At a Glance
- Equity Bank leads USE with $2 billion market cap, the strongest retail and SME lending.
- KCB Group grows regionally, offering stability across East Africa’s banking sector.
- Stanbic, Baroda, DFCU drive digital adoption and investor interest in Uganda.
Uganda’s banking sector has emerged as a cornerstone of the East African economy, underpinned by steady growth in financial services, a push toward economic diversification, and increasing digital adoption.
The Uganda Securities Exchange (USE), valued at Ush36.06 trillion ($10.13 billion), has reflected these trends with the All Share Index (ALSI) up 1.37 percent year-to-date, signaling resilience despite global economic headwinds.
The market is dominated by a handful of banks whose capitalization and performance define investor sentiment.
At the forefront is Equity Bank Limited, with a market valuation exceeding $2 billion, reflecting its strong retail and SME lending portfolio.
KCB Group follows closely, leveraging cross-border operations in East Africa to sustain growth. Local subsidiaries of global players, including Stanbic Bank Uganda and Bank of Baroda, balance strong corporate lending with strategic expansion into retail banking.
Across the sector, growth drivers include rising financial inclusion, supportive government policies, and expanding digital banking infrastructure.
Understanding these 5 banks’ valuation and positioning as profiled by Shore Africa provides investors with insights into Uganda’s evolving financial landscape.
1. Equity Bank Limited
Market Valuation: $2.02 billion
Uganda’s largest bank by market cap, Equity Bank, dominates retail and corporate banking. Its innovative digital services and broad branch network drive customer growth, making it a cornerstone of the USE and a bellwether for Uganda’s financial sector. Equity Bank Limited is currently the most valuable stock on the USE with a market capitalization of Ush7.18 trillion ($2.02 billion), which makes about 19.9 percent of the entire Uganda Securities Exchange equity market.
2. KCB Group
Market Valuation: $1.57 billion
KCB offers a diversified banking portfolio across East Africa. With a growing loan book and expanding regional footprint, the bank is a major player in the financial services sector and a preferred stock for investors seeking stability. KCB Group is currently the fourth most valuable stock on the USE with a market capitalization of Ush5.58 trillion ($1.57 billion), which is about 15.5 percent of the entire Uganda Securities Exchange equity market.
3. Stanbic Bank Uganda
Market Valuation: $890.55 million
A subsidiary of Standard Bank Group, Stanbic is a leading corporate and investment bank. Its focus on high-value clients, trade finance, and digital banking underpins consistent performance and solid investor confidence. Stanbic Bank Uganda is currently the sixth most valuable stock on the USE with a market capitalization of Ush3.17 trillion ($890.55 million), which is about 8.8 percent of the Uganda Securities Exchange equity market.
4. Bank of Baroda Uganda
Market Valuation: $197.63 million
The Ugandan arm of India’s Bank of Baroda focuses on corporate and SME lending. Its strategic partnerships and niche banking approach have earned it a steady following among investors. Bank of Baroda Uganda is currently the seventh most valuable stock on the USE with a market capitalization of Ush705 billion ($197.63 million), which is about 1.95 percent of the Uganda Securities Exchange equity market.
5. DFCU Limited
Market Valuation: $63.08 million
DFCU is a mid-tier bank with strong retail and SME banking operations. Strategic growth in digital banking strengthens its presence among investors seeking reliable returns.
DFCU Limited is currently the 14th most valuable stock on the USE with a market capitalization of Ush225 billion ($63.08 million), which makes about 0.624 percent of the Uganda Securities Exchange equity market.
