NC Bank sees its total assets grow 5.9 percent in 2019

By George Mangula
NC Bank Uganda saw its total assets grow 5.9 percent to about Shs289.6 billion for the year ended December 31, 2019 from about Shs273.5 billion accumulated in the previous year, the bank says in its latest financial statements that are mandatory as required by the Bank of Uganda (BoU).
According to the statement published by Sam Ntulume, the Managing Director, the bank had its cash and balances with BoU grow to about Shs41 billion in 2019 from about Shs30 billion at end of December 31, 2018.
On the other hand, the financial statement shows the bank dispersed loan advances worth about Shs139.7 billion in 2019, a decline when compared to about Shs143.7 billion it gave out to clients in 2018.
The bank’s balances with other banking institutions rose to about Shs28 billion in 2019, showing growth when compared to about Shs18 billion in 2018.
Customers’ deposits with the bank were about Shs189.7 billion in 2019 compared to about Shs150 billion deposited in the year 2018.
However, there was an increasing in the bank’s non-performing loans as they rose to about Shs18.2 billion from about Shs17.4 billion in 2018.
Further, the bank saw bad debts written off increase in 2019 to about Shs5.8 billion from about Shs3.5 billion in 2018.
There was a significant declined as the bank earned gross profit of about Shs1 billion in 2019 compared to about Shs4 billion in the year 2018.