Government rallies Pearl Bank to take on foreign banks after Shs47bn profit surge 

• Pearl Bank’s profits rose 34 percent to Shs47.3 billion in 2025.

• Minister Evelyn Anite urged the bank to challenge multinational lenders locally and regionally.

• Government wants the bank to deepen lending to agriculture, SMEs and underserved communities.

Government has challenged Pearl Bank to aggressively compete with multinational financial institutions after the Ugandan-owned lender posted a sharp rise in profits to Shs47.3 billion in 2025.

Speaking at the bank’s Annual General Meeting on Monday, State Minister for Investment and Privatisation Evelyn Anite said Pearl Bank now has the opportunity to expand beyond Uganda and position itself as a serious regional competitor.

“We want to see Pearl Bank step forward and challenge the multinationals by competing on service, on innovation, and on understanding the Ugandan customer better than anyone else,” Anite said.

She described the bank as a rare example of a fully Ugandan financial institution successfully growing in a market long dominated by foreign-owned players.

“It is refreshing and indeed inspiring to see a homegrown institution rising with this level of ambition, discipline and credibility,” she added.

Pearl Bank, formerly PostBank Uganda, released its first financial results since rebranding, reporting a 34 percent rise in net profit after tax from Shs35.4 billion in 2024 to Shs47.3 billion in 2025.

Customer deposits also surged by 43 percent to Shs1.42 trillion, while total income climbed to Shs298 billion.

The bank attributed the growth to stronger interest income, improved asset utilisation and disciplined cost management.

Finance Minister Matia Kasaija praised the performance, saying it reflected the broader strength of Uganda’s economy.

“Money has come,” Kasaija said. “Pearl Bank’s growth mirrors the strength of Uganda’s economy, which continues to expand in its longest period of sustained growth in modern history.”

Kasaija urged the bank to deepen lending to productive sectors such as agriculture and small businesses, saying access to credit will be key to Uganda’s economic transformation.

The bank disclosed that it extended Shs340 billion in agricultural loans supporting more than 11,000 farmers, while Shs398 billion was channelled to micro, small and medium enterprises.

Pearl Bank also financed more than 7,000 micro enterprises during the year.

The lender said it had aligned its operations with government priorities including the Parish Development Model and the country’s tenfold economic growth strategy.

A major driver of the bank’s growth was its digital platform, Wendi, whose deposits increased more than fivefold from Shs45.5 billion to Shs240.5 billion.

The platform now operates through more than 10,000 agents across 5,030 parishes and has facilitated the disbursement of Shs1.2 trillion under the Parish Development Model.

Anite said digital innovation gives Pearl Bank an advantage over larger multinational institutions.

“They have agility, the ability to innovate, to move faster, and to tailor solutions to our local realities in a way that larger multinational institutions sometimes struggle to do,” she said.

Board Chairman Andrew Otengo Owiny said the rebrand from PostBank to Pearl Bank was intended to position the institution as a modern national commercial bank with regional ambitions.

Managing Director Julius Kakeeto said the bank aims to become a “national impact-led financial institution” while remaining profitable and relevant to ordinary Ugandans.

With its market share now at four percent and capital adequacy ratio standing at 24.87 percent, well above regulatory requirements, Pearl Bank says it is entering a new phase of expansion with confidence.

Pearl Bank’s profits rose 34 percent to Shs47.3 billion in 2025.

Minister Evelyn Anite urged the bank to challenge multinational lenders locally and regionally.

Customer deposits surged to Shs1.42 trillion while digital platform Wendi recorded rapid growth.

Government wants the bank to deepen lending to agriculture, SMEs and underserved communities.