We have extracted below the Chairman’s Statement from the 2018 annual report of Bank of Baroda Uganda Limited (BOBU.ug), listed on the Uganda Securities Exchange:
It’s my honor to welcome you all to the 49th Annual General Meeting of your Bank. With my earnest pride I take this opportunity to report the financial results of the Bank for the year ended December, 2018. The Ugandan economy is showing a positive outlook supported by the monetary policy initiatives taken to rein in inflation which had spiraled to dizzy heights.
The Government’s extensive infrastructure development program is going to boost local economic activities. The development in Oil exploration sector during the last year will lead to further expansion and development in the country. The focused steps taken by the government for increasing food production, infrastructure development, health and education etc. have led to direct improvement in the standard of living of the people across the board. In the above economic scenario your Bank has performed well both in quantitative and qualitative terms. The Total Business of the Bank increased by 14.42% and Total Deposits witnessed a growth of 11.61% over previous year. The net profit after tax increased by 48.74% over last year.
During the year 2018 your bank has expanded it bouquet of services by offering VISA enabled Debit Cards, mPassbook and Mobile Banking facilities. Now all our ATMs within Uganda are VISA enabled and can cater to large number of customers.
Corporate governance is most important for securing the sustainable growth and enhancing enterprise value over the long term. The Board of Directors is the core of corporate governance, and we need to focus on enhancing the substance of discussion. Corporate governance needs to continually evolve with the changes and demands of times. Your bank is also committed to good Corporate Governance and has complied with all the applicable laws and regulations. Your Bank has also extended its commitment to be a part of the society through its Corporate Social Responsibility initiatives like sponsoring children of Uganda to undergo Heart Surgery in India, Blood Donation drive, Tree Plantation campaign etc.
On behalf of the Board of Directors, Management and staff of the Bank I express my deep gratitude and sincere thanks to the Government and all the officials of Bank of Uganda for their guidance and support in strengthening the operations of the Bank. I acknowledge the valuable support received from all our shareholders and customers without whom the Bank would not have been able to achieve the appreciable results.
I also place on record my appreciation to the valuable support and guidance of my Director Colleagues on the Board of the Bank. I wish to thank all the staff members at various levels for the commendable work done by them during the year and am confident that the same zeal and enthusiasm will be continued to take the Bank to further glories in coming years. My good wishes to each one of you.
Mrs. Vastina Rukimirana Nsanze