Centenary Group has congratulated its subsidiary, Centenary Bank, upon posting excellent performance results.
Despite a challenging operating environment, the bank leveraged on technology, people and good relationships, to deliver good performance. The Bank remained profitable, and in line with its mission, seeing that profits are not a standalone, financed enterprises and individuals in the real economy, which fosters a productive and sustainable economy.
Centenary Bank’s deposits grew by 1.4% from UGX 3.137 trillion in 2020 to UGX3.181 trillion in 2021 together with a growing loan book, helped to bolster the bank’s earnings, allowing it to set new record highs, on all key fundamentals.
As a testimony of the trust that customers have in the bank, the number of loans applied for and issued increased by UGX318.8 billion as compared in 2020. The bank’s loan book at the end of 2021 was UGX2.277 trillion, compared to UGX1.958 trillion – an increase of 16.3%.
Owing to this, total income grew by 19.9% from UGX 720.5 billion in 2020 to UGX 864.0 billion in 2021.
Commenting on the bank’s performance, Prof. Ddumba-Ssentamu, Executive Chairman Centenary Group, said, ‘its no doubt that today, every business is about experience and knowing your customer. Centenary Bank offers customers world class experiences as they consume lifestyle relevant consuming financial services. I congratulate the Bank Board, the Managing Director and all the staff at the bank for the hard work, we are proud of you.’
Centenary Bank’s Managing Director said, Mr Fabian Kasi said, ‘the registered growth in 2021 in profits and total assets amidst slackness in the economy reflects our customer-centric value proposition delivery. This was guided by the Bank’s Strategy, supported by investment in technology, lean processes and Risk Management.’
‘Our 2022 Strategic Objectives are focused on customer centricity, efficiency, process automation, sustainability, learning and growth.,’ he added.
Centenary Group sets out to use financial services as an intervention for eradicating poverty among the rural poor and improving their standard of living. It is therefore noteworthy that Centenary Bank made significant effort to reach out to the underserved. The bank increased the number of youth, women & refugee customers in the rural areas in 2021. The youth increased by 15%, Women by 21%, Customers in rural areas by 19%, refugees by 23% and number of accounts by 15%.
The Group owns Centenary Technology Services Limited(Cente-Tech), the Group technology company, with a combined professional ICT experience of over 75years. As the group technology company, Centenary Technology Services provides technology
leadership to the group subsidiaries to enable them grow and provide meaningful services to the rural poor.
The Group also owns Centenary Foundation; a company that leverages funding from partners and social investors with a common social development agenda.
The Group will also venture into insurance business, fund management and investment, property development and management as well expanding the Centenary banking brand outside Uganda.
Centenary Group is committed to transforming lives of Ugandans and promoting environmental conservation through innovative businesses and financial inclusion solutions.