Profits to hit sh4.5b by end of year
By Charles Bwogi
Tropical Africa Bank, now Tropical Bank, has registered more growth, resulting into a profit of sh2.27b for the first quarter of the year, the bankâ€™s chairman, Chris Kassami, said over the weekend.
â€œThe net profit position of the bank demonstrates an upward growth.
â€œThe profit is projected to reach sh4.5b by the end of the year,â€ Kassami said at the re-branding ceremony held at the bankâ€™s premises in Kampala.
He said the bank had grown over the past four years.
The bankâ€™s net profits jumped to sh3.26b in 2005, up from sh917m in 2001, Kassami said.
Kassami commended the Libyan and Ugandan governments for their support to the bank.
Tropical Bank is owned by the two governments.
Kassami said the Libyan Foreign Bank had recently boosted the bank with a credit facility worth $3m (about sh5.5b).
He said the facility was available for use â€œas and when need arises.â€
Kassami said the new corporate identity, Tropical Bank, â€œcomes with a guarantee of more professionalism and efficiency in service delivery to our customers.â€
Mohamed Ali Wahra, the managing director, said the growth had been a result of dynamic and innovative leadership and service.