Centenary Bank gross profit surge 33.6 percent

KAMPALA- Centenary Bank earned gross profit of about Shs 288.5 billion in 2021, which was 33.6 percent growth when compared to about Shs 216 bln earned in 2020.

The bank’s Managing Director Fabian Kasi attributed the rise in the profit to the good management of the loans business.

“This performance was attributed to relatively good loan management amidst the COVID-19 challenges, as well as cost optimization and effective participation in the money and security markets,” Kasi said as he released the bank’s financial statements for the year ending December 31, 2021.

The bank advanced loans worth about Shs 2.3 trn in 2021 from about Two billion shillings.

According to the financial statement, customer deposits in 2021 were on an upward curve as they grew by 1.4 percent to about Shs 3.181 trillion from about Shs 3.137 trn in 2020.

Kasi attributes the slight increase in deposits to the prolonged lockdown of sectors like education, even though he attributed the rise in deposits to mobile banking and Agent banking platforms that conveniently serve depositors.

The bank’s total assets grew by 6.4 percent during the period under review to about Shs 4.8 trn from about Shs 4.5trn in 2020, mainly on account of the increase in customer deposits.

The bank in 2021 reported Non-performing loans (NPLs) of about Shs 121.6 bln from about Shs 81.6bln in 2020, even the lender would write off bad loans worth about Shs 23.4bln, slightly lower than about Shs 24.2bln written as bad loans.

https://thecooperator.news/absa-bank-uganda-profit-after-tax-up-by-169-percent/

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