KAMPALA – Housing Finance Bank in 2019 recorded a Shs22.5b profit, a further testimony of the bank’s steady growth since becoming a fully fledged commercial bank in 2008.
According to the Bank’s Audited Financial Statements for 2019, the bank’s profit after tax grew by 7.6% to Shs22.5b in 2019, up from Shs20.9b recorded in 2018.
The bank’s total assets increased by 17.37% to Shs912b in 2019, up from Shs777b recorded a year earlier.
The bank’s customer deposits increased to Shs560b in 2019, up from Shs451b, representing 24.16% growth. Loans and advances also increased to Shs553.5b from Shs511.63b in 2018.
Mr Micheal K. Mugabi, the Managing Director of Housing Bank, said their consistent growth “has been made possible by dedicated focus on our customer experience, solid strategic partnerships and 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 deliver 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.