KAMPALA, Uganda — PostBank Uganda, a government-owned commercial bank, reported a profit after tax of 35.4 billion Ugandan shillings (about $9.5 million USD) for 2024, a 28% increase from the previous year, during its Annual General Meeting on Thursday. Shareholders commended the bank for its strong financial performance, noting it as one of the most profitable government entities and among the top 10 performing banks in the country.

During the meeting, held at the Ministry of Finance, Planning and Economic Development offices, shareholders also approved a strategic decision to rebrand the institution to Pearl Bank Uganda Limited. The name change, which is subject to approval from the Bank of Uganda, aims to reposition the bank and attract stronger banking partners and high-value depositors.

Finance, Planning, and Economic Development Minister Matia Kasaija stated the new name evokes national pride, drawing inspiration from Winston Churchill’s description of Uganda as “The Pearl of Africa.”

“We shareholders of PostBank have approved the rebrand of the Bank to a name that evokes a sense of pride in all of us, in being Ugandan,” Kasaija said. “A name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity.”

PostBank Uganda’s financial metrics showed significant growth in 2024. Income rose 20% to 248 billion shillings from 206 billion shillings. Deposits increased 25% to 990 billion shillings, and the bank’s loan book grew 19% to 719 billion shillings.

Andrew Otengo Owiny, chairman of the board, expressed satisfaction with the bank’s progress since it became a fully-fledged commercial bank in December 2021. He highlighted its extensive reach, with 57 branches and more than 6,000 agents nationwide, contributing to financial inclusion.

Owiny also noted the bank’s support for government programs, including the digitization of payments for the Parish Development Model through the Wendi platform, which enhances transparency and convenience for beneficiaries.

PostBank Uganda Managing Director Julius Kakeeto explained that the rebranding is part of a broader strategy to develop PostBank into a leading indigenous commercial bank. He said the new name would help the bank attract strategic partners and high-value deposit customers, essential for continuing to support micro, small and medium enterprises and the agricultural value chain.

The bank’s 2024 strategic focus included sustainable financial inclusion, customer satisfaction, service and innovation, sustainability, proactive stakeholder management, support for MSMEs, and risk management.