For long, Uganda’s number one spot in the banking sector has been awarded to the financial institution with the biggest net profit (profit after tax) and bank assets. On 21st October 2016, Uganda’s once mighty local bank; failed Crane Bank, third largest by bank assets was placed under statutory management by the regulator; Bank of Uganda. A bank that had won numerous Euro-money excellence awards was on the spotlight due to management’s failure to comply with the minimum capital requirements, among other regulatory requirements.
On 27th January 2017, dfcu Bank acquired some assets and liabilities of failed Crane Bank and the rest is now history. In June 2017, dfcu Limited posted record-high first-quarter profits. In the first half of 2017 profits before tax amounted to Ugx. 151 billion—two-and-a-half times more than in December 2016 and the highest ever for the period. Similarly, half year 2017 profits at Stanbic Bank slumped by 11% to Ugx. 95 billion as of 30 June 2017. On this basis, one would conclude that dfcu Bank is Uganda’s top bank by the look of figures.
During the Financial Year 2018, five (5) banks were loss-making. Bank profits were slumped due to the effect of the first-time adoption of Financial International Reporting Standards Nine (IFRS 9), impairment provisioning. The year has been described as a ‘difficult year’. Amidst the heated banking landscape, Summit Consulting Ltd’s Business Intelligence Unit has dug deep to provide a comprehensive banking report 2019.
To download the 2019 banking report, click here.
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