Orient Bank profits rise to sh8b
Mar 02, 2008
ORIENT Bank earned sh8b in profits before tax during the 2007 financial year, a 24% increase over the previous year.
By Stephen Ilungole
ORIENT Bank earned sh8b in profits before tax during the 2007 financial year, a 24% increase over the previous year.
The bank explained in a statement issued over the weekend that total assets grew by 31% to sh182.23b, up from sh139.15, the previous year.
Customer deposits, the bank disclosed, rose by 37% to sh138.42b, up from sh101.37b registered in 2006.
Net interest income increased by 18% to sh10.48b, up from sh8.88b in 2006, while the shareholders’ fund was up sh28.03b in 2007, from sh23.60b in 2006.
The statement said the bank’s year-on-year continuous growth has been its hallmark since inception in 1993.
Shamsher Khemani, the acting chief executive officer, noted that the bank’s expansion programme started last year and the several new products launched had proved successful.
“The new products have been designed to meet specific customer needs and include the high interest bearing dollar savings account and the premium cheque book account.
“In order to simplify and speed up banking transactions, the bank introduced SMS and internet banking. It also launched Coinstar to facilitate money transfers,†Khemani said.
The bank also widened its network by joining Visa and distributing more than 100 points of sale machines across the country.
Khemani said to continuously improve its customer service, the bank plans to expand the point of sale and Visa coverage.
It also plans to increase its branch network “significantly in 2008.â€
The present network consists of eight branches in Kampala, Entebbe Town and Airport, Jinja and Mbale.
The also owns seven ATMs and is a part of the Bankom ATM network.
ORIENT Bank earned sh8b in profits before tax during the 2007 financial year, a 24% increase over the previous year.
The bank explained in a statement issued over the weekend that total assets grew by 31% to sh182.23b, up from sh139.15, the previous year.
Customer deposits, the bank disclosed, rose by 37% to sh138.42b, up from sh101.37b registered in 2006.
Net interest income increased by 18% to sh10.48b, up from sh8.88b in 2006, while the shareholders’ fund was up sh28.03b in 2007, from sh23.60b in 2006.
The statement said the bank’s year-on-year continuous growth has been its hallmark since inception in 1993.
Shamsher Khemani, the acting chief executive officer, noted that the bank’s expansion programme started last year and the several new products launched had proved successful.
“The new products have been designed to meet specific customer needs and include the high interest bearing dollar savings account and the premium cheque book account.
“In order to simplify and speed up banking transactions, the bank introduced SMS and internet banking. It also launched Coinstar to facilitate money transfers,†Khemani said.
The bank also widened its network by joining Visa and distributing more than 100 points of sale machines across the country.
Khemani said to continuously improve its customer service, the bank plans to expand the point of sale and Visa coverage.
It also plans to increase its branch network “significantly in 2008.â€
The present network consists of eight branches in Kampala, Entebbe Town and Airport, Jinja and Mbale.
The also owns seven ATMs and is a part of the Bankom ATM network.