In the results released on 25th April 2022, the bank reported, that customer deposits, the lifeblood of every bank, had grown by UGX58.3 billion – a growth of 13% from UGX449 billion in 2020 to UGX507.2 billion.

The double-digit growth in customer deposits enabled the bank to boost its lending book by an impressive 35.9% – from UGX334.7 billion to UGX454.9 billion – a growth of UGX120.2 billion.

Despite increased investment especially into new technology, that pushed expenditure, upwards from UGX104.3 billion to UGX126.9 billion, the bank still reported a healthy 21.5% growth in net profit – from UGX10.1 billion to UGX12.2 billion.

Shareholder Funds also grew by 15.5% from UGX101.4 billion to UGX117.1 billion.

The 2021 results are Julius Kakeeto’s second full-year results since he joined the bank in October 2019 and the first since the bank got a Tier One Commercial banking licence in December 2021. The impact of the licence is however expected to start bearing fruits in 2022.

Commenting on the results, Mr. Kakeeto said that the 2021 strong performance was underpinned by the continued steady execution of the bank’s transformation agenda – which seeks to shape the bank into a market leader in financial inclusion and a pacesetter in economically transforming the lives and livelihoods of its customers.

2021 was a tough year owing to the COVID-19 pandemic. Many customers were still suffering from the effects of the 2020 lockdown and then they had to deal with another lockdown in 2021. At PostBank, we focused on supporting the adversely affected businesses to survive and recover through restructuring of facilities and providing working capital support,” he said, adding: “The Bank continued with its strategy of revamping and widening its distribution channels to enable access to its products and services while improving customer experience.” Mr. Kakeeto said.