Top 10 Banks in Uganda by Market Share

Uganda’s banking sector has demonstrated remarkable resilience and growth in 2024, with the industry recording record profits and expanding its asset base to UGX 53 trillion. The sector remains highly concentrated, with the top 10 banks controlling approximately 81% of total industry assets. This concentration reflects both operational efficiency and the competitive advantages of scale in Uganda’s financial landscape.

1. Stanbic Bank Uganda Limited

Stanbic Bank maintains its position as Uganda’s largest bank with total assets of UGX 10.34 trillion in 2024, representing 19.52% of the industry’s total assets. The bank recorded a net profit of UGX 486.82 billion, accounting for nearly 30% of the sector’s total profits. As a subsidiary of Standard Bank Group, Stanbic has consistently led the market for five consecutive years, offering comprehensive services from traditional banking to real estate development.

2. Centenary Bank

The largest indigenous bank in Uganda, Centenary Bank holds 13.42% of industry assets with UGX 7.11 trillion. Under the leadership of Managing Director Fabian Kasi, the bank has achieved impressive growth driven by innovation and customer-focused services. Centenary Bank secured a 20.96% share of industry profits, solidifying its position as the second-largest player in Uganda’s banking sector.

3. Absa Bank Uganda

Absa Bank ranks third with assets totaling UGX 5.43 trillion, representing approximately 10% of the market. The bank experienced robust growth of 19% in 2024, demonstrating strong performance in both retail and commercial banking segments. As part of the international Absa Group, the bank benefits from global expertise while maintaining strong local market knowledge.

4. Equity Bank Uganda

Equity Bank holds a significant position in Uganda’s banking sector with substantial market presence. Although the bank faced challenges in 2024, including a decline in its asset base, it returned to profitability with UGX 20.14 billion in net profit after recording losses in the previous year. The bank continues to focus on financial inclusion and digital banking services to strengthen its competitive position.

5. DFCU Bank

DFCU Bank has demonstrated remarkable resilience and growth trajectory in recent years. The bank more than doubled its profit in 2024, achieving a dramatic 120.8% increase to UGX 75.13 billion. This impressive performance was driven by improved asset quality and strategic positioning in government securities. Founded in 1964, DFCU operates through 60 branches and maintains a strong presence in mortgage and business banking.

6. Standard Chartered Bank Uganda

With over 112 years of operations in Uganda since 1912, Standard Chartered remains one of the country’s most established financial institutions. However, the bank experienced a significant 76.2% decline in net profits to UGX 19.09 billion following the divestment of its retail and wealth operations. Despite these challenges, Standard Chartered continues to leverage its international network and expertise in corporate and institutional banking.

7. Citibank Uganda

Citibank Uganda maintains a strong position among mid-tier banks with steady performance. The bank recorded a modest 5.3% profit growth to UGX 71.91 billion in 2024, benefiting from digital transformation initiatives and revenue diversification strategies. As part of the global Citigroup network, the bank serves primarily corporate and institutional clients.

8. Housing Finance Bank

Housing Finance Bank has carved out a niche in the mortgage and housing finance sector. The bank achieved an 11.3% profit increase to UGX 71.13 billion in 2024, driven by gains from digital transformation and expanding its product portfolio beyond traditional mortgage lending to include commercial banking services.

9. Bank of Baroda Uganda

Bank of Baroda Uganda, part of the Indian banking giant, maintains a steady presence in Uganda’s financial sector. The bank focuses on trade finance, corporate banking, and serving the business community, particularly those with international trade connections to India and other Asian markets.

10. NCBA Bank Uganda

NCBA Bank Uganda entered the top ten for the first time after delivering a 44.2% profit surge to UGX 38.9 billion in 2024. This impressive growth was aided by expansion in digital lending and improved operational efficiency. The bank’s rise demonstrates the dynamic nature of Uganda’s banking sector and the opportunities for well-managed mid-tier institutions.

Market Dynamics and Future Outlook

Uganda’s banking sector is characterized by intense competition and ongoing digital transformation. The top two banks alone control over 50% of the market based on profit share, signaling both strength and potential concerns about market concentration. This concentration enables large-scale financing for infrastructure and economic development but also raises questions about competition and financial inclusion.

The sector’s regulatory environment has been strengthened through increased capital requirements, with the Bank of Uganda raising minimum capital from UGX 25 billion to UGX 150 billion since January 2023. This has enhanced the stability and resilience of the banking system, positioning it well for future growth as Uganda’s economy continues to develop.