Uganda Development Bank (UDB) announced a 16% rise in net profit to Sh57.8 billion in 2024, up from Sh49.8 billion the previous year. The results, released during its Annual General Meeting in Kampala, highlight the bank’s growing role in financing development projects.
Managing Director Patricia Ojangole said UDB’s total assets grew by 7% to Sh1.78 trillion, supported by government funding and retained earnings. The loan portfolio expanded by 9% to Sh1.53 trillion, with Sh454 billion approved for 170 enterprises across 67 districts.
These investments are expected to create 17,832 new jobs and generate Sh9.7 trillion in output. The bank’s active projects now stand at 770, spread across 103 districts.
Industry received half of UDB’s funding, with agro-processing taking 46.8%, manufacturing 50%, and minerals 3.2%. The bank also trained 450 small businesses and incubated 71 startups under its Business Accelerator programme.
UDB-backed firms created 55,553 jobs, with youth filling 59.9% and women 31.3%. Their combined output rose to Sh6.05 trillion, while tax contributions jumped to Sh316 billion.
The bank maintained a 31% cost-to-income ratio and improved its return on assets to 3.26%. It won multiple awards, including Regional Bank of the Year at the African Banker Awards.
Finance Minister Matia Kasaija praised UDB for aligning with national development goals. Board Chairman Geoffrey Kihuguru reaffirmed the bank’s commitment to sustainable growth.
