Bank of Africa Uganda

Bank of Africa Uganda. As strong as a group, as close as a partner.

2016 BOA Summary Financial Statements
The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards, the Financial Institutions Act and the Ugandan Companies Act. Reading the summary financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor's report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements.
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2015 BOA Group Annual Report
At the end of the 2015 financial year, the BANK OF AFRICA Group has successfully completed the implementation of its Three-Year Development Plan, 2013-2015, showing a profitability that has doubled since 2012, and a net profit that is close to 100 million euros.
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2015 Annual Report
In the face of an uncertain macro environment, our 2015 financial results show both the progress we have made and some challenges that remain. We reported an interesting growth in net operating income which was supported by strong growth in net interest income but was hit by underperformance in non-interest income largely on account of lacklustre treasury outturns. The weakness in treasury operations was however somewhat offset by strong growth in fees and commissions following our award winning implementation of straight-through processing.
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2014 Annual Report
2014 was a defining year for BANK OF AFRICA in Uganda in terms of performance milestones. During the year, the Bank overturned the economic fortunes from a loss making position in 2013 to a net profit of UGX 1.2 billion in 2014. Improvement in performance was largely on account of improved asset quality, reduced cost of funds and improving productivity. The Bank's total asset base grew by 16% in 2014 largely boosted by good growth in loans and advances mostly funded by more efficiently structured deposits.
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2013 Annual Report
Following a year of economic turbulence, the Ugandan economy made remarkable strides in 2013 despite a rise in headline inflation from 5.3% at the end of 2012 to 6.7% at the close 2013. The economy gained momentum and grew by 5.1% compared to the revised growth of 3.4% in 2011/12 spurred by growth in construction, transport and communication, manufacturing, and real estate activities.

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2012 Annual Report
The after-effects of the 2011 economic downturn that saw inflation soar to its highest since 1993 and the Shilling depreciate to its lowest against the United States Dollar ushered in 2012. Against this backdrop, Uganda’s economy grew by 5.3%, a decline from 5.9% experienced in 2011.
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2011 Annual Report
The Ugandan economy remained resilient in 2011 despite bouts of both domestic and external shocks. The latter half of the year was characterized by an unprecedented set of challenges including high inflation, high interest rates and a steady depreciation of the Uganda Shilling.
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2010 Annual Report
In 2009 most African countries had experienced a slowdown in economic growth. 2010 , in contrast, saw a restarting of economies, but one that remains insufficient to erase the impacts of the crisis.
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