I&M Bank Uganda has demonstrated impressive financial performance for the year ending December 31, 2024, with notable growth across all critical financial indicators, including net profit, assets, revenue, loans and advances, customer deposits, and shareholders’ equity. These strong results come in the wake of positive national economic performance, with Uganda’s GDP expanding by 5.2% in 2024, bolstered by growth in key sectors such as agriculture, services, and industry. In 2024, I&M Bank Uganda’s profit after tax soared by 77%, reaching UGX 20.3 billion, compared to UGX 11.5 billion in 2023. This growth reflects the bank’s successful strategy of expanding its core business operations, investing in innovative technologies, and enhancing customer experience. The bank’s total assets also experienced a substantial increase, rising by 16% to UGX 1.1 trillion from UGX 944 billion in the previous year. This solid growth in assets highlights a strengthened financial base and a more diversified portfolio, positioning the bank well for future opportunities in the Ugandan market. Revenue climbed by 36%, reaching UGX 130 billion from UGX 95.4 billion in 2023. This surge in revenue was primarily driven by growth in the bank’s core business segments, underscoring the effectiveness of its strategic initiatives. Net loans and advances grew by 35%, reaching UGX 407 billion from UGX 301 billion, as the bank continued to meet the increasing demand for credit among Ugandan businesses and individuals. Customer deposits, a key indicator of trust and market confidence, rose by 10%, reaching UGX 757 billion from UGX 688 billion in 2023. This increase reflects the growing loyalty of I&M Bank’s customer base and its ability to maintain strong relationships with clients. Similarly, shareholders’ equity grew by 10%, totaling UGX 219 billion, further strengthening the bank’s capital position and resilience. Robin Bairstow, CEO of I&M Bank Uganda, remarked that 2024 was a pivotal year for the bank, with the institution achieving significant milestones in both financial performance and customer-focused initiatives. He emphasized that the bank’s success was driven by a series of key investments and innovative advancements. “In 2024, we upgraded our core banking system, launched a new data center, and introduced enhanced mobile and online banking platforms all within three months. These advancements have provided a robust foundation for offering seamless, customer-centric banking solutions and solidified our position as a leader in innovation,†Bairstow said. He further elaborated on the successful integration of the Finacle core banking system, which has enabled the bank to enhance service delivery, speed up transactions, and provide more personalized customer interactions. “The flexibility of this new system allows us to quickly adapt our product offerings to meet customer needs, making banking more accessible and intuitive,†Bairstow explained. The bank’s new digital platforms, such as OnTheGo internet banking and the Express Go digital account, further support its customer-focused strategy. The I&M Bank @50 Customer Golden Gala also provided the bank with an opportunity to strengthen its market presence. Bairstow noted, “The gala allowed us to engage with our customers directly, gaining valuable feedback and insights that will continue to shape our offerings in the future.†Chief Financial Officer Timothy Musiime also credited the bank’s strong performance to the diligent implementation of its business strategy.
