Finance Trust Bank (FTB) has demonstrated a compelling financial performance in 2024, reporting an exceptional 178% surge in after-tax profits, climbing to UGX 10.36 billion from UGX 3.73 billion in the preceding year. This dramatic leap underscores the efficacy of the bank’s strategic initiatives, customer-centric approach, and dedicated investments, particularly in women’s economic empowerment. The impending acquisition of an 80% stake by Access Bank Plc, coupled with a planned capital injection, further positions FTB for accelerated expansion and an amplified role in Uganda’s financial landscape. The bank’s key financial indicators paint a picture of robust growth and operational efficiency. Total assets experienced a substantial 18% increase, reaching UGX 551 billion, while customer deposits saw a healthy 23% rise to UGX 340.75 billion. Additionally, the net loan portfolio expanded by 22% to UGX 356.34 billion, demonstrating FTB’s commitment to extending credit and fostering economic activity. Speaking at the presentation of the results, Managing Director Annet Nakawunde expressed an optimistic outlook for FTB’s future, buoyed by the strong 2024 results and the strategic Access Bank partnership. She said the anticipated changes in the banking landscape, driven by this acquisition, hold the potential to enhance financial inclusion and stimulate economic growth across Uganda. FTB’s unwavering commitment to its mission of putting women first in its drive for economic and social empowerment, coupled with its strategic vision and operational efficiency, positions it as a significant contributor to Uganda’s economic development in the years to come. A cornerstone of FTB’s success lies in its strategic collaborations. Partnerships with entities such as MTN Uganda, the Federation of Uganda Football Associations (FUFA), and the Nnabagereka Development Foundation have demonstrably fueled growth and broadened the bank’s reach. The GROW Project, a collaborative effort with the World Bank and Uganda’s Ministry of Gender, has been instrumental in disbursing UGX14 billion in low-interest loans to over 300 women entrepreneurs. Economic experts emphasize the multiplier effect of such targeted financial inclusion. Sarah Wanyana, a senior economist at Makerere University, said: “Financial institutions that prioritize women’s economic empowerment play a crucial role in unlocking untapped potential. By providing access to credit and financial literacy, they enable women to start and grow businesses, generate income, and contribute significantly to household welfare and national GDP.” Commenting on the merger with Access Bank of Nigeria, Kwame Asare, a financial analyst at Stanbic Bank Uganda, was also optimistic that it would spur the bank further. “The entry of a well-capitalized and Pan-African bank like Access Bank into Finance Trust Bank is a positive development for the Ugandan financial sector,†he said. “It not only strengthens FTB’s capacity to lend and expand its reach but also introduces new expertise and potentially innovative financial products, ultimately fostering greater competition and benefiting consumers and businesses.”
