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Libya’s Tropical Bank, Seized by Uganda, Says Annual Profit Almost Doubles

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Posted April 28, 2011 by Ugandan Diaspora News Team in Business ~ 1,707 views

     


By Fred Ojambo | Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last month, said full-year profit almost doubled as deposits and loans grew.

Net income surged to 5.65 billion Ugandan shillings ($2.37 million) in 2010 from 2.98 billion shillings a year earlier, the Kampala-based bank said in a statement published in the New Vision newspaper today. Deposits grew 21 percent to 127.9 billion shillings, while loans climbed 53 percent to 84.4 billion shillings, it said.

Uganda took control of Tropical on March 25 to protect the lender from sanctions imposed on Libya by the United Nations. The UN measures were aimed at halting attacks by Libyan leader Muammar Qaddafi’s regime on protesters.

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

To contact the editor responsible for this story: Paul Richardson at pmrichardson@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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