Centenary Bank Uganda Profits up to 47.9billion in 2011

17-April-2012

Centenary Bank from Uganda has announced a 63% jump in profit after tax on the back of strong growth in its net interest income despite the tough economic challenges faced in 2011.

The bank’s profit after tax surged to Shs 47.9billion in 2011 from Shs 29.4 billion recorded in 2010, according to its financial statements for the year ended December 31, 2011.

The bank’s net interest income, which is the margin between interest income and interest expense rose to Shs 124.8billion from Shs 91.1billion in 2010. Net interest income remained the main source of income for the bank. The income comprises of interest revenue, commissions and fees and other non operating income, the bank said in a recent statement.

The Bank added that strong growth in interest income was supported by growth in loans and advances which closed at Shs515 billion from Shs396 billion last year. The bank said the growth was driven by, affordable interest rates, increased lending opportunities in the market and good customer service.

Fabian Kasi, the bank’s managing director said the impressive performance was due to strong lending to the agricultural sector, closer engagement with the customers through financial literacy training and the Beera Muloodi Deposit and Win campaign plus the deeper penetration of the market through 13 new branches.

BY JULIUS BUSINGE: The Independent Newspaper