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The interview takes place against a backdrop of significant positive performance, as reported in the 2022 published financials. Equity Bank Uganda, registered significant growth, reporting a 32% growth in customer numbers from 1.222 million to 1.613 million and a 39% growth in the number of agents from 5,572 agents to 7,727 agents as well as 6,048 merchants. This fuelled a 21% growth in deposits from UGX 2.29 trillion to UGX2.76 trillion and subsequently a 6% growth in credit supply from UGX1.54 trillion to UGX 1.63 trillion. Increased deposits and lending fuelled a 22.6% growth in total income, from UGX382.7 billion…
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Bank of Uganda, the regulator of Uganda banking financial services has given its approval to Anthony Kituuka, 47, to be appointed the Managing Director, of Equity Bank Uganda, our sources say. “The much-expected approval came through late December 2022,” the impeccable source told this reporter on phone. Kituuka was on 21st November 2022 appointed Managing Director by the Board. But according to the Financial Institutions Act, all directors and senior positions within regulated financial institutions have to undergo a fit and proper test by the Central Bank. An aggressively passionate and hands-on banker, Kituuka has been the Executive Director,…
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You recently cut your prime lending rate to 16 percent, for the second time this year. This is a rather unexpected move, given the probable likelihood of increased Non-Performing Loans and other Covid-19 related risks. What are the insights behind this decision? Stanbic has consistently re-priced our prime lending rate in response to every CBR movement by the Central Bank over the past 10 years and at present, Stanbic has one of the lowest prime lending rates of all active retail financial institutions in the country. We lowered our base lending rates in line with the CBR cut in April…
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Bank of Uganda has cleared the merger of two out-of-Nairobi banks- NC Bank Uganda and Commercial Bank of Africa. The two as per 2019 results were the 19th and 21st largest banks by assets respectively and the merger will pave way for Uganda’s 15th largest bank- out of 25 licensed banks. The merged entity will also control well over UGX281 billion in lending and UGX370 billion in customer deposits- roughly 2% market share. CBA entered Uganda in 2014, while NC Bank received a commercial banking license from the Bank of Uganda in April 2012 and opened for business in May 2012. In a joint statement issued by…
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Ecobank Uganda, this week released their 2019 results, reporting a 60 per cent increment in the bank’s assets from UGX420 billion in 2018 to UGX671.3 billion at the end of 2019. Assets grew by UGX 251.3 billion, crossing the UGX500 billion asset mark, stamping a place amongst Uganda’s tier 2 commercial banks- a good way to mark its 11th anniversary since its launch in January 2009. This impressive performance was on the back of a 90.8 per cent growth in customer deposits, from UGX288.3 billion in 2018 to UGX550 billion in 2019. The growth in deposits powered a 22.9 per…
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The Central Bank on April 6th released its April 2020 monetary policy statement that among others, reduced the CBR to 8%. It also announced other measures to mitigate especially the negative effects of Covid-19. In your view, do you think the measures are sufficient to deal with the problem at hand? We commend the measures announced by the Central Bank of Uganda to support financial institutions during this pandemic, which are designed to ensure we have adequate capital buffers and allow us to accommodate our clients’ requests to stem the impact of the pandemic on their businesses. We are cognizant…
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How was 2019 for dfcu Bank? In 2019, we steered the organisation through another year of success and growth; the operating environment was generally positive with a few challenges along the way, dfcu continued to demonstrate resilience and market leadership in the various segments that we serve. We delivered robust growth in the business and witnessed increased uptake of the Bank’s products and services year on year. Our stakeholder engagement across the multiple value chains of business and community also increased as we made a meaningful contribution towards the social-economic transformation of households and communities where we serve. Based on…
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Most borrowers tend to hide away from their banks at the very first sign of trouble. And as COVID-19 related business complications begin to make landfall for many businesses in Uganda in form of canceled bookings and orders, delayed deliveries, delayed payments, low demand etc., cash, the life-blood of every business will or has already started to dry up. If you have an existing credit facility with your bankers, there is an increasing likelihood that you will begin to default and the banks will start calling. If you do not have any existing facility chances are very high that you…
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Please mention a few key highlights for Stanbic Bank in 2019? We delivered another great performance and were able to improve on all our key performance goals. We grew our deposits by 21% as more customers trusted us with their money and our loans & advances grew by 14% by – availing UGX 344 billion of new credit to key sectors of the economy such as manufacturing, agriculture and personal lending – where we provided more than 40% of new lending. Our revenues grew 20% year-on-year to exceed UGX 800 billion and were well-diversified between lending and non-lending revenue. As…
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Absa Group Limited has today announced the appointment of Mr Mumba Kalifungwa as Managing Director for Absa Bank Uganda effective 1 April 2020, confirming a story, CEO East Africa early this month broke about his appointment. He succeeds Mr Nazim Mahmood, who has held the position on an interim basis since July 2019, leading the organisation through a historic brand transition to Absa. He will work closely with Mr Kalifungwa over the coming weeks to ensure a smooth transition. Mr. Kalifungwa has held various positions within the Group, most recently he served as Chief Financial Officer for Absa Bank…
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