Uganda’s Central Bank, the Bank of Uganda (BoU) has announced that all licensed commercial banks can henceforth have direct access to the primary market for Government security operations. This means all 24 commercial banks licensed by BoU are now eligible to open Central Securities Depository (CSD) accounts at BoU for
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Umeme Ltd has recorded Shs99.7bn net profit in 2016, down from Shs105.8bn recorded in 2015. This represents a decline of 5.8%. This is contained in the company’s financial results for the year ended December 31, 2016 released on Monday. The directors have recommended a final dividend of Shs7.8 per share.
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Stanbic Bank Uganda (SBU) is set to recruit 1,000 agents as Ugandan banks ready themselves to embrace a new model of banking-agency (agent) banking, Business Focus has established. This was revealed by Patrick Mweheire, the SBU Chief Executive Officer at the side-lines of a press conference to announce the bank’s
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The Uganda shilling surrendered some ground, trading weaker due to uptick in demand from energy, telecom and import sectors during the week ending 31st March 2017. Trading was in the range of 3610/3620. In the fixed income market, Shs160billion was on offer. Yields dropped on the 91 and 182 paper
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Stanbic Bank Uganda (SBU) has posted Shs191bn net profit in 2016, up from Shs151bn recorded in 2015. This represents 25% growth. This was revealed Wednesday morning at Serena Hotel, Kampala by the bank’s top management during a media presentation of the bank’s financials for 2016. Like many other banks, Stanbic
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dfcu Bank has recorded Shs46.2bn net profit in 2016, up from Shs37bn in 2015, representing a growth of 25%. According to dfcu’s financial statements released on Tuesday, loans advanced to customers increased slightly to Shs842.4bn in 2016, up from Shs806.4bn in 2015. This slow growth in lending could be attributed
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On February 15, 2017, the Bank of Uganda (BoU), Uganda’s Central Bank cut the Central Bank Rate (CBR), a benchmark lending rate for commercial banks, to 11.5%, down from 12% in December 2016. Prof. Emmanuel Tumusiime-Mutebile, the Governor, BoU, said that a cautious easing of monetary policy was warranted to
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The time for Uganda’s budget speech for the Financial Year 2017/18 is fast approaching. According to the Public Finance Management Act, 2015, Members of Parliament are expected to have passed the Budget by May 30 in preparation for the Budget Speech in June. The budget is read by the Minister
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On January27, 2017, the Central Bank of Uganda, the Bank of Uganda (BoU) announced that dfcu had acquired Crane Bank. It was revealed that dfcu beat off competition from other 12 financial institutions to emerge winner. “… Bank of Uganda has now transferred the liabilities including deposits of Crane bank
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Uganda’s economy has come under scrutiny of late. This is because it (the economy) is performing poorly as witnessed by a number of businesses that have closed shop in the last few years. Local companies that have fallen due to a weak economy include but not limited to Crane Bank, WBS,
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