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UDB Releases Financial Results

25th, April, 2019

Uganda Development Bank Limited (UDB) has released its financial and development impact performance for the year 2018. The announcement was made during a press briefing at the bank’s offices at Rwenzori Towers, Nakasero.

The performance figures of the development bank are presented as follows:

  • Post-tax profit for the year rose from Ushs 8.31 billion in 2017 to Ushs 9.49 billion in 2018, a growth of 14%.
  • Gross loans grew by 28% from Ushs 242.66 billion in 2017 to Ushs 309.62 billion in 2018
  • Total Income improved by improved by 31% from Ushs31.36 billion in 2017 to Ushs41.09 billion, driven by a 55%increase in interest and related income.
  • Balance Sheet: The Bank’s balance sheet continued to grow, registering a 42% growth rate in 2018 to Ushs 370.12 billion from Ushs 297.47 billion in 2017.
  • Government of Uganda capital contributions nearly doubled from Ushs52.02 billion in 2017 to Ushs 100.17 billion in 2018.

As a result of the Bank’s interventions, a number of development outcomes were realized in 2018. Using the three root core development indicators, namely jobs, gender and taxes, the development outcomes were as follows:

  • The Bank’s operations created/maintained 54,034 jobs in 2018;
  •  47% of the jobs created/ maintained were taken up by females while the rest of the jobs (53%) were taken up by males; and 43% of the total jobs created/maintained were taken up by the youth.
  • The total tax contribution to government tax revenue by the various companies supported by the Bank was Ushs 110.26 billion, up from 96.5bn in the previous year.
  • There was a 16% improvement in annual turnover and a 70% growth in profitability of private sector entities financed by the Bank.

Patricia Ojangole, the UDB Managing Director expressed pleasure at the excellent performance of the Bank during the briefing.

“UDB’s Financial performance in 2018 was commendable inspite of the Bank’s first time adoption of IFRS 9 Financial Instruments,”Ojangole remarked.

UDB drew down on the lines of credit with its development partners in 2018 giving rise to a 24% increase in borrowing in 2018 to Ushs 97.03 billion in 2018 compared to Ushs 78.54 billion in 2017. “The Bank will continue to leverage its equity to source alternative funding opportunities to support the funding of its activities,” she said.

In promoting inclusive growth in the country, UDB supported a number of private sector actors including small and medium sized enterprises (SMEs), manufacturers and organized business groups with additional financing of Ushs 154.6 billion in 2018.

UDB is committed to enhancing its development impact monitoring and evaluation framework that was implemented in 2018 to ensure that only projects that create the highest additionality are financed and supported.

For more information, please contact Stella Kanyike on +256 312355520 OR send email to skanyike@udbl.co.ug.

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