A mid-sized bank sets an ambitious target: grow the loan book by 25 percent in one year. The head of corporate banking delivers. By Q4, the loan book has expanded from UGX 800 billion to UGX 1 trillion. The board applauds. The executive earns a hefty bonus of UGX 500 million for exceeding the target. But hidden in the fine print is the risk: 45 percent of the new lending is concentrated in real estate developers. Average loan size has ballooned from UGX 3 billion to UGX 7 billion, increasing single-borrower exposure. Collateral is mostly land titles, whose value is…