Housing Finance Bank registers UGX22.5Bn profit with customer deposits growing over 24 percent
KAMPALA – Housing Finance Bank has posted a profit to the tune of UGX22.5Bn profit for the financial year 2019, an indication of the bank’s growth since inauguration as a commercial bank in 2008
According to the Audited Financial Statements for 2019, the bank’s profit after tax grew by 7.6% to UGX22.5Bn in 2019, up from UGX20.9b recorded in 2018.
Housing Finance Bank’s total assets increased by 17.37% to UGX912b in 2019, up from UGX777b recorded a year earlier.
The bank’s customer deposits grew to UGX560bn in 2019, up from UGX451b, representing 24.16% growth. Loans and advances also increased to UGX553.5b from UGX511.63b in 2018.
Mr Micheal K. Mugabi, the Managing Director of Housing Finance Bank, said their consistent growth “has been made possible by a dedicated focus on our customer experience, solid strategic partnerships and a strong passion in supporting Uganda’s economic and social development.”
“Housing Finance Bank is committed to offering the best customer experience across all our service points,” he said. The locally-bred financial institution has expanded from just a single branch to reach its customers across the country with 19 branches, interoperability with over 200 ATMs and several hundred bank agents,” he says.
“Our enhanced customer experience has been specifically designed to meet the changing needs of customers at every stage of life. Over 2019, we expanded our reach with improved offerings across key channels including: Mobile banking, Retail internet banking, Internet banking, MasterCard, Agent Banking, 24/7 Customer Contact Center,” Mr Mugabi adds.
He says that the bank continues to reach out to more customers with focused value propositions in all life aspects including housing, business, education and infrastructural developments, as the bank of choice, supporting individuals and businesses, to build and sustain their respective ventures for the growth of our country.
“Along our path to progress, we have had an opportunity to build and maintain strong relationships with key development partners across the globe. Locally, our shareholders have played an integral role in ensuring that the core mandate of the Bank is well aligned to meet the financial needs of our country’s growing population,” he explains. Housing Finance Bank has also initiated and sustained relationships with developers, land owners, real estate agencies, business associations, investment clubs and other stakeholders.
“We continuously engage through forums like “The Housing Baraza” under the theme “Housing For Wealth Generation”, The Uganda Housing Conference and other avenues with a unified objective of improving livelihood and enhancing business growth in our country,” he says adding: “Housing Finance Bank remains dedicated to supporting and uplifting communities across the country…Throughout the year, we conducted a number of engagements in support of community development, health, education and financial literacy. The Bank contributed to and participated in the construction of facilities within universities, churches, schools and hospitals across the country.”
Mr Mugabi says that notwithstanding the challenges presented by the COVID-19 pandemic and its impact on all Ugandans, their dedicated team of staff remain committed to delivering practical solutions and interventions that will support customers through this turbulence and many more years to come with the prudent guidance of the governing board.