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FTB Annual Report 2019 Web 2 Bringing a New Experience to women’s banking. Annual Report 2019 Celebrating years as the rst women-centric bank in Uganda Bringing a New Experience to women’s banking. Women's Home Mama’s Safe Savings Women’s Business Loan Improvement Loan The Mama’s Safe Savings The Women’s Business loan is for The Women’s Home account is specically tailored women engaged in micro, small Improvement Loan is for to women, aged 18 years and and medium businesses who women who wish to access above. It is a safe and wish to borrow as individuals for funding for household / aordable account that can long and short term Investments livelihood improvement such be opened for individuals and such as adding capital into as home renovations and groups. business, purchase of shares, home furnishing. import and export business. About Us 3 Our Mission and Vision 3 Core Values 3 Ownership and Capital Structure 4 Corporate Information 4 Branch Location 5 Board Chairperson Statement 6 Awards 9 Managing Directors’ Statement 10 Executive Management 14 Statement of Corporate Governance 16 Risk Management 19 Board of Directors 24 Customer Focus 31 Product and Services Innovations 31 Customer Testimonial 33 Branch Relocation and Customer Engagement 34 Partnership 35 Corporate Social Responsibility 36 Developing Our People 39 Financial Highlights 45 Corporate Information 46 Directors’ Report 48 Statement of Directors’ Responsibilities 49 Report of the Independent Auditor 50 Statement of Comprehensive Income 54 Statement of Financial Position 55 Statement of Change in Equity 56 Statement of Cash Flows 57 Notes 58-102 02 Finance Trust Bank | Annual Report & Financial Statement 2019 Celebrating years of growing businesses & trust every day Finance Trust Bank (FTB), a Tier 1 Financial institution was With its headquarters in Katwe, Finance Trust Bank operates granted an operating license on 11th November 2013 taking a network of 35 branches, including one at Kalangala over the business of Uganda Finance Trust Limited (MDI). Islands. 70% of the bank’s branches are located in rural areas. Finance Trust Bank was rst registered as an NGO in 1984 as “Uganda Women’s Finance and Credit Trust Limited” which The bank oers a broad range of nancial solutions, including later changed its name to “Uganda Women’s Finance Trust loans, deposit accounts, money transfer services, utility bills Limited” in 1997. On 12th October 2005, Uganda Women’s payments and insurance services to small and medium income Finance Trust Limited was licensed as a Micronance Deposit people companies, SMEs, institutions and high-net-worth taking Institution. individuals. Finance Trust bank is also active in trade nance and treasury services. Our Vision Our Mission To be the bank of choice. To eectively deliver innovative nancial solutions to our customers and stakeholders CUSTOMER especially women. FOCUSED EXCELLENCE TEAMWORK ACCOUNTABILITY UGX CORE VALUES LEARNING & INTEGRITY Our core values reect what INNOVATION is truly important to us as an organization Finance Trust Bank | Annual Report & Financial Statement 2019 03 Ownership and Capital Structure Finance Trust Bank has a varied ownership structure comprising of international and local shareholding. The Bank share holders are as follows % 9.50% 20.10 Founder Members Uganda Women Trust & others 14.20% I&P Afrique Enterprenuers 18.30% 19.60% RIF North 1 Oiko Credit Ecumenical Development Cooperative Society U,A 18.30% Progression Eastern African Micro Finance Equity fund Corporate Information Registered oce Company Secretary Auditor FINANCE TRUST BANK LIMITED Mrs. Patricia Kemirembe Katende KPMG Block 6, Plot 121 & 115 Katwe FINANCE TRUST BANK LIMITED Certied Public Accountants P.O. Box 6972 Block 6, Plot 121 & 115 Katwe 3rd Floor, Rwenzori Courts Building Plot, 2 & 4A, Nakasero Road Kampala P.O. Bo x 6972 Kampala P.O. Box 3509 Kampala, Uganda 04 Finance Trust Bank | Annual Report & Financial Statement 2019 Bank Branch Network and Contacts Arua Branch Bugiri Branch Busia Branch Nansana Branch Plot 2 Duka Rd Plot 74,Grant Street, Plot 53, Custom Rd. Plot 8538, opposite 0791 333000 Tororo Rd Busia Nabweru Junction 0794 333001 0794 333002 0791333106 Central Branch Entebbe Branch Gomba Branch Owino Branch Plot 1 Bombo Rd, Plot 29, Kampala Rd - Block 212, Plot 117 Plot 769 (Kafumbe Sure House Entebbe Kanoni Trading Centre, Mukasa Rd) 0791 333003 0791 333004 Gomba 0791 333051 0792 333183 Tororo Branch Iganga Branch Ishaka Branch Nakivubo Branch Plot 7, Bazaar Street, Plot 74, Main Street. Rukungiri Road, Plot 30-32 Mackay Rd, Kampala Tororo. 0794 333005 0794 333006 Freeman Foundation Building 0794 333044 0791 333046 Jinja Branch Kabarole Branch Kalangala Branch Nateete Branch Plot 83 West Main street Rukidi III Street, Fortportal Plot 52/3 Main Rd Plot 1246 & 974 Nateete Jinja 0791 333026 Kalangala towards trac lights 0791 333024 0791 333027 0791 333048 Kalerwe Branch Kampala Road Branch Kamuli Branch Ntungamo Branch Plot 641 Kibuga Plot 4 Kampala Rd Plot 1 Kitimbo Road, Plot 18, Old Kabale Rd, Mengo Kalerwe 0791 333030 Kamuli Ntungamo (Opp. Shell Petrol Station) 0791 333031 0791 333050 0791 333029 Kamwenge Branch Kapchorwa Branch Katwe Branch Soroti Branch Plot 10, Station Rd Kapchorwa Rd Plot 121 & 115,Block 6, Plot 49 Gweri Rd, 0791 333034 0791333093 Kampala Soroti 0791 333035 0794 333045 Kayunga Branch Kikuubo Branch Kitintale Branch Pallisa Branch Plot 103 Kayunga Town Plot. 21 Nakivubo Rd Plot 1315 block 243 Plot 11 Block B, 0794 333036 Kampala Kitintale Trading Centre Gogonya Road 0791333105 0794 333037 0794 333046 Kumi Branch Lugazi Branch Lwengo Branch Mukono Branch Plot 26A, Ngora Rd, Plot 65 Block 316, Mbirizzi Trading centre, Plot 35, Kampala- Kumi Lugazi Lwengo Jinja Rd 0794 333038 0794 333039 0791333155 0791 333043 Masaka Branch Mbale Branch Mbarara Branch Plot 17 Edward avenue Plot 23 Republic Street Plot 31 High Street 0794 333040 0794 333041 Mbarara 0791 333042 KAMPALA Toll free 0800220500 0751 932 900 / 0701 932 901 [email protected] www.financetrust.co.ug @FinanceTrustBankug @financetrust /FinanceTrustBank Regulated by Bank of Uganda. Deposit protected by the Deposit Protection Fund. Finance Trust Bank | Annual Report & Financial Statement 2019 05 On behalf of the Board of Directors, Management and Sta of Finance Trust Bank, it gives me great pleasure to present to our esteemed customers, shareholders and partners the Annual Report and Financial Statements of Finance Trust Bank for the year ended 31 December 2019. Despite the unprecedented scale of change sweeping across the banking industry globally, I am proud to report that Finance Trust Bank registered satisfactory results. Board Chairperson Dr. Evelyn Kigozi Kahiigi Board Chairperson’s Statement Operating Environment Finance Trust Bank has strategically positioned itself by collaborating with FinTechs to enable access to nancial services The operating environment was largely stable for a major part of for low-income earners aordably. the year 2019 with only mild political and economic tensions that manifested occasionally. The tensions mainly arose from the The country registered a trade surplus that strengthened the stalemate at the southwestern border with Rwanda that shilling against other currencies coupled with other disrupted the Import and export business. These challenges are interventions deployed by the Bank of Uganda. The country saw still prevalent but the Government is working tirelessly to a signicant increase in digital payments, which serve as an respectively resolve the Uganda-Rwanda stando. alternative to cash and an increased demand for fast and convenient payment solutions. Finance Trust Bank has According to UBOS data, Uganda’s economy expanded by 6.1% positioned itself to support this operation through platforms in 2019 compared to the regional target of 5.4%. This expansion such as the Trust Mobile and Agent Banking was underpinned by growth of 3.8% in the agriculture sector, 7.2% in the services sector, and 5.8% in the industry sector. The domestic equity market remained subdued with listed Average annual headline ination fell to 3.1% in 2019 from 3.4% companies showing price reductions, which is an indicator of in 2018 and was still within the medium term target of 5%. performance challenges in some of the listed companies. On the The Country’s nancial sector remains sound with commercial other hand, with CIPLA Quality Chemicals issuing an IPO and banks taking the biggest chunk of total assets, which stand at joining the listed companies, the domestic market capitalization shs.31.8Trilion. There was a growth in foreign currency increased by 3.3% compared to 2018. denominated loans. The sectors of building, construction and real estate, trade and commerce, as well as personal and Financial Performance household loans remain the major absorbers of both foreign and domestic currency loans. Worth noting is that the building, The Bank’s performance in the year 2019 continued to progress construction and real estate sector surpasses all other sectors in on positive trajectories on all fronts. Net prots recorded an loan absorption, it also accounted for the biggest chunk of non- annual increase of 4% from Shs. 5.85Bn to Shs. 6.1Bn. This performing loans. protability was stimulated by increased customer engagement across the bank, continued pro-activeness in risk management On the regulatory front, the Central Bank moved to increase the as well as our transformational initiatives supported by Deposit Protection Fund (DPF) from Shs.3, 000,000 to technology integration. Shs.10, 000, 000 as a means to bolster client condence in the Banking sphere. We are hopeful that this will increase depositors’ Total assets of the Bank grew by 25% from Shs. 206 Bn in 2018 to trust in the sector following the growth in this safety net Shs. 258 Bn in 2019 with net loans and advances increasing by provided for retail depositors to spur growth in deposits. The 25.5% from Shs122.7Bn in 2018 to Shs.153.9Bn in 2019 year 2019 registered an 8.8% growth in deposits partially on supported by a 23.7% growth in customer deposits from account of increased client condence.
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