Uganda: UDB Records 52 Percent Surge in Loan Portfolio to Shs1.2tn

Uganda Development Bank, the country's national development finance institution has reported a 52% surge in loan portfolio to Shs1.2trillion for the year ended December 31, 2022, signalling increased appetite for long-term loans.

Similarly, the lender's assets grew by 19% from Shs 1.21 trillion to Shs 1.44 trillion on account of growth in funding, mainly through capital allocations from the government and drawdown of lines of credit from various funding partners for the bank.

Allan Joshua Mwesigwa, director of strategy and corporate affairs at UDB said, said during a visit to Bwendero Dairy Farm in Hoima City on Feb.10, that the 2022 financial results reflect a strong investment in various businesses, improved livelihoods and heavy support towards the economic recovery.

"This performance is anchored on the bank's deliberate efforts towards the revitalisation and transformation of Uganda's economy," he said adding that the performance gives them confidence that they are on track to achieve our strategic objectives.

Uganda has lived through major socio-economic shocks in the last three years including Covid-19, adverse climate and the impacts of geopolitical shocks.

Mwesigwa said the lender's product portfolio has been designed to support key priority sectors to achieve their full potential that aligns with the country's strategic direction and National Development Plan III...Read more on All Africa

Source: All Africa