Bank of Baroda registers massive financial growth, profits hit Shs 83.3 bn

Despite the competitive business environment and the negative impact of COVID-19 towards the economy, 2020 was a productive year for Bank of Baroda as the bank managed to stay on growth path.

According to the bank’s financial statements for the year ended December 31, 2020, Baroda registered substantial growth in almost all of its business parameters with its net profits nearly doubling to Shs 83.32 billion in 2020 from Shs45.36 billion in 2019.

According to R.K. Meena, Baroda’s Managing Director, the incredible financial performance was triggered by the bank’s customer centric approach and leveraging technology for enhancing their reach.

Meanwhile, the bank’s total deposits of the bank increased by USh 142.74 Bn to Shs1.752.3 Trillion from Shs1.429.595 Trillion in 2019 showing a growth of 9.98% over the previous year.

Baroda’s total assets also increased by 14.04% in 2020, to USh 2,138.93 Bn from USh 1,875.64 Bn in 2019.

Meena also revealed that the bank has replaced 7 ATMs with Cash Recycler machines which will provide their customers with facility of 24X7 cash withdrawal as well as cash deposit facilities. This, he says will leverage the technology further.

“Bank constantly strives to adopt the latest technology in order to improve operational excellence, increased efficiency and to create competitive advantage. In the same line Bank will soon be launching Agency Banking and also planning to initiate a new experience of doorstep banking through Tablets”

Meena added that Year 2020 was an important milestone in their path as the bank was awarded with ‘People’s choice Quality Awards 2020’ for being Best Competent and Consistent Bank in Uganda.

“The Bank was also conferred with “Superbrands of East Africa” for Consecutive 6th Term” he said.

The bank has resolved to recommend dividend of USh 25 billion for the year ended December 31, 2020 (USh 10 per share) subject to approval from Bank of Uganda and by the shareholders at the ensuing Annual General Meeting.