UDB sees growth in output value as govt puts in more cash
According to financial statements, the Bank’s gross profit grew to Shs 72bln in 2023, up from Shs 65.2bln in 2022.
KAMPALA, July 25, 2024 – The government-owned Uganda Development Bank [ UDB ] has achieved a remarkable 71 percent year-on-year growth in output value, increasing from Shs 3.4 trillion in 2022 to Shs 5.8 trillion in 2023, according to its Managing Director Patricia Ojangole.
Ojangole who was speaking at the lender’s annual general meeting held recently in Kampala attributed the significant growth to improved production in key sectors such as agriculture and industry.
“As a result of enhanced performance and profitability among the bank’s financed companies, total contribution to government tax revenue has also increased. The Board and Management remain committed to ensuring the bank’s sustainability, exercising prudent asset management, and optimising operational efficiency,” she said.
Ojangole said in 2023, UDB approved Shs 691.8 billion and disbursed Shs 610bln, demonstrating a dedicated approach to supporting private business growth in the country. “UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive sustainable development and job creation across Uganda. Our focus on key priority sectors underpins our mission to deliver high socio-economic value and support Uganda’s long-term development goals,” she said.
According to her, the Bank also approved funding of Shs 692bln in new loans to over 200 enterprises in 63 districts nationwide. “These projects, upon full implementation, are expected to create 18,558 new jobs and generate an output value of Shs 11.4 trillion, from which Shs 616bln will be generated as tax revenue to the government, and Shs 3.34trn in foreign exchange earnings,” she said.
According to financial statements, the Bank’s gross profit grew to Shs 72bln in 2023, up from Shs 65.2bln in 2022, as its total assets hit Shs 1.67trn in 2023,10 percent up from Shs 1.52trn in 2023.
During the period under review, government injected additional Shs 97.3bln in the bank compared to Shs 11.6bln. The capital injection was inclusive of receipts from the Kuwait Fund worth Shs 33.1bln to support SMEs.
https://thecooperator.news/udb-md-ojangole-on-list-of-nominees-for-african-banker-awards-2024/
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