Post Bank has declared its financial results with a 19% increase in net profit for the year ending 2022.
The government-owned bank reported a net profit of Shs15.1 billion up from the Shs12.2 billion net profit posted in 2021.
Additionally, the bank’s total assets grew by 21.3% from Shs745 billion in 2021 to Shs946. 6 billion in 2022, which is almost Shs1 trillion.
Julius Kakeeto, the Managing Director, Post Bank Uganda, says during the general meeting, the bank’s shareholders resolved to capitalize retained earnings of Shs19 billion as of 31st December 2022.
He says despite the economic challenges, the bank’s shareholders’ equity increased to Shs.135.6 billion in 2022 from Shs117 billion in 2021.