27 April 2012

Uganda: Orient Bank Posts 20 Billion Net Profits

Orient Bank Ltd has recorded net profits of Shs 20.1 billion for the year ended December, 2011 compared to Shs 9.1billion, a year earlier, the bank's financial results reads.

According to the results, the bank's profit before tax was Shs 24.5 billion in 2011 compared to 11.5billion in 2010. The Bank registered an increase in total assets by 20% from Shs 361.95billion to Shs 435.08billion in 2010 and 2011 respectively.

Loans and advances increased by 9% from Shs 199.35billion to Shs 217.37billion. The shareholders fund also increased from Shs 53.75billion in 2010 to Shs 73.94billion in 2011.

Meanwhile, a number of commercial banks have already posted their financial results for 2011 and none of them is recording losses despite the high inflationary pressures faced in the course of the year which caused a sharp rise in the cost of doing business.

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