Banks post mixed results

Banks have registered mixed growth with some posting an increase or a drop in profits while others have reporting losses.

Citi Bank, according to details published it its financials, registered a drop in profits from Shs42b in 2018 to Shs39.5b for the year ended December 31, 2019.

However, customer deposits grew to Shs656.7b compared to Shs536b in the period under review while assets grew marginally to Shs990b from Shs913b in 2018.

Cairo Bank closed the year with a reduction in loss from Shs3.4b in 2018 to Shs2.8b in the period.

Expenses for the year grew to Shs27b compared to Shs18b while customer deposits registered significant growth from Shs80b in 2018 to Shs121.8b.

Total assets grew to Shs189b compared to Shs124.7b, mainly due to growth in income from Shs14b to Shs21.6b in 2019 while total liabilities substantially increased to Shs136.7b from Shs88.6b in 2018. Non-performing loans and other assets for the period stood at Shs2.7b up from shs1.7b in the same period last year. Eco bank registered growth in assets from Shs415.6b in 2018 to Shs671.3b.

However, the bank posted a marginal drop in profit to Shs4.1b from Shs4.7b in 2018.

Customer deposits grew to Shs549.9b from Shs288.3b in the period while total income grew to shs58b from shs47.7b due to increase in interest on government securities of more than shs10.7b from Shs8.8b in the same period in 2018.

Interest on loans and advances fell marginally to about Shs16b in 2019 from Shs17.7b in 2018 while total expenditure grew to shs51.7b from Shs41.7b in the period.

Non-performing loans and other assets for the period stood at Shs10.6b up from Shs10.3b while Shs2.4b was written off in bad debts.

UBA, which has been recovering from years of losses, registered growth in assets from Shs317b to Shs449b in the period under review.

The bank registered a profit of Shs8b in the period compared to Shs4.9b in 2018.

Total income grew marginally to Shs50b in 2019 from Shs47.5b in 2018 due to growth in interest on deposits and placements of more than Shs5.7b from Shs5b and interest on loans and advances, which grew to Shs4.9b from Shs4.3b in 2018.

Total expenditure grew to Shs41.6b from Shs40b in 2018. The bank at least wrote of shs1.7b in bad debts compared to Shs1.2b that was written off in the same period in 2018.