Pearl Bank Releases First Financials Since Rebrand with a Shs47 billion in PAT

BY OKIDI PATRICK

Pearl Bank Uganda, a homegrown bank whose purpose is to foster prosperity for Ugandans, has announced strong financial results for the year ended 31 December 2025, underlining its growing market relevance, deepening customer trust, and accelerating digital transformation.

These are the first results the bank is releasing under its new identity, Pearl Bank, following the shareholders’ approval of the name change in June last year and Bank of Uganda’s no objection to trade as Pearl Bank with an operating license issued in November last year.

Pearl Bank recorded a significant increase in profitability, with net Profit After Tax (PAT) rising to sh47.3 billion in 2025, up from sh35.4 billion in 2024, representing a robust 34% growth. This performance was driven by strong growth in interest income, improved asset utilization, and disciplined cost management, positioning the Bank among the fastest-growing financial institutions in the market.

Customer confidence in the bank continued to strengthen, reflected in a sharp increase in customer deposits, which grew to sh1.42 trillion in 2025 from sh990 billion in 2024. This 43% growth signals rising trust in the Bank’s stability, service delivery, and long-term value proposition. The growth in deposits also enhances the Bank’s capacity to support lending to key sectors of the economy, further reinforcing its role in Uganda’s economic transformation.

A standout highlight of the year was the exceptional growth in Wendi wallet deposits, which surged more than fivefold to sh240.5 billion in 2025, up from sh45.5 billion in 2024. This exponential growth underscores the success of Pearl Bank’s digital strategy and its commitment to financial inclusion.

Total income grew to sh298 billion, supported by strong performance across loans, investment securities, and non-funded income streams. Meanwhile, the Bank maintained a solid capital position, with a total capital adequacy ratio of 24.87%, well above regulatory requirements, providing a strong buffer for future growth.

Commenting on the results, Managing Director Julius Kakeeto said the performance reflects the successful execution of the Bank’s strategy to build a “National impact-led financial institution.”

He said, “The bank has aligned its operations with the government’s growth strategies, including the recently rolled out NDP IV agenda, which aims to accelerate the socio-economic transformation of Uganda. In this regard, the Bank has offered tailored financial solutions that continue to usher Ugandans into endless opportunities that inspire growth and prosperity, implemented through the bank’s two high-impact goals of driving sustainable financial inclusion and stimulating entrepreneurship and service, which are backed by its purpose of fostering prosperity for Ugandans.

“Last year’s performance was attributed to the growth in customer deposits, which is a clear vote of confidence from our customers, while the rapid adoption of Wendi demonstrates the power of digital platforms in transforming access to financial services. We are building a bank that is not only profitable but also relevant to the everyday lives of Ugandans,” Kakeeto added.

The FY 2025 marked another strong and transformative year for Pearl Bank Uganda, characterized by solid profitability, rapid balance sheet growth, and improved asset quality.

The Bank delivered robust growth and increased its market share to 4%, outperforming the industry across key financial indicators despite a challenging operating environment.

▪ Assets: Total assets grew by 31% to 1.87 trillion, underpinned by prudent risk management and strategic asset allocation.

▪ Deposits: The Bank registered 43% growth in customer deposits, enabling it to surpass the UGX 1 trillion milestone for the first time, reaching UGX 1.4 trillion in deposits. This confirms growing customer and shareholder confidence in Pearl Bank.

▪ Advances: The loan portfolio grew to UGX 749 billion; reflecting the Bank’s continued commitment to extending credit to Ugandans even amid a challenging environment of rising interest rates.

▪ Profitability: Net profit increased to UGX 47.3 billion from UGX 35.4 billion in 2024, representing a 34% year on year growth. This was supported by improved income generation and cost efficiency.

▪ Tax Contribution: Ugx.32bn.
Board Chairman Andrew Otengo Owiny emphasized the importance of balancing growth with strong governance and long-term strategy.

He extended the Board’s profound appreciation for the immense support and guidance extended to the Bank at last year’s Annual General Meeting, where the shareholders granted the approval to rebrand the institution from PostBank Uganda to Pearl Bank Uganda.

Owiny explained that the decision marked a defining milestone in the Bank’s transformation journey. “I am pleased to report that the rebranding exercise is now at an advanced stage and nearing completion. The rebrand has successfully positioned Pearl Bank as a modern, impact driven national commercial bank, firmly anchored in Uganda’s development agenda. The Bank is already beginning to realize the benefits of this transformation. This achievement would not have been possible without the shareholder’s vision, confidence, and unwavering stewardship throughout the transition” he added.

Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, welcomed the Bank’s performance as a reflection of broader economic progress, while calling for greater ambition. Noting that, “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. I commend the Bank’s progress, but I also urge it to step up lending to productive sectors because credit is the fuel that will drive the next phase of our economic transformation.

State Minister for Finance, Hon. Evelyn Anite, highlighted the significance of Pearl Bank as a homegrown institution and encouraged it to compete more aggressively.

Anite mentioned, “It is inspiring to see a fully Ugandan bank delivering results at this level. Pearl Bank can leverage its strong customer base and alignment with government priorities to compete with multinationals not just locally, but across the region.”

Looking ahead, Pearl Bank is well-positioned to sustain this momentum. The combination of a strong balance sheet, an expanding customer base, and a rapidly scaling digital ecosystem provides a solid foundation for future growth.

With profitability rising, deposits expanding, and digital adoption accelerating, Pearl Bank enters the next phase of its journey with confidence, poised to deliver long-term value to customers, shareholders, and the broader Ugandan economy.

Notable impact realised over the years:
Pearl Bank Uganda remains firmly committed to its purpose of Fostering Prosperity for Ugandans and has aligned its strategy and efforts to the Government’s 10-Fold Growth Agenda, reinforcing the Bank’s pursuit of becoming an impact-led financial institution.

Economic Impact- Boosting the Real Economy

​Strengthening Agricultural Productivity: The Bank disbursed UGX 340 billion in agricultural lending, directly supporting 11,219 farmers and enhancing agricultural production, value addition and rural livelihoods

​Catalyzing Large Scale Agriculture through ACF: Under the Agriculture Credit Facility (ACF), UGX 121 billion was disbursed to 444 customers, enabling scalable agribusinesses to drive commercialization and agro industrialisation. Specifically, UGX.30BN was secured for large businesses

​Empowering MSMEs: A total of UGX 398 billion was allocated to Micro, Small, and Medium Enterprises, with 17,693 MSMEs funded during the financial year, reinforcing entrepreneurship, job creation, and economic resilience

​Supporting Micro enterprise Growth: The Bank financed 7,044 micro enterprises, fostering grassroots economic activity, income generation, and financial inclusion across communities.

i)​Social Impact: Driving Sustainable Financial Inclusion

Pearl Bank remains firmly aligned to its mission of taking financial services to the parish and community level. Through Wendi, the Bank has expanded its reach significantly, with over 10,000 agents covering 5,030 parishes and 1,791 sub counties, against a national target of 2,224 sub counties. The audacious goal is to ensure that every Ugandan, regardless of location or socioeconomic status, has access to the financial tools they need to prosper.

In addition, the number of SACCOs onboarded on Wendi has grown exponentially to 15,699, strengthening grassroots financial access. To date, the platform has facilitated the disbursement of UGX 1.2 trillion. Under the Parish Development Model; supporting Government’s efforts in household-level economic empowerment.

Notable Achievements over the year:

I)​Sustainability Certification: Pearl Bank became the first commercial bank in Uganda to attain the Sustainability Certification (Level 3) from the European Organization for Sustainable Development.

II)​Leadership in Agricultural funding: Pearl Bank was recognized by Bank of Uganda as the top performing Commercial Bank under the Agriculture Credit Facility (ACF). Furthermore, the Bank was recognized by Aceli Africa as the best Agri-SME lending Bank for the year 2025.

III)​SME lending: Pearl Bank was also recognized by Bank of Uganda as the best performing financial institution under the Small Business Recovery Fund (SBRF) in the Commercial and Development Bank category.

IV)​Industry leadership: In 2025, the Bank’s Managing Director continued to provide leadership to the Banking Industry as the Chairman of Uganda Bankers Association

V)​Continental Recognition: During the year, Wendi, the Bank’s digital platform was awarded Best Digital Wallet at the Africa FinTech and AI Awards; affirming Pearl Bank Uganda’s.