The growth is linked to the bank’s leverage on technology, people and good relationships. According to the results, the total income grew from Shs 720.5 billion in 2020 to Shs 864.0 billion in 2021. The bank’s deposits grew by 1.4 per cent from Shs 3.137 trillion in 2020 to Shs 3.181 trillion in 2021 together with a growing loan book.
The number of loans applied for and issued increased by Shs 318.8 billion. The bank’s loan book at the end of 2021 was Shs 2.277 trillion, compared to Shs 1.958 trillion – an increase of 16.3 per cent.
Speaking about the bank’s performance, Prof Ddumba Ssentamu, the executive chairman of Centenary Group, said it’s no doubt that every business is about experience and knowing your customer.
“Centenary bank offers customers world class experiences as they consume lifestyle relevant financial services. I congratulate the bank board, the managing director and all the staff at the bank for the hard work, we are proud of you.” Ddumba said.
Fabian Kasi, the managing director of Centenary bank said the growth in profits and total assets in 2021 amidst a slump in the economy reflects the bank’s customer centric value proposition delivery. This was guided by the bank’s strategy, supported by investment in technology, lean processes and risk management.
“Our 2022 strategic bbjectives are focused on customer centricity, efficiency, process automation, sustainability, learning and growth.” he said
Centenary Group sets out to use financial services as an intervention for eradicating poverty among the rural poor and improving their standard of living. The bank made significant efforts to reach out to the underserved. It also increased the number of youth, women and refugee customers in the rural areas in 2021. The youth increased by 15 per cent, Women by 21 per cent, customers in rural areas by 19 per cent, refugees by 23 per cent and number of accounts by 15 per cent.
inarticle} inarticle}