Banking sector: ABSA Uganda posts Ugx146bn net profit
In news from the financial world, Absa Bank Uganda has just unveiled its impressive performance for the year ending December 2023. The numbers speak volumes: the bank announced a surge in revenue, boasting a staggering 15.6% growth compared to the previous year. And that's not all – the bottom line reflects an impressive profit after tax of UGX146 billion. According to Absa Bank Uganda's Managing Director, Mumba Kalifungwa, the bank's loan book surged to 1.76 trillion shillings in 2023, mainly from traders.
