- The Deposits grew by 15% while loans grew by 26%.
- Income has grown by 30%
Image: POST BANK
Post Bank has posted a profit after tax of Ugx. 27.5 billion Reflecting a growth of 82% from the previous year.
Speaking at the performance release, Julius Kakeeto Managing Director and CEO at post bank, has noted that this reinforces the bank’s capital position as it prepares itself for the new minimum capital requirements that will take effect on 30th June 2024 and demonstrates the bank’s consistent improvement in its operations.
He said that income has grown by 30% due to an increase in customer loans and deposits and the drive to diversify the bank's business lines.
The Deposits grew by 15% while loans grew by 26%.
Kakeeto further noted that the bank has continued to focus on our strategy of improving service to its customers and availing credit access to Micro Small and Medium Enterprises (MSMEs) especially those along the agriculture value chain.
Kakeeto further commented on digitizing bank services to ensure they seamless extend bank services to the public by innovative ways.
He noted that Commercial banks target that 95% of the banking services being rendered to the various clients are digitized in the next three years.
He said in the last 4 years, 80% of the customers were coming physically to the counter to be served, but now the number has reduced to 20% of the clients who come to the counter to be served traditionally.
‘’Few years back, we were behind in terms of technology, we started a digital transformation journey to bring our technology quickly so that the service and experience you get when you come to post bank is very similar to the experience you get from any other commercial bank, banking is service and a service of immense skill, and because of this the results are now coming through, we closed the year at 27.5 billion which is a record performance for the post bank’’ he said.
He noted that over the last four years, the bank has been growing faster than the industry average compared to other commercial banks. ‘’ Four years ago you would wait for six months to get an ATM card, you would line up in long queues but those are gone, however the number of transactions has really gone up because of technology and a lot of customers don’t need to come up physically to interact with us,’’ Kakeeto noted.