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Annual report and financial statements 2014 Stanbic Bank Uganda Limited Contents 4 About Stanbic Bank Uganda Limited 4 Who we are 5 Our vision and values 7 How we create value 8 Our products and services 9 Our locations 10 Business review 10 2014 Highlights 11 Chairman’s report 14 Chief Executive’s report 17 Operating and financial review 20 Our KPIs and strategy roadmap 23 Business unit review 25 Financial definitions Risk review 26 26 Risk review Sustainability 32 32 Citizenship & sustainability report 42 Corporate governance 42 Board of Directors 43 Executive Committee 44 Corporate governance statement 49 Remuneration report Our report 52 Directors’ report This report is the Stanbic Bank Uganda Limited (SBUL) annual report and 53 Statement of Directors’ responsibilities includes financial and non-financial information. The financial results and commentary describe the results of Stanbic Bank 55 Financial statements & notes Uganda Limited (SBUL). SBUL is a wholly owned subsidiary of Standard 55 Report of the Independent Auditor Bank Group and is incorporated in Uganda. 56 Income statement 57 Statement of comprehensive income 58 Statement of financial position 59 Statement of changes in equity 61 Statement of cash flows 62 Notes to the financial statements Supplementary information 111 111 Shareholder analysis 112 Shareholder information 116 Contact details Stanbic Bank Uganda Limited Stanbic Bank Uganda Limited Annual Report and Financial Annual Report and Financial Statements for the year ended Statements for the year ended 2 31 December 2014 3 31 December 2014 About Stanbic Bank Uganda Limited About Stanbic Bank Uganda Limited Who we are Our vision and Valuesvalues A brief history of our bank The bank was founded in Uganda as the National Bank of India in 1906. After several name changes, it became Grindlays Bank. In 1991, Standard Bank Group (“the Group”) bought the Grindlays Bank network in Africa. The new owners renamed the Ugandan subsidiary Stanbic Bank (Uganda) Our vision Limited. To be the leading African financial services organisation, in, for and across Africa, delivering exceptional In February 2002, The Group acquired 90% shareholding in Uganda Commercial Bank, a government-owned retail banking operation with sixty- client experiences and superior value. five branches. The Group merged their new acquisition with the existing Stanbic Bank (Uganda) Limited to form Uganda’s largest commercial bank by assets and branch network. Purpose statement In November 2007, the Government of Uganda divested its ownership in Stanbic Bank (Uganda) by listing its shares on the Uganda Securities Exchange. The Group also floated 10% of its shareholding at the same time, reducing their ownership to 80%. “Transforming Lives for a Better Uganda” Our bank today Served by 1,879 Employees Through our main Serving our Growing our business Units customers people Personal and Number of Customers Business Banking 547,676 & Corporate and Investment Banking Respecting 1 2 Working in each teams other Market Capitalisation 8 3 1,740 Billion Our Headquarters Shareholders values 23,126 Kampala, Uganda 7 4 Constantly Being raising proactive the bar 6 5 Listed On the Uganda Securities Exchange (USE) on the 25th of Living the highest levels of integrity Delivering to our January 2007 shareholders Why bank with us We are in all corners of Uganda, providing the best financing solutions through our un-beatable range of innovative products and services delivered by a cadre of competent and vibrant staff using best in class platforms and processes. For more information about our products and services/locations please Our success and growth over the long term is built on making a difference in the communities in which see pages 8 and 9 respectively or visit our website at www.stanbic.co.ug we operate. We are committed to moving Uganda forward. You can also follow Stanbic Bank Uganda Limited on Twitter@Stanbic or visit our facebook page at UG Facebook /StanbicUG Stanbic Bank Uganda Limited Stanbic Bank Uganda Limited Annual Report and Financial Annual Report and Financial Statements for the year ended Statements for the year ended 4 31 December 2014 5 31 December 2014 About Stanbic Bank Uganda Limited About Stanbic Bank Uganda Limited How we create value We deploy and maintain the integrity of banking infrastructure 1. We allocate capital to Support Economic Growth (See product details on the next page) Our Enabling 2. We provide access to Financial Services (See Functions details on the next page) Finance Measuring and managing financial Personal & Business Corporate Performance as well as managing the Bank’s Banking Investment Banking capital and liquidity, including ensuring we meet regulatory requirements and have sufficient capacity to absorb losses. Human Resources Acquiring, developing and retaining Talent. Technology and Operations Our Customers Our Customers Providing the infrastructure and Support for the Bank to effectively and efficiently carry out its activities. Individuals Global Corporates Risk Personal customers Large multinational corporations Upholding the overall integrity of the Bank’s risk/return decisions;ensuring that risks are Executive Banking customers Local and regional Corporates assessed and controlled in accordance with the Bank’s standards and risk appetite. Corporations that operate mainly in Private Banking customers the Ugandan market Compliance Ensuring the bank’s activities and conduct comply with legal and regulatory Businesses Financial Institutions and requirements. Development Organisations Small and Medium•sized Enterprises (SMEs) Credit Banks,NGOs, financial and other institutions Managing the risk profile of the bank’s lending potfolio through out it’s life cycle Larger commercial entities Public Sector Legal Commodity traders, producers and processors Maintaining a comprehensive legal risk Government, related departments management system. and Agencies Audit Independently provides reasonable assurance to the Board Audit Committee that the risk, control and governance processes are adequate and effective. Infrastructure development continues to be at the heart of Uganda’s growth story and it is one of the most important drivers that will “Transform lives for a better Uganda”. At Stanbic Bank Uganda Limited we are proud to be part of this growth story, providing financing and the whole spectrum of financial services to make it happen. Stanbic Bank Uganda Limited Stanbic Bank Uganda Limited Annual Report and Financial Annual Report and Financial Statements for the year ended Statements for the year ended 6 31 December 2014 7 31 December 2014 About Stanbic Bank Uganda Limited About Stanbic Bank Uganda Limited Our products & Services Our Locations Stanbic Bank Uganda WorldWorld class class banking, banking, Products and Services nownow in allin allcorners corners of ofUganda. Uganda. Central Region: CorporateCentral R (Crestedegion: Corp Towers),orate (Cr Gardenested T oCity,wers) IPS,, Ga Cityrden Branch,City, Metro Nakivubo, Branch, NKikuubo,akivubo, IndustrialIndustrial Ar Area,ea, K atwe, Personal and Corporate and William Street, Kikuubo,Nakasero, Kawempe, Entebbe Main, Makerere, Wandegeya, Lugogo Mall, Forest Business Banking (PBB): Katwe, William Street, Nagatule Plaza-Kikuubo, Shoppers Plaza, Magoba Plaza, Nakasero, Kawempe, Entebbe Main, Investment Banking (CIB): Makerere, Wandegeya,Mall Lugogo, Nakawa Mall,, Kyamb Forestogo, KireMall,ka ,Nakawa, Mukono, Kyambogo,Kagadi, Kayunga Kireka,, Luwe Mukono,ro, Wob ulKagadi,enzi, Mu Kayunga,bende, K iLuwero,boga, Mity ana, Mpigi, Masaka, Kyotera, Kalangala, Lyantonde, Nakasero, Ntinda and Nateete. Transactional Transactional Products and Services Wobulenzi, Mubende, Kiboga, Mityana, Mpigi, Masaka, Kyotera, Kalangala, Lyantonde, Nakasero, Ntinda and Nateete. Eastern Region: Lugazi, Kakira, Jinja, Mayuge, Kamuli, Iganga, Pallisa, Busia, Mbale, Sironko, Tororo, Kumi, Personal and Business TransactPlus Trade Finance Eastern Region: Lugazi, Kakira, Jinja, Mayuge, Kamuli, Iganga, Pallisa, Busia, Mbale, Sironko, Tororo, Kumi, Kaabong, (local and foreign currency) - Letters of Credit KSorotiaabong and, So rKapchworwa.oti and Kapchworwa. Personal and Business Current Accounts Northern Region: Pader, Gulu, Kitgum, Nebbi, Dokolo, Adjumani, Koboko, Yumbe, Arua, Katakwi, Moyo, - Bid Guarantees Northern Region: Pader, Gulu, Kitgum, Nebbi, Dokolo, Adjumani, Koboko, Yumbe, Arua, Katakwi, Moyo, Pakwach, (local and foreign currency) - Performance Guarantees Pakwach, Apac, Kotido, Moroto and Abim. Apac, Kotido, Moroto and Abim. Executive Banking - Advance Payment Guarantees Western Region: Mbarara, Ibanda, Kabwohe, Bushenyi, Ishaka, Ntungamo, Rukungiri, Kabale, Kisoro, Kihihi, Private Banking Western Region: Mbarara, Ibanda, Kabwohe, Bushenyi, Ishaka, Ntungamo, Rukungiri, Kabale, Kisoro, Kihihi, Bwera, - Avalisation Bwera, Bundibugyo, Bwamiramira, Kasese, Fort Portal, Kyenjojo, Masindi, Hoima, Kinyara (Agency), Buliisa - Import/Export Loans Bundibugyo, Bwamiramira, Kasese, Fort Portal, Kyenjojo, Masindi, Hoima, Kinyara (Agency), Buliisa and Kigumba. Savings and Investments and Kigumba. - Invoice Discounting Personal and Business PureSave - Bills for Collection (local and foreign currency) Cash Management ContractSave - Cash in Transit Bonus Investment - Collect Plus (Courier) Personal and Business - Electronic Banking – Fixed Deposit Account - Bill Payments Lending (Personal) - Liquidity Management Salary Loan - Payments and Receivables Solutions Fixed Term Loan
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