Bank of Baroda's Uganda Unit Posts 24% Rise in Annual Profit as Loans Grow

Bank of Baroda’s Ugandan unit said full-year profit jumped 24 percent as lending income grew.

Net income rose to 16.7 billion shillings ($7.93 million) in the 12 months through December, from 13.5 billion shillings in the same period a year earlier, Kampala-based Bank of Baroda Uganda Ltd. said in a statement published in the New Vision newspaper today. Net interest earnings, the money banks make from interest charges on loans, advanced 17 percent to 23.4 billion shillings, it said.

The lender declared a dividend of 8 shillings, unchanged from a year earlier.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

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