KAMPALA – Centenary Financial institution registered a revenue of Shs155.9 billion in 2019, monetary outcomes launched by the establishment point out.
This represents a bounce from Shs107 billion in 2018. Based on the monetary assertion, buyer deposits grew by 11% from 2.28 trillion shillings in 2018 to 2.53 trillion shillings in 2019.
The financial institution says this was because of “the convenience customers enjoy through our Agent banking platform as well as the mobile banking platform which brings the bank closer to its customers.”
To compound its stellar present, the financial institution expanded its property by at the least 500 billion shillings to three.6 trillion shillings – though that is simply half of what Stanbic Financial institution, the market chief printed final month.
Fabian Kasi, centenary financial institution’s managing director stated the “performance demonstrates a blend of strategy and resources to deliver value for our stakeholders…”
Wanting on the firm’s earnings assertion, it reveals the financial institution made as much as 390 billion shillings in 2019 from 341 billion shillings a yr earlier than from the loans it gave out an indicator of its capability to get well a lot of what it lends.
On the cash it lends to the federal government – via treasury payments and bonds – Centenary managed to make 69 billion shillings on it.
Charges and fee was a much bigger earner for the financial institution the place it made cash on things like advisory, custody, hedging.
Different moneymakers on this class are costs like non-sufficient funds charges, overdraft costs, late charges, over-the-limit charges, wire switch charges, month-to-month service costs, account analysis charges.
Kasi acknowledged disruption because of coronavirus this yr saying “we do have hope that the situation will improve. Our future rests on responding to the needs of our customers, operational efficiency and leveraging on technology and innovations.”
Centenary financial institution’s efficiency cements a sense 2019 would possibly end up probably the greatest years for the banking business.
All of the business banks – Stanbic, Dfcu, DTB, and UBA – which have printed their outcomes, are displaying the strongest performances in current instances.