The Independent (Kampala)

Uganda: Crane Bank Profits Up By 29.4 Percent

Crane Bank has registered profits in all its portfolios according to the bank's annual financial statement for the year ended December, 31, 2011.

According to the statement, overall profit before taxes increased by 32.3% to Shs 90.23 billion in 2011 from Shs 68.19% billion in 2010.

The bank's profit after tax increased by 29.4% to Shs 66.76% billion in 2010 compared to Shs 51.59billion in 2010. Total assets growth increased by 22.7% to Shs 961.54% billion in 2011 from Shs 783.62billion in 2010, the statement said. It added, increase in loans and advances jumped to Shs 524.66 billion in 2011 from Shs 410.18 billion in 2010. Customer deposits increased by 18% from Shs 580.18 billion in 2010 to Shs 684.70 billion in 2011.

A.R Kalan, the bank's managing director said the impressive performance by the bank is a testimony to prudent financial management that the bank has been synonymous with over the years.

Kalan worries the year 2012 may not be a good one. "Because of the drought predicted in Uganda and the changes in oil and food prices, this year may be challenging," he said after announcing the bank's results.

The bank currently boasts of 18 branches across the country and aims to hit 50 by 2015.

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