Absa Bank Uganda has bid farewell to its outgoing Board Chairperson, Nadine Byarugaba, and Board Member, Prof. Barnabas Nawangwe, at a ceremony held at the Kampala Serena Hotel.
During her tenure, Byarugaba led the bank through a period of significant growth, with profitability increasing by 256% to Ushs 146 billion in 2023, up from Ushs 41 billion in 2020. Revenue also grew by 50.1% to Ushs 475 billion over the same period.
Byarugaba’s leadership was instrumental in navigating the bank through the challenges posed by the COVID-19 pandemic. Under her guidance, the bank was able to adapt and remain afloat, despite the economic downturn.
The bank’s Managing Director, Mumba Kalifungwa, praised Byarugaba for her strategic vision and business acumen, which were key drivers of the bank’s growth. “It has been an honor serving under your astute leadership and guidance. I have come to deeply appreciate your counsel,” Kalifungwa said.
Prof. Nawangwe, who also served on the board, was credited with providing direction and guidance to the bank’s Human Capital team. His expertise was instrumental in shaping the bank’s HR strategy and providing market insights to inform the bank’s people strategy.
Under Nawangwe’s stewardship, the bank’s colleague engagement strategy improved significantly, with Uganda’s colleague engagement strategy ranking first across the Absa Group over the last three years.
The Acting Board Chairperson, George Opio, thanked Byarugaba and Nawangwe for their contributions to the bank’s growth and success. “We are grateful for their dedication and the positive impact they have had on the growth of Absa Bank Uganda,” Opio said.
Byarugaba expressed her gratitude to the board members and the Absa executive team for their support during her tenure. She highlighted the bank’s achievements, including the growth in profitability, revenue, and customer deposits.
The bank’s profitability grew by 256% to Ushs 146 billion in 2023, up from Ushs 41 billion in 2020. Revenue grew by 50.1% to Ushs 475 billion over the same period. Customer deposits grew to Ushs 2.856 trillion, maintaining a four-year cumulative average growth of 4.9%. Customer assets grew to Ushs 1.769 trillion, up by 35.3%, maintaining a four-year cumulative average growth of 7.9%.
Byarugaba’s departure marks the end of an era at Absa Bank Uganda, but the bank remains committed to delivering exceptional service to its customers and driving growth in the Ugandan economy.
