Uganda’s Largest Banks by Assets: Stanbic, Centenary Lead As Industry Assets Hit Shs61.6 Trillion

Uganda’s banking sector recorded strong growth in 2025, with total industry assets rising to Shs61.59 trillion from Shs53.12 trillion in 2024, according to an analysis of audited financial results by Business Focus.

The results show that a handful of banks continue to dominate the industry across key performance indicators, particularly in the assets category.

The top five banks account for 55.58% of total industry assets, while the top 10 lenders control 79.57% of the market. The remaining 13 banks share just 20.43% of the industry’s total assets.

Top Performers

Stanbic Bank Uganda maintained its position as the country’s largest bank by assets. Under the leadership of Chief Executive Officer Mumba Kalifungwa, who completed his first year at the helm, the bank’s assets grew by 9.28% to Shs11.3 trillion in 2025, up from Shs10.34 trillion in 2024.

The performance gives Stanbic a market share of 18.35%, larger than the combined assets of 12 smaller banks.

Centenary Bank retained second position after recording a 20.96% increase in assets to Shs8.6 trillion from Shs7.11 trillion a year earlier. The lender, which is largely owned by the Catholic Church, now commands a 13.97% share of industry assets.

The strong performance comes as long-serving Managing Director Fabian Kasi prepares to leave office after more than 15 years at the helm, having demonstrated that indigenous financial institutions can compete effectively with foreign-owned banks when well managed.

Absa Bank Uganda ranked third after posting one of the strongest growth rates among the leading banks. Under Managing Director David Wandera, who also completed his first year in office, the bank’s assets rose by 29.47% to Shs7.03 trillion from Shs5.43 trillion in 2024.

The growth gives Absa a market share of 11.42%. The increase was largely driven by the acquisition of the Retail and Wealth Business Units of Standard Chartered Bank Uganda.

dfcu Bank remained Uganda’s fourth-largest bank by assets as of December 2025. The lender’s assets increased by 8.09% to Shs3.74 trillion from Shs3.46 trillion recorded a year earlier.

The performance gives dfcu a market share of 6.07%, larger than the combined assets of five smaller banks. Under Managing Director Charles Mudiwa, the bank has continued to focus on growth while strengthening customer service and operational stability.

Equity Bank completed the top five rankings after growing its assets by 5.03% to Shs3.55 trillion from Shs3.38 trillion in 2024, representing a market share of 5.77%.

Bank of Baroda followed in sixth position, with assets increasing by 13.31% to Shs3.49 trillion from Shs3.08 trillion. The lender commands a market share of 5.67%.

Standard Chartered Bank dropped to seventh position following the sale of part of its business to Absa Bank Uganda. Under Managing Director Sanjay Rughani, the bank reported assets of Shs3.48 trillion in 2025, compared to Shs3.34 trillion the previous year, giving it a market share of 5.65%.

Diamond Trust Bank (DTB) ranked eighth after recording assets of Shs2.91 trillion, up slightly from Shs2.86 trillion in 2024. The bank, led by Managing Director Godfrey Sebaana, controls 4.73% of the market.

Housing Finance Bank (HFB) emerged as the ninth-largest bank by assets. Under Managing Director Michael K. Mugabi, the bank’s assets grew by 15.45% to Shs2.69 trillion from Shs2.33 trillion a year earlier, translating into a market share of 4.37%.

KCB Bank rounded off the top 10 after posting a 28.65% increase in assets to Shs2.2 trillion from Shs1.71 trillion in 2024. The lender, headed by Managing Director Edgar Byamah, holds a market share of 3.57%.

Mid-Tier Banks

Pearl Bank ranked 11th with total assets of Shs1.87 trillion, representing growth of 31.69% during the period under review and a market share of 3.04%.

Other banks with assets exceeding Shs1 trillion include Citibank (Shs1.67 trillion), Bank of Africa (Shs1.4 trillion), I&M Bank (Shs1.39 trillion), Ecobank (Shs1.26 trillion) and NCBA Bank (Shs1.2 trillion).

Smaller Players

Seven banks reported combined assets of less than Shs4 trillion. These include UBA (Shs725.86 billion), Exim Bank (Shs718.46 billion), Finance Trust Bank (Shs668 billion), Tropical Bank (Shs503.2 billion), Bank of India (Shs493.87 billion), Cairo Bank (Shs477.11 billion), and Salaam Bank (Shs187.1 billion).

Despite their relatively smaller size, these institutions continue to play an important role in serving niche market segments and supporting financial inclusion across the country.

The 2025 results underline the continued growth of Uganda’s banking industry, with the largest lenders consolidating their positions while the sector as a whole expands in response to growing economic activity and demand for financial services.

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