Bank’s CEO is optimistic that the second half will be better Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank has recorded same net profit in the half year of 2018 as it was last year, underscoring how the industry is struggling to grow in the era of low interest rates and …
Read More »COMMENT: Same central-bank song
They ought to be cultivating younger people in order to broaden the range of approaches and expertise COMMENT | PAOLA SUBACCHI | The changing of the guard that is taking place at the systemically important central banks in 2018-2019 will mark the beginning of a new era of monetary policy. Who …
Read More »Barclays profits up 30% to Shs72bn
Kampala, Uganda | THE INDEPENDENT | Barclays Bank Uganda has recorded an impressive performance for the year ended Dec 2017, with a 30% growth in net profit to Shs72bn amidst a surge in the Non-Performing Loans. The financial results released on April 16 shows that the growth in profits was driven …
Read More »Opportunity Bank wants to become One Stop Shop
Kampala, Uganda | JULIUS BUSINGE | In a bid to offer a wide range of products to its clientele, Opportunity Bank, which is currently categorized under a tier II category of banks, is engaging the regulator, the Bank of Uganda (BoU) on elevating its status to tier I to serve …
Read More »Stanbic’s PMI points to consistent economic growth
Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank’s Purchase Managers Index (PMI) posted 51.1% growth in February down from 52% in the previous year, signaling a moderate improvement in business conditions in the private sector. Commenting on February’s survey finding, Jibran Qureshi, Regional Economist East Africa at Stanbic said, “business conditions …
Read More »Stanbic Bank Uganda seeks to become a Bank Holding Company
The new move will see the lender venture into non-banking business Kampala, Uganda | ISAAC KHISA | Uganda’s largest lender, Stanbic Bank Uganda, is finalising plans to become a Bank Holding Company (BHC), a step that would enable it access funding more easily but also tighten capital requirements and regulatory oversight. …
Read More »Centenary Bank allocates Shs500bn for agriculture financing
Kampala, Uganda | THE INDEPENDENT | Centenary Bank has allocated Shs- 500bn to boost agriculture financing this year, according to the lender’s head of agribusiness and agricultural finance, Evans Nakhokho. Nakhokho, who was speaking during the 16th African Fine Coffee Conference and Exhibition in Kampala on Feb 15, said the …
Read More »BoU moves to trigger reduction in lending rates
Kampala, Uganda | JULIUS BUSINGE | On Feb.13, Bank of Uganda announced a cut in the Central Bank Rate by 0.5 percentage points to 9% in the next three months as a measure for boosting private sector credit uptake and economic activities. The Governor, Emmanuel Tumusiime Mutebile, said the decline in …
Read More »DFCU becomes the 8th bank cleared to sale insurance
Kampala, Uganda | THE INDEPEDENT | DFCU bank has become the 8th bank to receive a certificate from the insurance regulator, Insurance Regulatory Authority (IRA-U) to start selling insurance products at its 67 branches countrywide. This is backed by the Financial Institutions Amendment Act 2016. During the handover ceremony at IRA …
Read More »IMF’s Lagarde warns on rate risk from US tax reform
Paris, France | AFP | IMF chief Christine Lagarde warned Saturday that economic stimulus from US tax cuts may lead to a rapid rise in interest rates which would weigh on countries with high debt levels. The International Monetary Fund was going to be “attentive” to the consequences of the …
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