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Obl Annual Report 2018 2018 Get medical and life insurance for as low as 59,000/- per month. Insurance you can afford. Underwritten by Orient Bancassurance is regulated by The Insurance Regulatory Authority of Uganda. Terms & conditions apply ANNUAL REPORT 2018 Get medical and life insurance for as low as 59,000/- per month. Insurance you can afford. Underwritten by Orient Bancassurance is regulated by The Insurance Regulatory Authority of Uganda. Terms & conditions apply ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 CONTENTS OVERVIEW Corporate Information 6 Branch Network 7 About Us 8 Our Product Portfolio 9 Our Delivery Channels 10 The Orient Business Academy 11 GOVERNANCE Chairman’s Statement 13 Managing Director/ CEO’s Statement 15 Board of Directors 18 Report of the Directors 22 Statement of Directors’ Responsibilities 24 Report of the Independent Auditors 25 FINANCIAL STATEMENTS Consolidated and separate statements of profit or loss and other comprehensive income 30 Consolidated and separate statements of financial position 31 Consolidated statements of changes in equity 32 Separate statements of changes in equity 33 Consolidated and separate statements of cash flows 34 NOTES TO THE FINANCIAL STATEMENTS Notes to the Financial Statements 35 – 100 04 Pay any bill at only Ugx 500 with No matter the bill amount, the cost is only Ugx 500 UMEME Water Pay TV Airtime/ KCCA URA Solar Data Ts & Cs apply You have successfully paid UGX 280,000 for Dstv Smart Card No. 102010129273 Charge UGX 500. Download today All FastPay to FastPay transfers are free. , . . ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 CORPORATE INFORMATION DIRECTORS Mr. Michael Cook Chairman British Mr. Ketan Morjaria Vice-Chairman Ugandan Mr. Hemen Shashikant Shah Non Executive Director American Mr. Francis M. Byaruhanga Non Executive Director Ugandan Mr. Joram Kahenano Non Executive Director Ugandan Mr. Zhong Shuang Quan Non Executive Director Chinese (Alternative: Mr. Jay Karia) Mr. Julius Kakeeto Managing Director Ugandan Ms. Darshana Bhatia Executive Director Indian COMPANY SECRETARY Nicholas Ecimu c/o Sebalu & Lule Advocates Certified Public Secretaries (Uganda) P. O. Box 2255, Kampala COMPANY LAWYERS Shonubi, Musoke & Company Advocates SM Chambers Plot 14, Hannington Road P. O. Box 3213, Kampala AUDITOR Deloitte & Touche Certified Public Accountants 3rd Floor, Rwenzori House, Plot 1, Lumumba Avenue P. O. Box 10314, Kampala REGISTERED OFFICE Orient Plaza Plot 6/6A Kampala Road P. O. Box 3072, Kampala 06 OVERVIEW OUR BRANCH NETWORK Branches Katwe Branch Head Office/ Main Branch Muganzirwazza Plaza - Katwe Orient Plaza, Plot 6/6A Kampala Road Kampala P.O. Box 3072, Kampala Kawempe Branch Plot 78 Bombo Road Acacia Branch Acacia Mall - Kisementi Kampala Kampala Kikuubo Branch Arua Branch Grand Corner House Plot 12 Avenue Road Kampala Arua Municipality Kisekka Branch Ben Kiwanuka Branch Lohana Arcade, Nakivubo Road Haider Plaza - Ben Kiwanuka Street Kampala Kampala Kololo Branch Bweyogerere Branch Nyonyi Gardens, Wampewo Avenue Mamerito House, Jinja Road, Kampala Bweyogerere Makerere Branch Entebbe Town Branch Ham Shopping Mall, Makerere Hill Road Plot 29 Kampala Road Kampala Entebbe Mbale Branch Entebbe Airport Branch Plot 23 Naboa Road Entebbe International Airport Mbale Municipality Entebbe Mbarara Branch Garden City Branch Plot 73 High Street Garden City Mall - Yusuf Lule Road Mbarara Kampala Nakivubo Branch Gulu Branch HAM Shopping Mall, Nakivubo Road Plot 15 Awere Road Kampala Gulu Ntinda Branch Jinja Branch Capital Shoppers’ Mall Ntinda Scindia Road Kampala Jinja Kabalagala Branch William Street Branch Plot 1900 Ggaba Road, William Street Kampala Kampala www.orient-bank.com 07 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 ABOUT US Orient Bank is a leading private sector commercial bank in Uganda. We began operations in 1993 and have grown steadily due to our professional management, prudent lending and investment policies. Our Vision To be the pace setter and preferred financial partner for our stakeholders Our Mission To deliver service that provides superior value to our customers OUR VALUES We summarise our core values as SPIRIT Service We provide service that is Resilience timely, helpful, friendly and We are strong, determined and convenient adapt to the world around us Integrity Passion We are honest, open and We are enthusiastic and self straightforward with our motivated to excel in all that colleagues, customers, we do investors, regulators and community Innovation Teamwork We are open-minded and We are collaborative and constantly striving to improve combine our collective our processes, platforms and knowledge and skills to offerings outperform our competitors 08 OVERVIEW OUR PRODUCT PORTFOLIO We are a customer focused bank and have developed tailor-made products to efficiently and effectively meet our customers needs. CURRENT ACCOUNTS SAVINGS ACCOUNTS Current Account (Personal & Business) Classic Saving Accounts SME Daily Account Dollar Savings Account (DOSA) Foreign Currency Account Future Children’s Savings Account (Personal & Business) CHAMA Investment Club Account Kyakala Account (Personal & Business) Diaspora Account Premium Account Target Savings Account Sapphire Account RETAIL CREDIT TRADE FINANCE CORPORATE CREDIT SME Loans Letters of Credit Commercial 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 CURRENCY Salary Processing SERVICES Internal transfers Foreign Currency Accounts Safe custody Telegraphic Transfer Collections - Bill Payments (URA taxes, UMEME, NWSC bills, Forex KCCA charges, NSSF ) 09 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 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. The Orient Fastpay Mobile Banking app puts all your banking needs in the palm of your hands. Automated Teller Machines (ATMs): The app allows you to; We currently have 24 ATMs strategically located in View balances and statements, transfer several towns across the country. Customers can money, make domestic and international withdraw money and deposit cash/cheques at payments, control your VISA card, locate the ATM. These ATMs accept VISA, MasterCard Orient bank branches and ATMs among and UnionPay cards and are linked to Interswitch. others. 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 and PIN debit Cards. These POS terminals are very strategically positioned at many merchants places of business and they accept VISA, MasterCard and UnionPay. Xpresspay is a secure platform that enables any business to conveniently receive online payments from anywhere Mobile Banking: in the world. Orient Bank gives you a finger-tip convenient way of banking. By dialing *200# customers can use Accepting; their mobile phone to check account balances, pay bills, deposit and withdraw money, top up airtime among others. ORIENT VISA CHIP AND PIN: Our Visa card offers immense opportunities ORIENT and access to a world of possibilities. Our VISA Bancassurance card is inbuilt with a chip and pin facility which allows for online transactions while enhancing the This is a platform which enables Orient security features of the card. It can be used used Bank to sell insurance services to our worldwide at any VISA outlet. customers. The areas covered include; OUR BRANCH NETWORK: Motor insurance, SME Cover, Travel Orient Bank boasts of 22 branches spread across insurance and Life insurance the four main regions of Uganda, including central, eastern, western and nothern region. Customers Orient Bancassurance is regulated by can therefore access the bank’s products and The Insurance Regulatory Authority of services from any Orient bank branch. Uganda. 10 OVERVIEW THE ORIENT BUSINESS ACADEMY Finalists of the 2nd Orient Business Academy pose for a group picture on graduation day Five Micro and Small Enterprise received funding amounting to UGX 60 million shillings at the second annual Orient Business Academy graduation held in Kololo on Friday 14th September 2018. They were part of the 35 Academy finalists, the second cohort to graduate. The Orient Business Academy is run in partnership with Makerere University Business School and has provided financial literacy and business management training to 35 micro and small enterprises to enable them grow their businesses. As part of the training, the small businesses were The overall winner Michelle Kyeyune (Director at St Michaels Food Lab), receives a dummy cheque of UGX 20m from MD Julius Kakeeto and Director MUBS tasked to come up with Business Growth Plans Entrepreneurship Centre, Diana Ntamu. and the best 5 business plans were to win total funding of UGX 60 million depending on their business needs. St Michaels Food Lab and Consultancy, a food analytical lab that conducts microbiological analysis on raw and processed food to assess quality emerged the best
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