Post bank yesterday announced its financial results with a 19% increase in net profit for the year ended December 31st, 2022. The bank reported a net profit of UGX. 15.1 billion, a solid year-over-year growth of 19.3% up from the UGX. 12.2 billion Net profit posted in 2021. Its total assets grew significantly by 21.3% from UGX. 745 billion in 2021 to UGX.946. 6 billion in 2022, which is almost 1 trillion and total income also increased from UGX. 144.5 billion in 2021 to UGX. 159.2 billion in 2022, which can be attributed to the digital transformation journey that began in 2020.
Julius Kakeeto, Managing Director, Postbank Uganda, commented on the bank’s financial Performance and thanked the shareholder for supporting Postbank. “Our shareholder has resolved to capitalize retained earnings of the UGX. 19Bn as at 31st December 2022.”
Digital channels embraced in 2022 include Post Mobile – *263#, PostApp, Post Online, Post Agents and smartATMs, experienced tremendous growth, with digital transactions representing 60% of all Bank transactions for the year, compared to about 10% 3 years ago in 2021.
The bank has been able to open up more 5 new branches, rolled out smart ATMs, enhanced the PostApp and started on a journey to serve the PDM with a solution that ensures funds reach the final beneficiary. It is still awaiting regulatory approval.” He added that considering where the bank was 3Years ago, PBU has made tremendous strides in the right direction. Hon. Minister Evelyn Anite, the state minister for Investment and Privatization, who represented the state commended the Board and Management of Postbank for the stellar performance over the last 3 years. She challenged them to sustain this level of performance so as to serve more Ugandans.
