PostBank announced its 2022 financial results on Tuesday, reporting a 19% increase in net profit. The state‑owned bank posted a net profit of Shs 15.1 billion, up from Shs 12.2 billion in 2021—a year‑over‑year growth of 19.3%. Total assets rose sharply by 21.3%, climbing from Shs 745 billion in 2021 to Shs 946.6 billion in 2022, approaching the one‑trillion mark. Correspondingly, total income increased from Shs 144.5 billion to Shs 159.2 billion, a gain attributed to the bank’s digital transformation that began in 2020.
Addressing the media after the annual general meeting, shareholder representative Evelyn Anite, the State Minister for Investment and Privatization, praised the board and management for their stellar performance over the past three years. She urged the team to sustain this level of achievement to serve more Ugandans, emphasizing that the bank is stable and not facing collapse or liquidation. Managing Director Julius Kakeeto thanked the shareholder for its support and noted that the shareholder resolved to capitalize retained earnings of Shs 19 billion as of 31 December 2022.
Digital channels—including PostMobile, PostApp, PostOnline, PostAgents, and smart ATMs—experienced tremendous growth, with digital transactions accounting for 60% of all bank transactions in 2022, compared with about 10% three years earlier. Despite challenging economic conditions, shareholders’ equity rose to Shs 135.6 billion in 2022 from Shs 117 billion in 2021.
Board Chairman Andrew Otengo Owiny expressed satisfaction with the bank’s performance, highlighting improvements in operational efficiency and customer service. He noted the opening of five new branches, the rollout of smart ATMs, enhancements to the PostApp, and the initiation of a solution to support the Parish Development Model (PDM), pending regulatory approval. Owiny reflected on the bank’s progress over the past three years and outlined a future focus on leadership in agribusiness and micro, small, and medium‑enterprise support—sectors core to the country’s economy.
Officials confirmed that PostBank’s capital position remains strong, with paid‑up capital of Shs 129 billion following the AGM resolutions, exceeding the Bank of Uganda’s interim limit of Shs 120 billion. The bank is confident it will meet the minimum Shs 150 billion required by June 2024. Anite added that the end‑of‑year accounts and accompanying financial statements, audited by the Auditor General, comply with International Financial Reporting Standards, the Uganda Companies Act, and the amended Financial Institutions Act 2004. In terms of capital and financial performance, the bank is well positioned to expand its offerings and deliver more competitive products and innovations to customers in the future.
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