Summary:

• Post Bank’s 2023 Financial Results reveal impressive growth, with profit after tax soaring by 82%. Strategic measures, including digital transformation and diversified business lines, drove the bank’s success.

KAMPALA, (Examiner) – In a morning announcement today, Post Bank unveiled its 2023 Financial Results, showcasing robust growth across all performance indicators.

During a press conference held on Monday, April 8, Post Bank Managing Director, Julius Kakeeto, revealed a notable uptick in profit after tax, soaring to Ugx. 27.5 billion—a staggering 82% surge from the previous year’s Shs. 15.2 billion.

Kakeeto attributed this impressive growth to strategic measures, including bolstering governance structures and embracing digital transformation initiatives to enhance service delivery.

The bank’s income witnessed a substantial 30% increase from Shs. 159 billion to Shs. 206 billion, fueled by a surge in customer loans and deposits alongside diversified business lines.

Over the past four years, Post Bank has experienced steady growth in loans and customer deposits, now totaling Shs. 603 billion and Shs. 790 billion, respectively—a commendable 22.6% rise.

According to Peter Ssenyange, the bank’s CFO, investments in technology have led to increased customer transactions and reduced branch queues. Moreover, Post Bank has expanded its revenue streams, particularly targeting small business lending and agricultural financing.

Looking ahead, Post Bank aims to further enhance its impact on customers and stakeholders, with plans to strengthen Agriculture Credit Facilities and drive financial inclusion through platforms like Wendi, launched recently to extend financial services nationwide.