UDB is owned by government as a development finance institution focused on accelerating socio-economic development through sustainable financial interventions in line with the country’s development priorities.
Kampala. Uganda Development Bank (UDB) has started reaping the benefits of recapitalisation beginning with the creation of 54,000 new direct jobs last year alone.
While releasing their 2018 financial results, Patricia Ojangole, the UDB managing director, said last year they created 54,034 direct jobs 53 per cent of which were taken up by males while 47 per cent by females.
“We finance farmers many of whom are our clients and these are direct jobs we created. There are people who took out loans to put up lodges in game parks,” she said.
The bank, according to the results, registered a 14 per cent post-tax profit of Shs9.49b for the year ended December 2018 compared to from Shs8.31b in 2017.
UBD also registered growth in its loan book from Shs242.66b in 2017 to Shs309.62b in the period under ended December 2018.
Ms Ojangole said they have been working with organised groups in key sectors of the economy to finance venture ranging from inputs to equipment.
The total tax contribution to government revenue by companies supported by UDB, she said, increased to Shs110.26 billion, up from Shs96.5 billion in 2017.