Foreign Banks and the Invasion of the Ugandan Banking Sector

I am looking at the Ugandan Banking Sector in 2009, with cautious pessimism, if at all there is such a thing.

Performance for 2008
The rankings below are based on the bank profits according to annual financial statements for 2008*.

1. Stanbic Bank Uganda Limited: Ushs 78bn

2. Standard Chartered Bank Limited: Ushs 60.1bn

3. Citi Bank Limited: Ushs26.7bn

4. Crane Bank Limited: Ushs25.8bn

5. Centenary Bank : Ushs20.4bn

6. Bank of Baroda: Ushs13.4bn

7. Dfcu: Ushs13.1bn

8. Housing Finance Bank: Ushs6.9bn

9. Tropical African Bank: Ushs6.2bn

10. Kenya Commercial Bank: Ushs5.6bn

11. Bank of Africa : Ushs3.7bn

12. Diamond Trust Bank: Ushs1.9bn

13. Cairo International Bank: Ushs1.1bn

14. Fina bank: (Ushs 1.4bn) loss

15. United Bank of Africa: (Ushs 5bn) loss

16. Barclays Bank of Uganda: (Ushs 14bn) loss

*excludes the results of Equity Bank which I couldn't source at the time of blogging.

With the sporadic entry of foreign banks, the Ugandan banking landscape makes for an interesting review. I must admit that I would love to glean the strategic plans of Equity bank (in relation to its acquisition of Pride), or of United Bank of Africa, KCB my intention being to understand the principal source of generating value over the next few years.