Increased government capitalisation has helped Uganda Development Bank (UDB) to register growth in profitability to Shs10.14b.
The increase indicates a 7 per cent growth for the period ended December 31, 2019 from Shs9.49b which the bank posted in 2018.
Ms Patricia A. Ojangole, the UDB managing director, said the bank had in the period seen tremendous improvements across the board with lending growing by Shs22b from Shs97.03b in 2018 to Shs118b in 2019.
The bank's assets increased by 31 per cent from Shs370b to Shs486b on the back of increase in capital contribution and drawdown of lines of credit.
Loans and advances rose by Shs46b, a 15 per cent increase while disbursed projects stood at Shs183.9b in 2019 compared to Shs154.5b in 2018.
