Absa Bank Uganda bid farewell to the outgoing Board Chairperson Nadine Byarugaba and Board Member Prof. Barnabas Nawangwe at an event held at Kampala Serena Hotel on 28 November 2024. During the farewell dinner, the Ag. Board Chairman George Opio, applauded Byarugaba’s leadership and wise counsel that she brought to Absa Bank which led to tremendous growth. Notably, she steered the bank during the unprecedented times of the COVID-19 pandemic that affected most sectors of Uganda’s economy, but the bank was able to adapt and remain afloat.
“It was through her strategic vision, business acumen, and commitment to excellence that Absa Bank grew from being among Uganda’s top five banks to emerging among the top three commercial banks in Uganda. Through that period, we have seen growth in innovation prompting customers, to make Absa a preferred banking partner,” George Opio said.
The bank’s Managing Director, Mumba Kalifungwa applauded Byaruhanga for providing the necessary support to deliver on his mandate as Managing Director. “It has been an honor serving under your astute leadership and guidance and I have come to deeply appreciate n your counsel. Thank you for making my job, a little bit easier every day. On behalf of everyone at Absa Bank, we wish you the very best on the next chronicles,” said Mumba.
During Byarugaba’s era as Absa Bank Board Chair, the bank’s profitability has grown by 256% closing 2023 at Ushs 146 billion from Ushs 41 billion posted in the year 2020. This leap in profitability has anchored Absa’s position among the top three leading banks in this market.
The Ag. Board Chair, George Opio credited Prof. Nawangwe for his expertise on the board, saying his wisdom and guidance have been a constant source of support and inspiration on the Absa Bank Uganda board.
“We are grateful for his dedication and the positive impact that he has had on the growth of Absa Bank and the success of the institution. Prof during his time on the Absa board ensured that people risks were ably identified and managed, especially issues on talent and succession. He also advocated for Women in Leadership with an aspiration of a 50:50 ratio, hence driving the diversity and inclusion agenda.”
On her part, Nadine Byarugaba, the outgoing Board Chairperson for Absa Bank commended Board members and the Absa executive team for the milestones achieved throughout her period.
Absa Bank’s milestones in the period of 2020 – 2023 during Nadine’s time as Board Chair.
It has been an exciting four-year journey; The Bank’s profitability has grown by 256% closing at Ushs 146 billion in 2023 from Ushs 41 billion posted in 2020. This leap in profitability has anchored Absa’s position among the top three leading banking partners in this market.
Revenue has grown by 50.1% to Ushs 475 billion from the Ushs 316 billion posted in 2020 which reflects the trust our customers continue to place in us demonstrated by sustained deposit growth despite the challenging economic environment experienced in recent years. This is in addition to growth in customer loans and deposits coupled with increased customer transactional activity, growth in transactional banking and trading income. There was also an increase in utilization of off-balance sheet instruments, and improved uptake of risk management products on the backdrop of currency volatility during the years 2022 and 2023.
Customer deposits rose to Ushs 2.856 trillion maintaining a four-year cumulative average growth of 4.9% sustained by increased customer engagement as we sought to deliver more value to our customers as a trusted banking partner. This was also supported by the resurgence of the economy and sustained investment in digital and alternate channels in alignment with Absa’s strategy to improve customer experience and enhance the digital experience.
Customer assets stand at Ushs 1.769 trillion, up by 35.3% maintaining a four-year cumulative average growth of 7.9% which can be attributed to improved credit demand as the economy fully recovers from the effects of the pandemic experienced in the years 2020 and 2021, customers have also regained their ability to meet their credit obligations.
Going forward, we are pleased to report that we continue to deliver a positive return on investment for the shareholders. The Bank remains well-capitalised and as the economy continues to expand, it is well-positioned to support this growth across all strategic sectors.
Prof. Nawangwe’s contribution to Absa Bank Uganda board;
Provided direction and guidance to the Human Capital team, providing insights and input to the HR strategy. He also kept abreast with the latest information and market insights hence providing an informed view and recommendation to the bank’s people strategy.
Through his leadership critical leadership roles were filled with the right talent hence impacting the positive trend in the delivery of the Bank’s strategy.
Spearheaded the changes in reward and remuneration over the years; including staff welfare incentives to boost staff satisfaction various staff incentives
Uganda’s colleague engagement strategy improved to the first across over the last three years, under his stewardship on the Board.
