MOSHI: Uchumi Commercial Bank (UCB) performed well last year, despite the existing global financial crisis in the wake of on-going Russian-Ukraine war.
The UCB Chairman Mr Wilson Ndesanjo told the 17th Annual General Meeting over the weekend that the net profit ballooned by 111 per cent to 1.15bn/- last year compared to 0.54bn/- in the previous year.
“I am happy to inform you that the Board of Directors is proposing to allocate 75 per cent of the profit for 2022 as bonus shares to the shareholders who are in the register by 31st July 2023 and the remaining 25 per cent to be kept as retained earnings,” Mr Ndesanjo said.
He also said when presenting the financial report to the shareholders that UCB last year continued to focus on investment in expanding the branch network and other infrastructure required to support the existing and new businesses.
The lender’s operating income increased by 14.37 per cent to 5.88bn/- last year against 5.14bn/- in 2021.
While the non-interest income contribution rose to 1.07bn/- compared to 0.86bn/- in 2021.
However, the bank upped the provision for loans and advances and investment to 35m/- last year compared to 20m/- in the previous year.
UCB paid-up capital slightly increased slightly by 0.87 per cent to 10.21bn/- last year from 10.09 recorded in 2021.
Also, the operating income rose by 14.38 per cent to 5.88bn/-last year against 5.14bn/- in 2021.
“The capital-to-risk weighted assets ratio decreased to 23 per cent in 2022 from 25 per cent in 2021,” Mr Ndesanjo said.
Additionally, total assets grew by 5.18 per cent to 48.49bn/- from 46.1bn/- in 2021 while deposits went up by 2.7 per cent to 35.8bn/- from 34.87bn/-.
