KAMPALA, UGANDA – PostBank Uganda, a prominent government-owned commercial bank, today announced a landmark decision to rebrand as Pearl Bank Uganda Limited, a strategic move coming on the heels of a record-setting profit after tax of 35.4 billion Ugandan shillings (about $9.5 million USD) for 2024. This impressive 28% increase from the previous year was revealed during its Annual General Meeting (AGM) held this Thursday, June 5, 2025, at the Ministry of Finance, Planning and Economic Development offices in Kampala.
The rebranding, which is subject to approval from the Bank of Uganda, was enthusiastically approved by shareholders who commended the bank’s robust financial performance. PostBank was lauded as one of Uganda’s most profitable government entities and now ranks among the top 10 performing banks in the country.
Finance, Planning, and Economic Development Minister Matia Kasaija underscored the significance of the new name. “We shareholders of PostBank have approved the rebrand of the Bank to a name that evokes a sense of pride in all of us, in being Ugandan,” Kasaija stated. He added that “Pearl Bank” draws inspiration from Winston Churchill’s historic description of Uganda as “The Pearl of Africa,” symbolizing purity, wisdom, wealth, status, and prosperity, and aiming to reposition the bank to attract stronger banking partners and high-value depositors.
PostBank Uganda Managing Director Julius Kakeeto elaborated on the strategic vision behind the name change. He explained that the rebranding is integral to developing PostBank into a leading indigenous commercial bank. Kakeeto anticipates the new identity will be crucial in attracting strategic partners and high-value deposit customers, which are essential for the bank’s continued support for micro, small, and medium enterprises (MSMEs) and the vital agricultural value chain.
The bank’s 2024 financial metrics reflect a period of significant growth and success. Income surged by 20% to 248 billion shillings from 206 billion shillings. Deposits witnessed a substantial 25% increase, reaching 990 billion shillings, while the bank’s loan book expanded by 19% to 719 billion shillings.
Andrew Otengo Owiny, Chairman of the board, expressed deep satisfaction with the bank’s progress since it became a fully-fledged commercial bank in December 2021. He highlighted PostBank’s extensive reach, noting its 57 branches and over 6,000 agents nationwide, which significantly contribute to financial inclusion across the country. Owiny also pointed to the bank’s instrumental role in supporting key government programs, including the digitization of payments for the Parish Development Model through the innovative Wendi platform, enhancing transparency and convenience for beneficiaries.
PostBank Uganda’s 2024 strategic focus emphasized sustainable financial inclusion, customer satisfaction, service and innovation, sustainability, proactive stakeholder management, continued support for MSMEs, and robust risk management, all of which contributed to its impressive financial year and set the stage for its transformative rebrand to Pearl Bank Uganda Limited.
