As the world was reeling from the effects of the Covid-19 pandemic; the banking sector not spared, Bank of Baroda Uganda and the Group in general says it was able to register substantial growth in almost all the business parameters, even recording an impressive increase in net profit as compared to 2019.
In a statement showing the bank’s financial statements for the year ended December 31, 2020, R.K. Meena, the bank’s Managing Director says: “During the last financial year substantial growth was witnessed by the Bank in almost all the business parameters. This performance is the outcome of our Customer Centric approach and leveraging technology for enhancing our reach.”
He adds that 2020 was a productive year for Bank of Baroda, the challenging environment notwithstanding.
“Year 2020 was a productive year for the Bank despite competitive business environment & highly challenging external circumstances of COVID-19 pandemic. Total Deposits of the Bank increased by UGX142.74 Billion, showing a growth of 9.98% over the previous year & Total
Assets increased by 14.04% in 2020, to UGX2,138.93 Billion from UGX 1,875.64 Billion in 2019. The net profit of the Bank has also increased from UGX45.36 Billion in 2019 to UGX83.32 Billion in 2020,” Meena elaborates in the statement.
Because the banking business environment is evolving digitally, Meena says the bank replaced ATMs with cash recycler machines, to serve customers better.
“In order to leverage the technology further, Bank has replaced 7 ATMs with Cash Recycler machines which will provide our esteemed customers with facility of 24X7 cash withdrawal as well as cash deposit facilities. Bank constantly strives to adopt the latest technology in order to improve operational excellence, increased efficiency and to create competitive advantage. In the same line Bank will soon be launching Agency Banking and also planning to initiate a new experience of doorstep banking through Tablets,” he said.
Awards
The managing director also revealed in the statement that Bank of Baroda also scooped awards because of the excellent way they do business.
He says: “Year 2020 was an important milestone on our path as our Bank was bestowed with ‘People’s choice Quality Awards 2020’ for being Best Competent and Consistent Bank in Uganda. The Bank was also conferred with “Superbrands of East Africa” for Consecutive 6th Term.”
He adds: “I take this opportunity to place my sincere thanks and gratitude to the Government of the Republic of Uganda and Bank of Uganda- the Central Bank for their valuable guidance and continued support in strengthening the operations of the Bank. I express my deepest gratitude to all our employees, esteemed customers and shareholders for their continuous support and patronage.”
Figures:
Total Assets: UGX2.1 trillion
Profit after tax: UGX83.3 billion
Total Income: UGX 2 Trillion
