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By George Mangula
The year ending December 31, 2019 saw Exim Bank and Mercantile Credit Bank post losses and profits respectively as shown by each of the banks’ financial statements.
Exim Bank had its losses reduce to Shs4.419 billion in 2010 from about Shs16 billion in 2018. For Mercantile Credit Bank, its profit slumped to Shs2.389 billion in 2019 from the high of about Shs2.640 billion in 2018.
Exim Bank had its total assets rise to Shs341.2 billion in 2019 from Shs276 billion. On the other hand, Mercantile Credit Bank had its total assets increase to Shs72.3 billion in 2019 from Shs68 billion in 2018.
The financial statements show both banks had growth in customer deposits. Customer deposits for Exim Bank were Shs275.6 billion in 2019 compared to Shs225.9 billion in 2018. For Mercantile Credit Bank, customer deposits increased to Shs52 billion in 2019 compared to Shs50.2 billion.
Loans and advances for both banks also went up, with Exim Bank posting Shs187.300 billion in 2019 from Shs169 billion in 2018 as Mercantile Credit Bank saw business improve to Shs51.8 billion in 2019 from Shs35.8 billion in 2018.
The financial statements of both banks show they did badly in 2019 when it came to the Non-performing loans (NPLs) . Exim Bank’s NPLs jumped sharply to Shs13.6 billion from Shs6.9 billion in 2018. On the other hand, Mercantile Credit Bank posted Shs2.8 billion from Shs1.4 billion in 2018.
Exim Bank saw an increase in bad debts/loans written off in 2019. The value rose to Shs7.1 billion from Shs2.4 billion in 2018. Mercantile Credit Bank saw Shs548.3 billion as bad loans written off from Shs214.7 billion in 2018.
Yako Microfinance posts impressive results
The year ending December 31, 2019 was good businesswise for Yako Microfinance Limited. The company saw a jump in its net profit as it rose to Shs391.8 billion from Shs204.5 billion.
The mini lender had its total assets grow to Shs9.6 billion in the reporting year from Shs7.6 billion the company recouped in 2018. Customer deposits were also on the rise in 2019 as they reached Shs2.849 billion compared to Shs1.713 billion.
Loans and advances to clients performed well as they totaled Shs4.870 billion in 2019 , a marked improvement from Shs2.846 billion given out in 2018. None Performing loans and other Assets (NPA) were Shs76.6 million in 2019. Bad debts written off were Shs115.3 million in 2019.
