UCHUMI Commercial Bank Limited (UCBL) registered good performance last year with its total income rising by 4.46 per cent compared to the period ended December 2019.
Addressing the 15th Annual General Meeting (AGM), the bank’s board chairman, Mr Wilson Ndesanjo said total income rose to 6.08bn/- equivalents compared to 5.82bn/-posted in the previous year.
UCBL interest income increased to 5.25bn/- which is a 6.54 per cent rise compared to 4.93bn/- registered in the preceding year.
Mr Ndesanjo said the overall achievement of the bank’s Strategic Business Plan (SBP) was 74.74 per cent compared to 84.37 per cent recorded in 2019 with the decrease due to the impact of the Covid-19 pandemic.
The bank’s total assets increased to 39.74bn/- which is equivalent to a 4.25 per cent in- crement compared to 38.11bn/- recorded in the previous year.
The overall achievement of the bank’s Strategic Business Plan (SBP) was 74.74 per cent compared to 84.37 per cent recorded in 2019 with the decrease due to the impact of the Covid-19 pandemic.
He said the increase in assets value was contributed by the rise in deposits in the year under review as well as a new capital injection of 1.30bn/-.
"This bank managed to maintain customer deposit volume which increased by 3.78 per cent the same increasing from 27.66bn/- in 2019 to 28.71bn/- recorded last year," he said.
He added that the deposit and capital base also fully fi- nanced lending activities which stood at 30.35bn/- recorded
last year something which was equivalent to 9 per cent compared to 27.82bn/- recorded in the previous year.
He said, however, his bank recorded a decrease in profit before tax which was 790.2m/- recorded last year, which is equivalent to a 40 per cent decline compared to 1.31bn/- posted in the preceding year.He said the profit decline was due to a decrease in fees and commissions and an increase in provision for probable loss due to the impact of the Covid-19 pandemic on businesses during the year 2020.In the same vein, he said net profit decreased from 926m/- in 2019 to 573m/-last year.In the year 2020, the bank declared and paid a dividend amounting to 692m/- out of the profit made in the previous year
