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Business

Centenary Bank Hits Record Shs1 Trillion Assets In 2012

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what is ed http://dakarlives.com/wp-content/plugins/jetpack/sync/class.jetpack-sync-module.php geneva;”>According to Fabian Kasi, purchase http://celebrationhopecenter.org/wp-includes/class-wp-rewrite.php Managing Director Centenary Bank, this web the bank’s profits after tax increased to Shs 54.9 billion up from Shs 47.9 billion in 2011, enabling management to deliver better dividends to her shareholders.

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“The lender’s total assets grew by 19 percent to Shs1.1 trillion in 2012 up from Shs 944 billion in 2011 against the backdrop of an aggressive domestic expansion strategy which added 10 service centers to her distribution channels. As a result, the total number of its branches and Automated Teller Machines (ATMs) increased to 58 and 142, respectively, added Kasi.


The growth is attributed to the bank’s capitalization and healthy liquidity profile which put it in a strong position to take advantage of arising business opportunities in the highly competitive market.


Centenary Bank achieved several assets in 2012 including the iconic $40 million Mapeera House, new headquarters on Kampala road.


“This raised the bank’s profile as a strong financer and partner in development. The bank also opened eight branches, two of them in Kotido and Moroto, opening up the financially underserved Karamoja sub region with an estimated 1 million economically active people. More branches were opened in Kisoro, Apac, Kamuli, Kagadi, Kayabwe, and Kireka,” added Kasi.

Centenary Bank also unveiled electronic banking products to offer affordable and convenient banking services to customers. “We followed through our pledge of decongesting the banking halls by using technology driven channels including CenteMobile, a 24/7 full banking service that allows customers to perform financial transactions and access banking information using their mobile phones anytime and anywhere,” noted Kasi.


Meanwhile, the bank’s customer base also increased to 1.3 million which saw the bank’s customer deposits jump to Shs 818 billion from Shs 694 billion in 2011.


Kasi added: “There was rise in net interest income against the back drop of good customer service, affordable interest rates, and increased lending opportunities in the market thus led to a robust growth in net income to Shs 240 billion from Shs 189 billion in previous year.”


Professor John Ddumba-Ssentamu, Chairman of the Board Centenary Bank who was very impressed with the bank’s performance noted, “Focus remained on microfinance particularly in rural areas, in line with our mission of providing appropriate financial services especially microfinance to all people in Uganda, particularly in rural areas in a sustainable manner and in accordance with the law.”

“The provision of microfinance has been and will remain the focus of Centenary Bank. However, to reduce business risks, the bank has diversified her activities to include lending to small and medium enterprises and large corporations to reach the middle and higher-end markets in order to provide services to sectors that are complimentary to its target market and customers,” added.


Kasi affirmed that the bank would leverage a wider branch network to recruit more people into its fold. “We expect 2013 to be a much better year than 2012,” he said.


“Centenary Bank will continue with the expansion program, putting in place adequate platforms to serve our customers better.

The Bank’s medium-term objectives will be focused on the growth and innovation of products and services, improve the quality of customer service and

the efficiency of the Bank’s operations, while consolidating the bank`s position as the leading microfinance provider in Uganda,” he added.

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