I&M Bank Uganda delivered a robust financial performance for the year ended 31 December 2024, as the institution reported significant growth across key financial metrics, including profit after tax, total assets, total revenue, net loans and advances, customer deposits, and shareholders’ equity.
The bank’s success came amid strong national economic indicators, with Uganda’s GDP expanding by 5.2% in 2024, driven by robust growth in agriculture, services, and industry.
Strong growth across the board
In 2024, I&M Bank’s profit after tax registered an impressive 77% growth, reaching UGX 20.3 billion, up from UGX 11.5 billion in 2023.
The bank’s total assets grew by 16% to UGX 1.1 trillion from 944 billion, reflecting a stronger financial base.
Revenue went up by 36% to UGX 130 billion from 95.4 billion, driven by growth in the bank’s core business segments
Net loans and advances increased by 35%, reaching UGX 407 billion from 301 billion, as more customers accessed credit.
Customer deposits rose by 10% to UGX 757 billion from 688 billion, demonstrating customer trust and confidence.
Shareholders’ equity also grew by 10% to UGX 219 billion from 199 billion, strengthening the bank’s capital position.
Performance summary
| Item | 2024 | 2023 | % increase |
| Profit after tax | 20.3bn | 11.5bn | 77% |
| Total assets | 1.1trn | 944bn | 16% |
| Total Revenue | 130.0bn | 95.4bn | 36% |
| Net Loans & Advances | 407bn | 301bn | 35% |
| Customer Deposits | 757bn | 688bn | 10% |
| Shareholders Equity | 219bn | 199bn | 10% |
Leadership reflects on progress
Robin Bairstow, CEO of I&M Bank Uganda, stated that 2024 was a pivotal year for the organization, and he is particularly pleased to have witnessed the significant progress made. He added that this was achieved through key investments and innovative initiatives.
“In 2024, we upgraded our core banking system, launched a new data center, mobile banking app, online banking platform in addition to moving to a new switch provider and recarding. All this was achieved within three months. These advancements have created a robust foundation for customer-focused banking solutions and solidified our position as a leader in innovation,” Bairstow said.
“The adoption of the Finacle core banking system marked a significant leap forward, enabling seamless integration of services, enhancing transaction speed, and supporting tailored customer interactions. The flexibility of the new system has allowed us to adapt swiftly to product offerings which meet customer needs, making banking more accessible and intuitive. Digital platforms such as OnTheGo internet banking, advanced mobile applications, and the Express Go digital account complement this system and are designed to provide convenience at every touchpoint,” Bairstow added.
Bairstow further stated that the I&M Bank @50 Customer Golden Gala celebration gave the bank a platform to strengthen market presence and customer experience as they were able to get feedback from customers and the public.
Timothy Musiime, the Chief Financial Officer of I&M Bank, attributed the strong performance to successful implementation of the Bank’s business strategy, that led to achievement of key performance milestones across all the major financial metrics.
“Our 2024 results reflect a focused execution of our strategy. We strengthened income streams while managing costs carefully, which has enabled us to grow responsibly. We remain committed to sound financial stewardship that drives value for our customers, shareholders, and the wider economy,” Musiime said.
Driving social impact
I&M Bank remained committed to giving back through its Corporate Social Responsibility (CSR) efforts, reaching over 630,000 people. In 2024, the bank supported the Kabaka Birthday Run to help end HIV/AIDS by 2030, worked with the Nnaabagereka Fund to raise mental health awareness through the Queen’s Ball, and donated mama kits and emergency trolleys to Nsambya Hospital. The bank also partnered with Enjovu Family Business to support sustainable family entrepreneurship, donated computers to Masheruka Girls’ Secondary School in Sheema District, donated essential items to various vulnerable communities, and ran a blood donation drive that collected over 150 units.
I&M Bank Head of Marketing and Corporate Communications, Annette Nakiyaga, noted that alongside the bank’s strong financial performance in 2024, the bank’s commitment to Corporate Social Responsibility (CSR) in 2024 was an essential part of its broader mission to positively impact society.
“In 2024, we were able to achieve great financial results while also making a real difference in the lives of thousands of people. Our CSR efforts are about giving back and supporting causes that matter to our communities. It’s all part of our broader vision to build a stronger, more sustainable future for everyone in Uganda,” Nakiyaga said.
Eyes on the future
Looking ahead, the bank is focused on upholding the highest standards of service by deeply understanding customer needs and embracing innovation. Its commitment to technology-driven solutions, customer-focused strategies, and meaningful community engagement will be central to its continued success. With a strong leadership team, dedicated staff, and the support of customers and stakeholders, the bank is well-equipped to lead financial transformation and remain Uganda’s leading financial partner for growth. By working together, the bank aims to create a brighter future for its customers, communities, and the business itself.
