September 19, 2025
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2022 in review: Which Ugandan banks were the most profitable?

BankView Staff866 mins

In 2022, Uganda’s banking sector demonstrated a robust performance, showcasing a resilient post-Covid-19 economic recovery. Commercial banks achieved remarkable results across essential performance indicators in 2022.

Based on the audited financial statements for the year ended 31st December 2022, 23 out of the 25 registred banks achieved a remarkable net profit of Shs1.29 trillion, surpassing the Shs1.081 trillion recorded by 18 banks in 2021. This represents the highest profit ever recorded in the history of Uganda’s banking industry.

In contrast, only two banks incurred losses amounting to Shs13.34 billion, a significant improvement compared to the eight banks that reported a net loss of Shs79.82 billion in 2021.

Under the leadership of Chief Executive Anne Juuko, Stanbic Bank Uganda Ltd (SBUL) continued to hold its position as the most profitable bank in Uganda. In 2022, the bank achieved a remarkable profit of Shs366 billion, marking a significant increase of 32.89% compared to its profit of Shs275.43 billion in 2021.

Centenary Bank, led by Managing Director Fabian Kasi, maintained its position as the second most profitable bank in Uganda. The bank recorded a net profit of Shs249.6 billion in 2022, showing an 18.01% increase from Shs211.51 billion in the previous year. With a market share of 19.55% in the profit category, Centenary Bank remains a strong player in the industry.

Absa Bank Uganda, under the leadership of Managing Director Mumba Kalifungwa, also retained its position as the third most profitable bank in the country. The bank’s profit grew by 28.9% to Shs141.16 billion in 2022, compared to Shs109.51 billion in 2021. This translates to an industry market share of 11.05% in the profit category.

Bank of Baroda, which was in 4th position experienced a notable growth in profit. Under the leadership of Raj Kumar Meena, who resigned as Managing Director on March 15, 2023, the bank achieved a profit of Shs122.18 billion in 2022, marking a 35.41% increase from Shs90.23 billion the previous year. The bank’s industry market share in this category is 9.57%. Shashi Dhar has taken over as the new Managing Director of Bank of Baroda.

Housing Finance Bank, led by Managing Director Michael Mugabi, secured the 5th position. This indigenous bank, predominantly owned by the Government of Uganda, experienced a remarkable profit growth of 42.79% in 2022. The bank’s profit increased to Shs58.5 billion from Shs40.97 billion in 2021.

The combined market share of the top five most profitable banks amounts to 73.41% of the industry’s profits, while the remaining 20 banks are left to divide the remaining 26.59%.

Bank2021
(UGX Billions)		2022
(UGX Billions)		Change
(UGX Billions)		Percentage Change
1ABC Bank0.360.8030.443123.06%
2ABSA109.51141.1631.6528.90%
3Bank of Africa27.7429.311.575.66%
4Bank of Baroda90.23122.1831.9535.41%
5Bank of India9.9410.040.11.01%
6Cairo Bank-1.87-5.27-3.4181.82%
7Centenary Bank211.51249.638.0918.01%
8Citi Bank55.352.39-2.91-5.26%
9DFCU Bank13.2130.6417.43131.95%
10Diamond Trust Bank30.8135.764.9516.07%
11Ecobank Uganda-8.080.4018.481-104.96%
12Equity Bank8645.75-40.25-46.80%
13Exim Bank2.085.13.02145.19%
14Finance Trust9.168.54-0.62-6.77%
15Guaranty Trust5.345.770.438.05%
16Housing Finance40.9758.517.5342.79%
17I&M Bank-22.865.6128.47-124.54%
18KCB Bank7.3532.8825.53347.35%
19NCBA Bank-14.822.7937.59-253.99%
20Opportunity Bank-6.35-0.2126.138-96.66%
21Post Bank12.2315.162.9323.96%
22Stanbic Bank275.43336.0360.622.00%
23Standard Chartered94.2844.23-50.05-53.09%
24Tropical Bank-12.857.4320.28-157.82%
25United Bank for Africa-10.34-8.072.27-21.95%

As previously mentioned, only two banks, United Bank for Africa (UBA) Uganda and Cairo Bank Uganda, incurred losses in 2022.

UBA Uganda, under the leadership of Chioma A. Mang as Managing Director recorded a loss of Shs8.07bn in 2022, an improvement from the Shs10.34bn loss reported in 2021.

Cairo Bank Uganda also experienced a loss of Shs5.27bn in 2022, compared to a loss of Shs1.87bn in 2021. The bank’s non-performing loans (NPLs) increased to Shs21.06bn in 2022, up from Shs8.73bn in 2021. Notably, Ahmad Maher Nada stepped down as Managing Director at the end of the previous year, and Sylvia Jagwe Owachi, the Executive Director, assumed the role of Acting Managing Director.

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