Centenary bank made a profit after tax of Shs 47.9bn in 2011, up from Shs 29.3bn in 2010, registering a 63% growth.
The bank said the growth in loans and advances, and interest income, contributed to this strong performance. The bank loaned out Shs 515bn in 2011, against Shs 396bn the year before. Deposits grew by 10% to Shs 630bn despite operating in a financially straining year. The bank’s total assets rose to Shs 944bn, from Shs 807bn, an increase of 16.9%.
The bank feels that there are lucrative opportunities to grow despite the unpredictability. “Despite the tough outlook, there are good opportunities that we are eyeing,” said Fabian Kasi, the Managing Director.
The bank has recommended payment of dividend totaling Shs 7.9bn up from Shs 5.9bn the year before. The bank’s major shareholders are: the Catholic dioceses, the Uganda Catholic Secretariat, SIDI [International Solidarity for Development and Investment], STichting Hivos – Triodos Fonds. The bank has only four individual shareholders.