By Our Reporter
Bank of Baroda Uganda financial results for the year ended December 2014 showed a 19.45% advance in net profits to Ushs 36.89 billion from Ushs 30.88 billion in 2013. The bank grew its incomes by 24.8 % to Ushs 135.21 billion with a 26.23% rise in interest income.
The Bank’s loan book stretched 18.98% to Ushs 518.22 billion from Ushs 435.56 billion in 2013 while marketable securities were up 82.76% to Ushs 370.63 billion. This upswing in tradable securities was attributed to low shilling lending that implied the bank had to channel the funds in government securities.
At the securities exchange, earnings per share grew to Ushs 14.76 from Ushs 12.35 reflecting the rise in the bank’s profit after tax. The bank’s Board of Directors proposed the payment of a Ushs 2.5 per share dividend for the full year 2014. This is a 25 per cent increment from Ushs 2 per share dividend paid in 2013.
Bank of Baroda continued to register moderate trading activities so far this year. Buyers and sellers on the counter are mostly matched, which explains the stability of the price on most trading days. The counter reached its current 52 week high at Ushs 140 near the end of February where it moved its biggest block so far this year of 1.8 million shares. The counter has remained stable at its current price Ushs 130 since then.
