Post Bank profits rise by 19%
Post Bank announced its financial results with a 19% increase in net profit for the year that ended December 31st, 2022.
The state-owned bank reported a net profit of Shs15.1 billion, a solid year-over-year growth of 19.3% up from the Shs12.2 billion net profit posted in 2021.
According to Julius Kakeeto, the Managing Director, PostBank Uganda, the bank’s total assets grew significantly by 21.3% from Shs745 billion in 2021 to Shs946. 6 billion in 2022.
“Our total income has increased from Shs144.5 billion in 2021 to Shs159.2 billion in 2022, which can be attributed to the Bank’ s digital transformation journey that began in 2020 with digital Channels like Post Mobile, PostApp, PostOnline amoung others , representing 60% of all bank transactions for the year,” he said.
Andrew Otengo Owiny, the Board Chairman of Post Bank, said despite the challenging economic conditions, the bank and its 39 shareholders equity, increased from to Shs135.6 billion in 2022 from Shs117 billion in 2021.
“Post Bank’s capital position remains strong, with paid up capital of Shs129 billion following shareholder’s resolutions from the Annual General Meeting. This is above the interim limit of Shs120Bn set by Bank of Uganda ,” he stated.
The banks end-of-year accounts and accompanying financial statements were audited by the Auditor General and found consistent with International Financial Reporting Standards (IFRS) With such financials achievement, Postbank is well-positioned to continue to thrive in the future
