Uganda Development Bank (UDB) held its Annual General Meeting (AGM) on 30th April 2019. The Financial performance for the year ended December 31st 2018 was shared with the shareholders of the bank, Minister for Finance Hon. Matia Kasaija and State Minister for Finance for Investment and Privatization Hon. Evelyn Anite.
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 Ushs 31.36 billion in 2017 to Ushs 41.09 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 Ushs 52.02 billion in 2017 to Ushs 100.17 billion in 2018.