NCBA Bank Uganda is setting an ambitious course for 2025, aiming to strengthen its leadership in corporate banking, accelerate digital transformation, and advance sustainability through green finance initiatives.
Executives announced on May 12 that the bank will enhance its digital infrastructure, introduce upgraded corporate and retail internet banking platforms, and boost customer engagement via the MoKash Solution.
A major sustainability initiative is also in the pipeline, with plans to roll out electric vehicles (EVs) and establish two public EV charging stations in collaboration with customers and suppliers, supporting the transition to low-carbon business models.
NCBA CEO Mark Muyobo reaffirmed the bank’s commitment to delivering sustainable value for stakeholders, emphasizing its role as a key financial partner for retail and SME clients. He also highlighted industry-specific initiatives like asset finance to reinforce corporate banking leadership.
This strategy builds on NCBA’s strong financial performance in 2024, when the bank reported a net profit of Shs38.9 billion, up from Shs26.9 billion in 2023. Profit Before Tax rose by 40% to Shs46 billion, while Operating Income increased by 13% to Shs95 billion. Customer deposits grew by 15% to Shs654 billion, and Net Loans and Advances expanded by 18% to Shs298 billion, contributing to a 9% rise in Total Assets, which reached Shs963 billion.
The bank also improved its risk management framework, reducing its Non-Performing Loan (NPL) ratio to 3.8%, below the industry average of 5.2%. This led to a credit impairment reversal of Shs2 billion, contrasting with the Shs10.7 billion charge recorded in 2023.
Strategic branch expansion, including a new outlet at Namanve Industrial Park, alongside digital service enhancements like the BOSS platform and fintech partnerships, helped NCBA reach approximately 4.5 million active customers, reinforcing its commitment to financial inclusion.
Beyond banking, NCBA demonstrated its dedication to sustainability and social impact in 2024. Through its Change the Story initiative, the bank partnered with the National Forestry Authority to plant 20,000 trees in Jubiya Forest Reserve. It also invested in sports development, sponsoring the NCBA Golf Series, the Monthly Mug, and the Junior Golf Series, while supporting community causes such as the Makerere University Run 2024 for students with disabilities.
Uganda’s banking sector saw record profits in 2024, with industry-wide net earnings rising 16% year-on-year to Shs1.6 trillion ($420 million), driven by improved cost structures, asset quality, and digital transformation across leading banks. This strong performance underscores the sector’s resilience amid evolving macroeconomic conditions and regulatory shifts.
