Bank of Africa sees 34.8 percent rise in gross profit as Housing Finance Bank records 2.5 percent fall
April 28, 2020
MP Anifa Kawooya appointed ambassador
April 29, 2020
By George Mangula
Bank of India Uganda Limited posted a marked growth as gross profit
upped by 40 percent to about Shs7.7 billion in December 2019 from
about Shs5.5 billion the bank garnered in the year 2018.
According to the bank’s audited financial statement for the year ending December 2019, its cash and balances with Bank of Uganda improved to about Shs42 billion compared to about Shs27.8 billion it held with the central bank in 2018.
The scale of loans and advances to clients showed a marked improvement
in 2019 as they amounted to about Shs168 billion compared to about Shs127 billion loaned out in 2018.
The bank’s financials for 2019 show customer deposits segment coming
down the graph to about Shs36.650 billion from about Shs39 billion
attracted in 2018.
The financial statements show the bank did not record any non-performing loans and bad debt written off in 2019, which was the same in 2018.
Meanwhile, the value of the bank’s total assets rose to about Shs303 billion in 2019 compared to about Shs203 billion accumulated in 2018.
“2019 was a better year in terms of the performance of the bank for it maintained diversified high quality assets, keeping non-performing loans at nil level,” said the managing director, Vikash Krishna.
