The state-owned bank reported a net profit of Shs 15.1 billion, a solid year-over-year growth of 19.3% up from the Shs 12.2 billion net profit posted in 2021.
The bank's total income also increased from Shs 144.5 billion in 2021 to Shs 159.2 billion in 2022, which can be attributed to the bank's digital transformation journey that began in 2020.
Addressing the media after the annual general meeting on Tuesday, the shareholder, represented by
She challenged them to sustain this level of performance so as to serve more Ugandans, calling upon Ugandans.
"I am very excited to announce that this is a very good job done by the board and management of
The managing director of PostBank Uganda, Julius Kakeeto, commented on the bank's financial performance and thanked the shareholder for supporting the bank.
"Our shareholder has resolved to capitalise retained earnings of Shs 19 billion as at
Digital channels including PostMobile, PostApp, PostOnline, PostAgents and smart ATMs, experienced tremendous growth, with digital transactions representing 60% of all bank transactions for the year, compared to about 10% 3 years ago.
Despite the challenging economic conditions, the bank's shareholders' equity increased to Shs 135.6 billion in 2022 from Shs 117 billion in 2021.
The board chairman of
"We opened five new branches, rolled out smart ATMs, enhanced the PostApp and started on a journey to serve the Parish Development Model (PDM) with a solution that ensures funds reach the final beneficiary. It is still awaiting regulatory approval," he said.
He said considering where the bank was 3 years ago, the institution has made tremendous strides in the right direction.
"We are looking forward to a future where we take leadership in supporting Agribusiness and
Officials said
They said this is above the interim limit of Shs 120 billion set by
Anite said the bank's end-of-year accounts and accompanying financial statements were audited by the Auditor General and found consistent with International Financial Reporting Standards (IFRS) and the Uganda Companies' Act plus the amended Financial Institutions Act 2004.
In terms of its capital and financial performance, officials said the bank is in a strong position to expand and serve its customers with better competitive products and innovations in the future.
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