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Overview Governance Financial Statements 01 ..Think Possibilities SUPPLIERS SALARIES RENT SCHOOL FEES UTILITIES TAXES SHOPPING WELCOME TO ORIENT ONLINE! User ID SNAPPY BANKING Password Log in NOW POSSIBLE WITH ORIENT ONLINE Simply log on to www.orient-bank.com For details, ask any of our staff or; 0800 144551 (Toll Free) Available on PC, 0701 144551 (WhatsApp) [email protected] Tablet and Smartphone. SUPPLIERS SALARIES RENT SCHOOL FEES UTILITIES TAXES Orient Bank Limited SHOPPING Annual Report 2015 WELCOME TO ORIENT ONLINE! User ID SNAPPY BANKING Password Log in NOW POSSIBLE WITH ORIENT ONLINE Simply log on to www.orient-bank.com For details, ask any of our staff or; 0800 144551 (Toll Free) Available on PC, 0701 144551 (WhatsApp) [email protected] Tablet and Smartphone. 04 Orient Bank Limited Annual Report 2015 TABLE OF CONTENTS Overview Our profile 4 Our Delivery Channels and Products 6 Corporate Information 8 Governance Chairman’s Statement 10 Managing Director/ CEO’s Statement 12 Board of Directors’ Profiles 14 Executive Committee 18 Directors’ Report 19 Statement of Directors’ Responsibilities 20 Report of the Independent Auditors 21 Financial Statements Consolidated Statement of Comprehensive Income 22 Bank Statement of Comprehensive Income 23 Consolidated Statement of Financial Position 24 Bank Statement of Financial Position 25 Consolidated Statement of Changes in Equity 26 Bank Statement of Changes in Equity 27 Consolidated Statement of Cash flows 28 Bank Statement of Cash flows 29 Notes to the Financial Statements 30 Overview Governance Financial Statements 05 OUR PROFILE Orient Bank Limited is a leading private sector commercial Bank in Uganda. We have been in operation since 1993 and our performance since has been commendable. This steady growth can be attributed to the professional management and prudent lending and investment policies of the bank. Vision Mission To be the pace setter and preferred financial To deliver service that provides superior partner for our stakeholders value to our customers Our Core Values We summarise our core values as SPIRIT Service S Resilience R Customers will always want to talk to us and they believe Orient bank’s resilience is rooted in a tenacity of spirit; we can solve their problems. This is why at Orient Bank, a determination to embrace all that makes life worth we care more than others. We take risk for the sake of living even in the face of overwhelming odds. When service and we dream more than others think practical. we have a clear sense of identity and purpose, we are We expect more than others think possible. more resilient, because we can hold fast to our vision of a better future. Passion P Enthusiasm at Orient Bank is the most powerful engine Integrity I of our success. When we do something, we do it with The supreme quality for leadership is unquestionably all our might. We put our soul into our work and stamp integrity. Without it, no real success is possible, it with our own personality in order to accomplish our whether it is on a section gang, a football field, in an customers’ objectives. We believe that nothing great army, or in an office and most especially in Banking. was ever achieved without enthusiasm. At Orient Bank we lead with integrity. Innovation I Teamwork T At Orient Bank, our discovery focuses on seeing what Our enduring success lies in collaborating and everybody has not seen and thinking what nobody supporting each with the best teams to deliver value has thought.” As Team members of Orient Bank, we for our customers and stakeholders. At Orient Bank, make discovery and excite customers with our product coming together with our customers is a beginning, offerings which we continuously develop to make your keeping together is progress and working together is banking enjoyable and pleasurable. success. ..Think Possibilities 06 Orient Bank Limited Annual Report 2015 OUR DELIVERY CHANNELS Internet Banking: This is a service that has been designed to enable our customers transact via the Internet. With this service, customers are able to check their account details, view and download account statements, and make internal transfers, among others. Automated Teller Machines (ATMs): We currently have 23 VISA enabled ATM machines strategically located in different towns. Customers can withdraw money and deposit cash/cheques at the ATM. Point of Sale (POS) Machines: Orient Bank gives one easy access to their money through our Point of Sale (POS) machines which enable the bank’s customers to pay for goods and services using their Orient Bank VISA CHIP Delivery and PIN debit Cards. These POS terminals are very Channels strategically positioned at many merchants places of business and they accept VISA. Mobile Banking: Orient Bank gives you a finger-tip convenient way of banking. One does not have to visit the Bank or ATM as they can now use their mobile phone to:• Check account balances top up Airtime on mobile phone among others ORIENT VISA CHIP AND PIN: Our Visa card offers immense opportunities and access to a world of possibilities. Our Visa card is inbuilt with a chip and pin facility which allows for online transactions while enhancing the security features of the card. It can be used used worldwide at any VISA outlet OUR BRANCH NETWORK: Orient Bank boasts of 21 branches spread across the three main regions of Uganda, including Central, Eastern and Nothern region. Customers can therefore access the Bank’s products and services from any Orient Bank Branch. Overview Governance Financial Statements 07 OUR PRODUCT PORTFOLIO We are a customer focused bank and have developed tailor-made products to efficirntly and effectively meet our customers needs CURRENT ACCOUNTS SAVINGS ACCOUNTS Standard Current Account (Personal & Business) Classic Saving Accounts SME Daily Current Account Dollar Savings Account (DOSA) Foreign currency current account (Personal & Business) Phuture Children’s Account Kyakala (Single Tariff) Account (Personal & Business) CHAMA Investment Club Account Premium Account Savings Account Plus Sapphire account Diaspora Account Smart Plan - Target Savings Account RETAIL CREDIT TRADE FINANCE CORPORATE CREDIT Orient Salary Xpress Loans Letters of Credit Commercial Loans SME Loans Guarantees/ Bid bonds Overdrafts Guarantees/ Perfomance/ Bid bonds OTHER SERVICES We have considerable experience in the provision of customer payments and cash management services for big organizations both local and foreign which includes; INTERNATIONAL Salary Processing CURRENCY SERVICES Internal transfers Foreign Currency Accounts Telegraphic Transfer Safe custody Forex Collections - Bill Payments (URA taxes, UMEME, NWSC bills, KCCA charges, NSSF ) ..Think Possibilities 08 Orient Bank Limited Annual Report 2015 CORPORATE INFORMATION DIRECTORS Mr. Michael Cook Chairman Mr. Ketan Morjaria Vice Chairman Mr. Francis M. Byaruhanga Director Mr. Joram Kahenano Director Mr. Zhong Shuang Quan Director (Appointed 16 July 2015) Mr. Hemen Shashikant Shah Director (Appointed 26 March 2015) Mr. Dugald Komla Agble Director (Appointed 26 March 2015) Mr. Philip Ikeazor Director (Resigned 20 February 2015) Mr. Okwudili Chigbogwu Director (Resigned 20 February 2015) Mr. Bernard Magulu R. Executive Director (Resigned February 2016) Mr. Julius Kakeeto Managing Director COMPANY SECRETARY COMPANY LAWYERS Nicholas Ecimu Shonubi Musoke & Company Advocates C/O Sebalu & Lule Advocates SM Chambers Certified Public Secretaries (Uganda) Plot 14, Hannington Road P. O. Box 2255, Kampala P. O. Box 3213, Kampala AUDITOR PricewaterhouseCoopers Certified Public Accountants 10th Floor, Communications House 1 Colville Street, P O Box 882 Kampala REGISTERED OFFICE Orient Plaza Plot 6 & 6A, Kampala Road P O Box 3072 Kampala Overview Governance Financial Statements 09 BRANCH NETWORK Branches Head Office/ Main Branch Kabalagala Branch Orient Plaza Kabalagala Plot 6/6A Kampala Road Tel:+256 414 510726 P.O. Box 3072, Kampala, Uganda Tel: +256 414 236012/3/4/5 Katwe Branch Fax: +256 414 348039 Muganzirwazza Plaza +256 414 256227 Acacia Branch Acacia Mall - Kisementi Kawempe Branch +256 414 660924 78 Bombo Rd, Kawempe Tel: +256 414 568847 Arua Branch Plot 12 Avenue Road, Arua Town Kikuubo Branch Tel: +256 393 280633 Grand Corner House Tel : +256 414 257451 Ben Kiwanuka Street Branch Haider Plaza Kisekka Branch Basement level Nakivubo Road +256 414 230938 Tel : +256 414 255376 Bweyale Branch Kololo Branch Plot 3c Gulu/ kampala Highway Wampewo Avenue Tel +256 392 614161 Tel : +256 414 532143 Entebbe Town Branch Makerere Branch Plot 29, Kampala Road Ham Towers Makerere Hill Rd Tel: +256 414 320960 +256 414 532143 Entebbe Airport Branch Mbale Branch Airport Terminal Building Plot 23, Naboa Rd Tel: +256 414 320193 Tel: +256 454 432253 Garden City Branch Nkrumah Road Branch Garden City Mall Sayuni Tower - Nasser Road Tel +256 414 343017 +256 414 256243 Gulu Branch Ntinda Branch Plot 15, Awere road, Capital Shoppers Tel:+256 471 432075 Tel : +256 414 289533 Jinja Town Branch William Street Branch Plot 8 Scindia Road, William Street Tel: +256 434 120340 Tel : +256 414 344950 www.orient-bank.com ..Think Possibilities 10 Orient Bank Limited Annual Report 2015 CHAIRMAN’S STATEMENT 2015 was the first full year of operation under the new ownership of the Founders’ Consortium and 8 Miles LLC. It was a challenging year especially in the build up to the February 2016 National Elections. However, in spite of these challenges, the bank was able to register significant improvement including a return to profitability and remains committed to creating value for its customers, shareholders, staff and all its stakeholders and to continually improving its services. Operating Environment The Ugandan economy experienced modest in growth in 2015 with GDP growth rising from 4.8% in 2014 to 5% in 2015. This was off the back of increased public investment in energy and transport infrastructure. However growth was below expectation and was the slowest amongst the regional peers of Kenya, Tanzania and Rwanda. There was exchange rate volatility in the early part of the year with the Uganda shilling depreciating sharply against the United States Dollar, and over the course of 2015 by 17.5%.
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