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Bank of Uganda dismisses reports about taking over Bank of India

Bank of Uganda has refuted reports about its take over and closure of Bank of India in Uganda. There have been reports indicating that Bank of India Uganda will wind up operations in the country in March this year.

The central bank, which over sees regulation of commercial banks in Uganda said “Bank of India Uganda is operating normally, is profitable and fulfilling all the regulatory requirements as set out in the Financial Institutions Act, 2004 as amended.

There is no threat to the safety of depositors’ funds.”

A statement released by the Central bank governor, Mr Emmanuel Tumusiime –Mutebile on Tuesday afternoon said the reports circulating on social media to the effect that there was a meeting between BoU officials and Bank of India Uganda Ltd at which it was decided to close Bank of India Ltd, or that the Bank of Uganda has taken over the said bank are false.

“Furthermore, there was no meeting between the Deputy Governor of the Bank of Uganda and officials of Bank of India Uganda Ltd, as has been alleged,” further reads the central bank’s statement.

According to the 2016 financial results, Bank of India Uganda recorded a net profit of Shs2.3 billion, up from Shs1.2 billion in 2015, making it the 15th most profitable bank in Uganda in 2016 out of the 24 banks in Uganda.

The banks total assets also increased by 33.9 per cent to Shs156 billion in 2016, up from Shs116.5 billion in 2015, customer deposits grew by 65 per cent to Shs99.1 billion in 2016, up from Shs59.8 billion.

Loans advanced to customers also grew to Shs71.9 billion, up from Shs50.8 billion in 2015.

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