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Barclays Ugandan Unit Returns to Profit on Lower Costs, Increased Deposits

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Posted April 9, 2011 by Ugandan Diaspora News Team in Business ~ 1,885 views

     


By Fred Ojambo | Barclays Bank Uganda Ltd., a unit of the London-based lender, said it returned to profitability in 2010 after expenses were cut and customer deposits grew.

Net income rose to 9.73 billion Uganda shillings in the year to Dec, 31, from a loss of 4.69 billion shillings the previous year, the Kampala-based bank said in an advertisement published in the New Vision newspaper.

Operating expenses declined 17 percent to 97.81 billion shillings from 117.76 billion shillings a year earlier after consolidating investments from 2007, the statement said. Customer deposits climbed 19.2 percent to 866.74 billion shillings, the bank said. Net interest income rose 13.4 percent to 78.70 billion shillings last year, it said.

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

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net


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Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

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