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Annual Report | 2011 Annual Report 2011 Annual Report 2011 Annual Report | 2011 Orient Bank Limited 1 Annual Report 2011 Table of Contents Corporate Information 7 Report of the Directors 26 Statement of Directors’ Responsibilities 28 Independent Auditors’ Report 30 Consolidated Statement of Comprehensive Income 31 Bank Statement of Comprehensive Income 32 Consolidated Statement of Financial Position 33 Bank Statement of Financial Position 34 Consolidated Statement of Changes in Equity 35 Bank Statement of Changes in Equity 36 Consolidated Statement of Cash flows 37 Bank Statement of Cash flows 38 Notes to the Financial Statements 39 Orient Bank Limited 3 Our Profile Who we are Orient is a leading private sector commercial Bank in Uganda. We have been in operation for nineteen years and our performance since inception has been commendable. This steady growth can be attributed to the professional management and prudent lending and investment policies of the bank. The foundation of Orient rests on a very strong capital base, with shareholders funds exceeding UGX 73.9bn as at 31 Dec 2011. Our Mission Statement Together, with passion, we deliver superior value to our customers by redefining service standards. Our Values Professionalism We shall deliver service to our internal and external customers with the highest level of proficiency and commitment. Our word is our bond. Business Focus We are architects of value. We pursue commercial excellence in ways that create superior value for our customers through a wide range of products and services. Innovation and Leadership Finding new and better ways to improve the value we deliver to our stakeholders is the foundation of our leadership aspiration. Teamwork Our enduring success lies in collaborating and supporting each with the best teams to deliver value for our customers and stakeholders Dynamism and Strength We explore new opportunities before our competitors. We combine this with prudent risk management that ensures a strong balance sheet, sustainable shareholders value and flexibility to adopt market changes. Annual Report 2011 Our Products and Services Our Delivery Channels Retail Credit Public Servant Loan We pride ourselves in 6 channels of delivering our Orient Salary Xpress Loans products and services to our customers; Micro Xpress Loans Internet Goodlyfe Loans Mobile Phone SME’ Loans ATM Point of Sale machines (POS) Corporate Credit Branch Commercial Loans Visa Overdrafts Guarantees/ Perfomance/Bid bonds Our Product Portfolio International Currency Services We offer a host of Retail, Corporateand Commercial Foreign Currency Accounts banking products that meet the financial needs of our Telegraphic Transfer customers; Forex Deposit Accounts Trade Finance Savings Accounts Letters of Credit US Dollar Savings Accounts Guarantees/ Bid bonds University Student Savings Account Phuture Account (Children’s Savings) Other Services Personal Current Accounts We have considerable experience in the provision of customer Corporate Accounts payments and cash management services for big organizations NGO Premium Account both local and foreign. Fixed Deposit Account Salary Processing Public Servant Salary Account Internal transfers Salary Account Safe custody Collections - Bill Payments (URA taxes, NWSC bills) Orient Bank Limited 5 Annual Report 2011 Our community involvement Orient bank undertakes CSR activities that foster partnerships and long-lasting engagements with our society. We partnered with PROWE (Professional Women Empowered) walk/run to celebrate the achievements of professional women in Uganda. Likewise, we participated in the clean the environment exercise with Kampala International University (KIU) an initiative that displayed our positive responsiveness to environmental issues. We also supported the Annual Soft Power Amagezi Education Centre (SPE) school festival which attracted 10 students from each of 29 schools exhibiting learning opportunities and the sustainable young generation life skills acquired in the academic year. Within the Banking community, Orient Bank impressively participated in the Annual Bankers’ Sports Gala where we won 2 Gold, silver and bronze medals. Senior Management admires one of the trophies and medals Orient Bank Team - Gold Winners, 2011 Bankers Gala won Support to Professional Women Empowered (PROWE) KIU- Orient Clean up of Kansanga fundraising run 6 Orient Bank Limited Annual Report 2011 Corporate Information DIRECTORS Mr. Michael Cook - Chairman Mr. Ketan Morjaria - Vice Chairman Mr. Rajni Karia - Director Mr. Wole Sodipe - Director Mr. Francis M. Byaruhanga - Director Mr. Joram Kahenano - Director Mr. Maxwell Ibeanusi - CEO/Managing Director Mr. Ben Lewis - Executive Director COMPANY LAWYERS Shonubi Musoke & Company Advocates SM Chambers Plot 14, Hannington road P.O. Box 3213, Kampala COMPANY SECRETARY Nicholas Ecimu C/O Sebalu & Lule Advocates Certified Public Secretaries (Uganda) P.O. Box 2255, Kampala AUDITORS Deloitte & Touche Rwenzori House P O Box 10314 Kampala REGISTERED OFFICE Orient Plaza Plot 6 & 6A, Kampala road P O Box 3072 Kampala OUR BRANCHES Head Office Nkrumah Road Branch Entebbe Town Branch Mbale Branch Orient Plaza Nkrumah Road Plot 29, Kampala Road Plot 23, Naboa Road Plot 6/6A Kampala Road P.O Box 22789 Kampala P.O. Box 797, Entebbe Mbale Municipality P.O. Box 3072, Kampala, Uganda Tel: +256-414-234554 Tel: +256-414-320960 Tel: +256-454-432253 Tel: +256-414-236012/3/4/5 Fax: +256-414-348039 William Street Branch Jinja Branch Kololo Branch Telex: 61342 ORIENTBK William Street Plot 1, Busoga Square Plot 16/17 Wampewo Fax: +256(41)4348039 P.O. Box 22789 P.O. Box 368, Jinja Avenue Nyonyi Gardens Website: www.orient-bank.com Tel: + 256-414-344950 Tel: +256-434-123031/0 Tel:041 250 839 SWIFT: ORINUGKA Kawempe Branch Kabalagala Branch Kisekka Branch Main Branch Plot 174, Benzina Station Plot 1900 Block 15 Nsambya Lohana Arcade Orient Plaza P.O. Box 7839 Kampala P.O Box 3072 Kampala Plot 70-76, Plot 6/6A Kampala Road Tel: +256-414-568847 Tel:0414 510 726 Nakivubo Road P.O. Box 3072, Kampala, Uganda Entebbe Airport Branch Tel: +256-414-236012/3/4/5 Garden City Branch Gulu Branch P.O Box 787, Entebbe Fax: +256-414-348039 Plot 64-86, Garden City Mall, Plot 15, Lamho Building, Tel: +256-414-320193 Yusuf Lule Rd, Awere Road, Market Sq. Arua Branch Jinja Town Branch Tel +256-0414-343017 Tel:+256-471-432075 Plot 12 Avenue Road Plot 8 Scindia Road, Tel: Arua Municipality +256-434-120340434-120 Orient Bank Limited 7 Annual Report 2011 Mr. MICHAEL COOK Chairman8 Orient Bank Limited Annual Report 2011 Chairman’s Statement Orient Bank Limited performed strongly and successfully during 2011, despite a difficult and unpredictable economic environment. The situation required prudent and responsive strategic management, at all times. Operating Environment At the start of the year Uganda faced twin challenges. Externally it was confronted by steep rises in the cost of crude oil and refined products, and consequentially in the cost of imported raw materials and manufactured goods. Domestically the economy was suffering from excess liquidity, attributed to the distribution of funds during the Presidential elections and associated activities. Combined they would, if unchecked, put Uganda at the risk of severe and upward spiralling inflation. The situation was further aggravated by extreme foreign exchange rate volatility. As early as January 2011 the Bank of Uganda injected US$ 20 million I am delighted to be able to report to try to stabilize the exchange rate. Despite this and subsequent interventions that despite the challenging and the shilling continued to weaken throughout the year. From a previous stable a negative macro and micro average of UGX2300 against the dollar it fell to UGX2900. This was only a few economic environments in which shillings off the rates formerly associated with the Euro or the pound sterling. Orient has had to operate, we have achieved a significant Uganda is an import dependent country for fuel and other key items. It therefore improvement in performance. remained vulnerable throughout the year, to externally generated inflationary pressures. These were exacerbated by drought in much of the country which The Bank posted a profit, after reduced farm yields and pushed up food prices. This bitter cocktail fuelled tax, in 2011 of UGX 20.19bn, headline inflation to reach 30% in November with core inflation at 29%, a significant increase over the compared to the BOU target of 5%. previous year. To counter exchange rate volatility, increasing inflation and excess liquidity the BOU imposed a tight monetary policy. The main component of this was the progressive increase in the Central Bank Rate to 23%. This in turn led to a major increase in interbank rates and very high lending rates. It is likely that the BOU may maintain a strict monetary policy until the economy is stabilised and inflation reduced to manageable levels. There is some success as inflation rates have fallen albeit alongside a significant slowdown in lending to commercial investment and domestic consumption, a significant increase in default risk and a decline in deposits as disposable income is reduced. This environment poses a major challenge to banks including Orient Bank, to refocus their business on non-lending activity revenue generation. Operating Results I am delighted to be able to report that despite the challenging and a negative macro and micro economic environments in which Orient Bank has had to Orient Bank Limited 9 Annual Report 2011 Chairman’s Statement message - continued operate, we have achieved a significant improvement in performance. The Bank posted a profit, after tax, in 2011 of UGX 20.185bn, a significant increase compared to the previous year. The Bank also recorded steady growth in other key areas: Increase in Total assets from UGX 362bn to UGX 435.1bn Increase In Deposits from UGX 290bn to UGX 332bn Increase in Loans and Advances from UGX 199.4bn to UGX 217.4bn Increase in Shareholders’ Fund from 53.8bn to UGX 73.9 bn The above results were all achieved within a growth profile designed The BOU required commercial to ensure an overall positive performance.
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