By Silvia Nyambura
NC Bank Uganda has announced a 61% rise in profit after tax for the year ended December 31st, 2015 to cross Ushs 1 billion up from Ushs 670 million in the previous year. The Bank’s total assets increased by 20% to Ushs 202 billion. Interest income grew 40% to Ushs 21.5 billion. Foreign Exchange income grew 170% to Ushs 1.16 billion while fees and commissions grew by 42% to Ushs 1.4 billion.
The bank attributes this performance to an increase in customer volumes and transactions particularly in the latter half of 2015 when the bank expanded its target market and channels.
NC Bank was established in June 2012 with a primary focus on serving local and regional corporates. Last year, the bank which has its Head Office at Rwenzori Towers in Kampala expanded its target market to reach out to Individuals and Small and Medium Enterprises (SMEs) by opening a second branch at the Village Mall in Bugolobi. It also rolled out retail banking products and online channels to serve the growing middle class.
“We have posted consistent growth in profitability after breaking even in December 2013. Recently we launched a mobile banking APP that links our customers’ accounts to mobile money and various utilities. Mobile phones have increasingly become the dominant mode of transacting and communicating. It is therefore important for banks to embrace this trend by allowing customers to access banking services through their phones,
