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Annual Report ECONOMIC RESILIENCE THROUGH SUSTAINABLE DEVELOPMENT FINANCE ANNUAL REPORT 2020 — Uganda Development Bank Ltd Plot 6 Nakasero Road Rwenzori Towers, 1st Floor, Wing B, P.O Box 7210, Kampala, Uganda Tel: +256 (0) 414 355 550, (0) 312 355 500 Website: www.udbl.co.ug Email: [email protected] ii 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 1 TABLE OF CONTENTS ORGANIZATIONAL STRUCTURE 27 ABBREVIATIONS & ACRONYMS 2 ENGAGING OUR STAKEHOLDERS 28 UGANDA DEVELOPMENT DEFINITIONS 3 “ BANK HAS CONTINUED GOVERNANCE 39 OUR MANDATE 4 TO BE A TRUSTED AGENCY CHAIRMAN’S STATEMENT 40 PURPOSE STATEMENT 4 IN IMPLEMENTING KEY BOARD OF DIRECTORS 43 HIGH IMPACT GOALS 4 STRATEGIC INITIATIVES OF MANAGING DIRECTOR’S STATEMENT 44 MINISTER OF FINANCE FOREWORD 5 GOVERNMENT, ESPECIALLY IN THE EXECUTIVE TEAM 50 AVAILING CREDIT TO FINANCE KEY PRIORITY SECTORS 6 GOVERNANCE STATEMENT 51 PRIVATE INVESTMENTS IN KEY KEY LENDING TERMS 6 SECTORS OF THE ECONOMY AT AFFORDABLE INTEREST RATES. CROSS-CUTTING PRIORITIES 7 EXECUTIVE COMMITTEE 52 Hon. Matia Kasaija, Minister of Finance, Planning & Economic Development COMPANY OVERVIEW 11 OPERATING ENVIRONMENT 83 BANK’S FOOTPRINT 12 SUSTAINABILITY REPORT 91 WHO WE ARE 13 PERFORMANCE OVERVIEW 94 OUR FUNDING MODEL 15 FINANCIAL SUSTAINABILITY 117 OUR BUSINESS MODEL 16 HUMAN CAPITAL 125 SUSTAINABILITY STRATEGY 24 FINANCIAL STATEMENTS 131 ii 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 1 2 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 3 ABBREVIATIONS AND ACRONYMS DEFINITIONS AADFI Association of African Development Finance Institutions VALUE OF OUTPUT: EARNINGS PER SHARE (USHS): ADFIMI Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank This is the measure of total economic activity in Earnings attributable to ordinary shareholders AfDB African Development Bank the production of new goods and services in an divided by the weighted average number of AGM Annual General Meeting accounting period for the UDB funded projects. It ordinary shares in issue. BADEA Arab Bank for Economic Development in African is a much broader measure of the economy than the gross domestic product (GDP), which is limited BARC Board Audit and Risk Committee mainly to final output (finished goods and services). RETURN ON AVERAGE ASSETS (%): BCC Board Credit Committee BSPC Board Strategic Planning Committee Earnings as a percentage of average total assets. DFI Development Finance Institution E&S Environmental and Social Management Framework TAX CONTRIBUTION: EOSD European Organization for Sustainable Development NET INTEREST MARGIN (%): Refers to the annual direct or indirect taxes paid ERM Enterprise Risk Management by funded projects. These include corporation tax, Net interest income as a percentage of annual EU European Union PAYE, VAT (18%), customs taxes, etc. average total loans. EVP Employee Value Proposition EXCO Executive Committee YIELD ON LOANS (%): GCF Green Climate Fund FOREIGN EXCHANGE EARNINGS: GDP Gross Domestic Product Total Interest Income as a percentage of annual Refers to the foreign currency generated by funded GRI Global Reporting Initiatives average total loans. projects expressed in Uganda Shillings equivalent. IDB Islamic Development Bank The foreign currency generated includes earnings arising from the export of goods and services. IFRS International Finance Reporting Standards DEBT TO EQUITY RATIO (%): MD Managing Director MoU Memorandum of Understanding Total Debt as a percentage of Total Equity. NAADS National Agricultural Advisory Services JOBS CREATED AND MAINTAINED: NARO National Agricultural Research Organization NET ASSET IMPAIRMENT RATIO (%): NDP National Development Plan Refers to the total number of permanent and temporary workers employed by funded projects NPA National Planning Authority Provision for credit losses per the income and are paid a wage or income. PSC Private Sector Credit statement as a percentage of closing net loans and advances. SDG Sustainable Development Goals SME Small and Medium Enterprise UBA Uganda Bankers Association PROFIT FOR THE YEAR (USHS): COST-TO-INCOME RATIO (%): UDB Uganda Development Bank Limited Annual income statement profit attributable to UNCDF United Nations Capital Development Fund ordinary shareholders, minorities and preference Operating expenses, excluding provisions for credit USHS Uganda Shillings shareholders. losses, as a percentage of total income. 2 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 3 4 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 5 FOREWORD FROM THE MINISTER OF FINANCE OUR MANDATE I take pleasure in presenting the Annual “To operate as Uganda’s Development Finance Institution, particularly Report on the overall operations and through interventions in priority sectors and in line with the performance of Uganda Development Government of Uganda’s development priorities” Bank Ltd (UDB) for the financial year ended 31st December 2020. PURPOSE STATEMENT The year 2020 has been extremely challenging for many of our businesses and Hon. Matia Kasaija, Minister of Finance, “To improve the Quality of Life of Ugandans” the economy at large - initially due to floods Planning & Economic Development in various parts of the country, then a locus invasion in some areas; and later due to the unprecedented Corona-virus pandemic. to increase the bank’s authorized share HIGH IMPACT GOALS Uganda Development Bank has continued capital from Ugx500Billion to Ugx2Trillion. to be a trusted agency in implementing Government is committed to paying up the key strategic initiatives of Government, authorized capital to enable the Bank to fulfill especially in availing credit to finance its mandate. It is also important to emphasize private investments in key sectors of the that good governance is crucial to the Bank’s economy at affordable interest rates. The ability to effectively deliver on its purpose and timely and targeted efforts of the Bank strategy. that included loan restructuring for ailing Let me convey my gratitude to the Bank’s businesses and liquidity support to key Board of Directors for their stewardship of the sectors like Agriculture, Agro-processing and Bank. Manufacturing has helped businesses and the economy during this challenging and I want to also thank the Management and Reduce Poverty Build a Sustainable To promote uncertain period. Staff for their commitment and dedication in Uganda while Food System for sustainable in executing the Bank’s strategies and COVID-19 has had adverse impact on the protecting Uganda Industrialization steering UDB during an extremely difficult global economies, households, businesses, the natural in Uganda year. I challenge you to continue to commit and the overall flow of credit. environment to the Bank’s long-term sustainability and to Despite these challenges, the UDB deliver even greater impact on the lives of the demonstrated tremendous effort and citizens we all serve. delivered positive performance. The Finally, I wish to convey my sincere good wish interventions undertaken by the bank are to the Bank’s customers, financiers and other expected to hasten the process of recovery stakeholders for their continued support. I from the negative impacts of the pandemic. remain optimistic about what lies ahead for As shareholders, we recognize that balance the Bank and the country at large. sheet strength is critical to the Bank’s ability to deliver on its mandate, drive business outcomes and realize strong and sustainable returns. Against this backdrop, the shareholders at our last Annual General Meeting held on 28th May 2020, resolved Matia Kasaija 4 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 5 6 2020 Annual Report | [email protected] | www.udbl.co.ug 2020 Annual Report | [email protected] | www.udbl.co.ug 7 KEY PRIORITY CROSS-CUTTING SECTORS PRIORITIES ENVIRONMENTAL AND SOCIAL Growth Development Strategy 2031. The bank is in the process of establishing a green finance GOVERNANCE strategy for low-carbon, climate resilient (LCR) investments. This is intended to help put UDB on The Bank safeguards all its development initiatives track to the establishment of a green finance fund by managing environmental risk to combat to consolidate and enlarge its investment portfolio deforestation and improve natural resource with only low carbon risk investments (clean AGRICULTURE TOURISM AND INDUSTRY management, including increasing soil and water projects) by 2024. HOSPITALITY conservation, promoting farmer-managed natural The sector is our main lever regeneration or complementary tree-planting We aim to promote for reducing poverty while in cropland, encouraging adoption of improved GENDER (WOMEN AND YOUTH) Funding focus is on sustainable industrialization protecting the natural varieties, and supporting diversified livelihoods tourism infrastructure such of Uganda while environment, recognizing opportunities in and around protected areas that The Bank is undertaking a greater contribution as the development of supporting Agro-Industry, that most of our people accommodation facilities support biodiversity conservation through smart- to gender opportunity and equity as a basic Manufacturing and Mineral- earn a living from it.
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