JSR’s 2024 banking sector analysis provides an overview of Uganda’s commercial banking industry, highlighting strong asset growth, market concentration, liquidity levels, profitability, and credit risks.

The analysis found that banking assets grew at an 11% CAGR between 2018 and 2024, while the top five banks accounted for 55% of total banking assets and 66% of profits. Banks also maintained significant liquidity, with cash, cash equivalents, and trading securities representing 39% of total assets.

The report further highlights challenges including high operating costs, elevated non-performing loans, modest returns on equity, fintech disruption, and declining yields on government securities, while noting continued potential for growth in private-sector lending.