NCBA celebrates 2024 performance, unveils new head office
CAPTION: NCBA Uganda CEO Mark Muyobo speaking at the event June 10th, 2025. (Courtesy photo).
By Our reporter
KAMPALA – NCBA Bank Uganda marked a significant milestone in its transformation journey by hosting the annual NCBA Connect Evening recently, a customer appreciation gala celebrating a year of strong financial performance. The event also served as the official unveiling of the bank’s new head office at Twed Towers in Nakasero and the launch of its refurbished Nakasero Branch.
Speaking at the event, NCBA Uganda CEO Mark Muyobo described the Connect Evening as a powerful platform to reaffirm the bank’s commitment to building enduring relationships. He said the evening was a tribute to NCBA’s clients, partners, and stakeholders, recognizing their central role in the bank’s continued growth and success.
“This evening is a symbol of our appreciation and a reaffirmation of our pledge to walk this journey with you. We are here to grow with you, support your ambitions, and reach greater milestones together,” Muyobo said.
NCBA’s 2024 financial results demonstrated robust and consistent growth across key indicators. Net loans and advances increased by 18%, rising from Shs253 billion to Shs298 billion, while customer deposits grew by 15% to Shs654 billion. The bank’s total assets expanded by 13%, reaching Shs 963 billion, and operating income rose by 11% to Shs 95 billion. Most notably, profit before tax surged by an impressive 40%, climbing from Shs 32 billion in 2023 to Shs46 billion in 2024.
The bank also doubled its asset finance portfolio, expanded its loan book by 20%, and recorded significant gains in corporate and premier banking. New products in trade finance, mortgages, and bancassurance were launched to enhance customer offerings.
Muyobo highlighted that relocating the head office to Twed Towers and refurbishing the Nakasero Branch underscore NCBA’s commitment to delivering an enhanced customer experience. “Our new head office offers cutting-edge digital banking facilities and a dedicated Premier Lounge designed for our Premier customers,” he noted.
He added that the bank plans to invest in a revamped mobile banking app and an upgraded Corporate & Investment Banking platform in 2025, reflecting broader efforts to support Uganda’s growing digital economy and improve customer convenience.
Speaking on behalf of the Deputy Governor of the Bank of Uganda, David Kalyango, Director of Supervision, praised NCBA for its strategic investments in infrastructure and customer-centric banking services. “It is both an honour and a privilege to witness this milestone. NCBA’s continued efforts to upgrade, modernize, and rebrand its service outlets are commendable. This move is not just about infrastructure—it reflects a strategic focus on enhancing customer experience and affirming your commitment to excellence in financial service delivery,” Kalyango said.
He further noted that situating the head office in Kampala’s business hub positions the bank to offer premium services more conveniently to existing and prospective clients. “This decision demonstrates strong vision and dedication to improving access to quality financial services,” he added.
As part of the larger NCBA Group, the bank is now well-positioned to serve a diverse client base—from multinational corporations and regional companies to SMEs in key sectors such as trade, manufacturing, and agriculture. Kalyango emphasized that the new location will enhance the bank’s engagement with the local business community and contribute significantly to Uganda’s economic development.
He also commended NCBA for remaining agile amid an evolving financial landscape shaped by changing consumer expectations and regulatory reforms. Highlighting recent Bank of Uganda policies—including the Financial Institutions (Corporate Governance) Regulations 2024, Internal Liquidity Assessment Process (ILAAP) Guidelines, 2024 Cybersecurity Risk Management Guidelines, and the ESG Framework—Kalyango urged the bank to align fully with these frameworks and comply with revised minimum capital requirements to strengthen resilience.
NCBA’s partnership with MTN Uganda through the MOKASH platform has disbursed over Shs2.8 trillion and currently serves nearly 14 million active customers as of April 2025.
The bank continues to lead in asset finance in Uganda, working closely with dealers and pioneering floor plan financing. In 2024, NCBA relaunched its Premier Banking proposition and invested significantly in human capital to enhance relationship management across retail and corporate segments.
Recent digital innovations include the Muzuripay payments solution, which processed thousands of transactions during major events such as MAKRUN and the Auto Show. Pending regulatory approval, NCBA plans to launch a new internet banking platform for both retail and corporate customers, featuring advanced security measures and user-friendly design tailored to evolving customer needs.
