The total assets of the housing finance bank now exceed UGX900b

Kampala – Housing Finance Bank achieved Shs22.5b profits in 2019, which further proves that the bank has been steadily growing since it became a mature commercial bank in 2008.

According to the World Bank ’s 2019 audited financial statements, the bank ’s after-tax profits increased by 7.6% from Shs20.9b in 2018 to Shs22.5b in 2019.

The bank's total assets increased from Shs777b in 2019 to Shs912b in 2019, an increase of 17.37%.

The bank's customer deposits increased from Shs451b to Shs560b in 2019, an increase of 24.16%. Loans and advances have also increased from Shs511.63b in 2018 to Shs553.5b.

Mr. Micheal K. Mugabi, Managing Director of the Housing Bank said: "Only by focusing on our customer experience, strong strategic partnerships and strong passion for supporting Uganda's economic and social development can we achieve sustained growth."

He said: "Housing Finance Bank is committed to providing the best customer experience at all our service points." This local financial institution has expanded from one branch to 19 branches with more than 200 branches. National customers that interoperate with ATM and hundreds of bank agents. "

"Our enhanced customer experience is specifically designed to meet the changing needs of customers at all stages of life. In 2019, we expanded our business scope by improving products in the following major channels: mobile banking, retail online banking, online Shanghai Bank, MasterCard, correspondent bank, 24/7 customer contact center. Mugabi added.

He said that as a bank of choice, the bank will continue to provide more services to customers with all aspects of life value (including housing, commerce, education and infrastructure development) to support their individuals and businesses to establish and maintain their respective businesses. The growth of our country.

“As we move forward, we will have the opportunity to establish and maintain strong relationships with major development partners around the world. Locally, our shareholders play a role in ensuring that the Bank ’s core responsibilities are aligned with the financial needs of a growing population Indispensable role. "He explained. Housing Finance Bank has also established and maintained long-term relationships with developers, landowners, real estate agents, business associations, investment clubs and other stakeholders.

He added: "We will continue to engage with forums such as" Baraza Housing "through forums such as" Housing for Living "," Uganda Housing Conference "and other channels to unify the aim of improving our country's livelihoods and business The goal of growth. "The Housing Finance Bank remains committed to supporting and strengthening communities across the country ... throughout the year, we have carried out many activities to support community development, health, education and financial knowledge. The World Bank has contributed and participated in the construction of facilities in universities, churches, schools and hospitals across the country. "

Mr. Mugabi said that despite the challenges of the COVID-19 pandemic and the impact on all Ugandans, their dedicated staff team is still committed to providing practical solutions and interventions to help customers overcome difficulties and provide customers with More guidance. Support the board of directors in prudent action.

News reference: https://www.pmldaily.com/business/2020/04/housing-finance-banks-total-assets-now-valued-at-over-ugx900b.html