Baroda posts 15% profit growth
According to the bank’s financial statement for the period, increased profitability was driven by growth in lending and controlled cost management.
Shashi Dhar, the Managing Director at Baroda said 2024 has been a positive year for the Bank, marked by growth across multiple financial parameters. (File photo)
Ali Twaha
Journalist @New Vision
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Bank of Baroda (Uganda) Limited reported a 15.11% year-on-year rise in net profit to sh133.9b for the fiscal year ended December 2024.
According to the bank’s financial statement for the period, increased profitability was driven by growth in lending and controlled cost management.
The listed lender on the Uganda Securities Exchange, a subsidiary of India’s Bank of Baroda Group, noted that net interest income climbed 10.66% to sh196.3b supported by a 17.45% expansion in gross advances, which reached sh1,477.53 billion.
“Overall, 2024 has been a positive year for the Bank, marked by growth across multiple financial parameters,” Shashi Dhar Managing Director at Baroda, said.
“Total deposits rose by sh179.9b reflecting a growth of 8.88%, from sh2,024.94 billion at the end of 2023 to sh2,240.85 billion as of December 2024. This growth was largely driven by our account-opening campaigns and the launch of alternative delivery channels such as mobile and internet banking.”
The board proposed a dividend of sh4 per share of sh60b to shareholders for the year pending regulatory and shareholder approval.
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