Centenary Bank defies COVID effects, registers up 3.4% net profit
Centenary Bank has defied the effects of coronavirus pandemic to record a 3.4% growth in net profit to Shs161.2bn for the year ended Dec. 2020.
As indicated by the bank’s budget reports, all out resources expanded from Shs3.57 trillion to Shs4.49 trillion, crossing the shs4trillion mark interestingly since the bank was set up in 1983 as a credit trust and a completely fledged business bank in 1993.
Its Managing Director, Fabian Kasi, said the 2020 execution shows flexibility in the market in the midst of an intense business climate.
Kasi said, the bank’s twofold digit development in resources is ascribed to an expansion in client stores improved inside the utilization of monetary innovation, for example, specialist banking and CenteMobile.
He said, the bank’s non-performing advances moved somewhat from 3.95% to 3.97% however still beneath the business normal of 4.4%, exhibiting the insightfulness in overseeing credit hazard.
The bank developed its representative organization to 3,659 countrywide, affecting over 33% of the bank’s client transactions. On CenteMobile, the bank presented a low-balance represent clients called the CenteXpress investment account.
In the mean time, the bank’s working pay developed from Shs614.3billion in 2019 to Shs649.4billion in 2020 as client stores consistently expanded by 23.9% from Shs2.53 trillion out of 2019 to Shs 3.13 trillion during a similar period under survey.
On the expense consistence side, the loan specialist gathered and dispatched assessments of Shs 107.7 billion to Uganda Revenue Authority (URA), henceforth boosting the public authority’s income preparation endeavors.
This comprised of Pay as You Earn, Corporation charge, Excise Duty, VAT, Stamp Duty and Withholding charge.
Going ahead
Following the worldwide interruption of individuals’ lifestyles and business exercises by the COVID-19 pandemic, the bank has embraced and is adjusting to the “new ordinary” to remake a reasonable future in conveyance of monetary administrations to clients.
“As a bank, we will persistently endeavor to convey customized and inventive items and administrations for our clients, with help of our improved frameworks and outlets,” Kasi said, adding “As what’s to come is advanced driven, we will keep on guaranteeing expanded proficiency in our tasks utilizing innovation while having a decent human interface with our clients.”
He said centennial bank started off 2021 with center around accomplishing its essential targets through improving client care, framework adjustment, staff limit working to support proceeded with development both in stores and advances while streamlining expenses and keeping a top notch portfolio.
The bank’s possession involves the Catholic Dioceses of Uganda (38.5%), the Uganda Catholic Secretariat (31.3%), International Solidarity for Development and Investment situated in France (11.6%) and the Stichting Hivos – Triodos Fonds in the Netherlands (18.3%) alongside four people (0.3%).
Key execution features
- Benefit after charge expanded from Shs155.9 billion out of 2019 to Shs 161.2 billion out of 2020 enlisting an expansion of 3.4%.
- Operating income developed from Shs 614.3 billion of every 2019 to Shs 649.4 billion out of 2020 addressing a development of 5.7%.
- Client deposits consistently expanded by 23.9% from Shs 2.53 trillion out of 2019 to Shs 3.13 trillion of every 2020.
- The Bank shut the year with 76 Branches having extended its impression by 2 extra branches in Busia and Bweyale. The quantity of ATMs additionally developed from 179 to 188 serving in 127 areas.
