Absa Bank hosted a farewell event on November 28, 2024, at the Kampala Serena Hotel to honor outgoing Board Chairperson Nadine Byarugaba and Board Member Professor Barnabas Nawangwe.

During the farewell dinner, the Ag. Board Chairman George Opio, applauded Byarugaba’s leadership and wise counsel that she brought to Absa Bank which led to tremendous growth. Notably, she steered the bank during the unprecedented times of the COVID-19 pandemic that affected most sectors of Uganda’s economy, but the bank was able to adapt and remain afloat.

“It was through her strategic vision, business acumen, and commitment to excellence that Absa Bank grew from being among Uganda’s top ten banks to emerging among the top three commercial banks in Uganda. Through that period, we have seen growth in innovation prompting customers, to make Absa a preferred banking partner,” George Opio said.

The bank’s Managing Director, Mumba Kalifungwa applauded Byaruhanga for providing the necessary support to deliver on his mandate as Managing Director. “It has been an honor serving under your astute leadership and guidance and I have come to deeply appreciate n your counsel. Thank you for making my job, a little bit easier every day. On behalf of everyone at Absa Bank, we wish you the very best on the next chronicles,” said Mumba.

During Byarugaba’s era as Absa Bank Board Chair, the bank’s profitability has grown by 256% closing 2023 at UGX146 billion from UGX 41 billion posted in the year 2020. This leap in profitability has anchored Absa’s position among the top three leading banks in this market.

Opio credited Prof. Nawangwe for his expertise on the board, saying his wisdom and guidance have been a constant source of support and inspiration on the Absa board.

“We are grateful for his dedication and the positive impact that he has had on the growth of Absa Bank and the success of the institution. Prof during his time on the Absa board ensured that people risks were ably identified and managed, especially issues on talent and succession. He also advocated for Women in Leadership with an aspiration of a 50:50 ratio, hence driving the diversity and inclusion agenda.”

On her part, Byarugaba commended the Board members and the Absa executive team for the milestones achieved throughout her period.

Absa Bank’s milestones in the period of 2020 – 2023 during Nadine’s time. The Bank’s profitability has grown by 256% closing at UGX 146 billion from UGX 41 billion posted in 2020.
Revenue has grown by 50.1% to UGX 475 billion from the UGX 316 billion posted in 2020 which reflects the trust our customers continue to place in us demonstrated by sustained deposit growth despite the challenging economic environment experienced in recent years.
Customer deposits rose to UGX 2.856 trillion maintaining a four-year cumulative average growth of 4.9% sustained by increased customer engagement as we sought to deliver more value to our customers as a trusted banking partner.

This was also supported by the resurgence of the economy and sustained investment in digital and alternate channels in alignment with Absa’s strategy to improve customer experience and enhance the digital experience.

Customer assets stand at UGX 1.769 trillion, up by 35.3% maintaining a four-year cumulative average growth of 7.9% which can be attributed to improved credit demand as the economy fully recovers from the effects of the pandemic experienced in the years 2020 and 2021, customers have also regained their ability to meet their credit obligations.