Uganda: Postbank Hits Record Profit, to Rebrand to Pearl Bank

Shareholders have praised PostBank for being one of the top 10 banks in Uganda. They also supported its rebranding to Pearl Bank. The bank reported a profit after tax of sh35.4 billion for 2024. This makes it one of the most profitable government entities.

PostBank held its 2024 Annual General Meeting (AGM) at the Ministry of Finance in Kampala. Shareholders commended the bank's strong performance during the meeting. The bank showed resilience and growth, leading to impressive results for 2024.

The bank's income grew by 20%, from sh206 billion to sh248 billion. Deposits increased by 25%, from sh790 billion to sh990 billion. The loan book rose by 19%, from sh603 billion to sh719 billion. Profit After Tax reached sh35.4 billion, reflecting a 28% increase from 2023.

Board Chairman Andrew Otengo Owiny expressed delight in the bank's progress since becoming a commercial bank in December 2021. He noted that PostBank has 57 branches and over 6,000 agents nationwide, enhancing financial inclusion. Owiny highlighted the bank's support for government programs, including digitizing payments for the Parish Development Model.

At the beginning of the year, PostBank launched its mission: "Fostering Prosperity for Ugandans." This includes goals like driving sustainable financial inclusion and stimulating entrepreneurship. Key focus areas for 2024 include customer satisfaction, innovation, and risk management.

Shareholders approved a strategy to rebrand PostBank to attract better banking partners and high-value depositors. This change aims to enhance lending to MSMEs and agriculture.

During the AGM, Minister Matia Kasaija announced that shareholders approved the rebranding to Pearl Bank Uganda Limited. He emphasized that this name symbolizes pride in Uganda’s beauty and prosperity, inspired by Winston Churchill’s description of Uganda as "The Pearl of Africa."

Kasaija invited all customers and Ugandans to join this journey toward strengthening financial inclusion and supporting agricultural value addition.

Managing Director Julius Kakeeto stated that rebranding is part of a broader strategy to grow PostBank into a leading indigenous commercial bank. Four years ago, efforts focused on governance and risk management improvements.

Last year marked a shift towards delivering sustainable economic impact through their new purpose: "Fostering Prosperity." Kakeeto concluded that rebranding will help attract strategic partners and high-value deposit customers while supporting MSMEs and agriculture in Uganda.