Kampala — Stanbic Bank Uganda was declared winner of the 2012 Financial Reporting Awards held in Kampala over the weekend.
The bank attained the Gold Award, after excelling in four critical areas of evaluation. They included financial reporting, corporate governance, sustainability reporting and communication.
According to the judges, the bank's annual report provided useful information on its business and financial objectives.
It also provided a summary of business risks and challenges being faced by the bank, including analysis of external environment, steps taken to effectively manage such risks and the general performance overview.
The report also provided a general review of the future prospects, outlook and plans.
Uganda's biggest indigenous bank Centenary bank came second, scooping the silver award for their outstanding achievement in their disclosure of the company's objectives, and the progress made in achieving them.
Centenary was also lauded for their legal/regulatory requirements, main products and disclosure of non financial information related to the company's operations. British American Tobacco Uganda limited, took the bronze award.
The Institute of Certified Public Accountants, Capital Markets Authority and the Uganda Securities Exchange, organized the awards under the theme, "the accountancy profession 50 years and beyond."
"I have no doubt that with effective communication of financial and business information through financial reporting such challenges will soon be over come," said Uganda's finance minister Maria Kiwanuka while officiating at the awards gala.
She said the awards are being staged in the country when its facing strong financial mismanagement scandals.
"The public continues to demand for greater accountability and transparency by all public sector players. This in turn calls for a keener appreciation and institutionalization of good financial reporting," she stressed.