Centenary Bank has been named among Africa’s top banks by a performance analysis report.
Global Finance magazine has named Centenary Bank as Uganda’s Best Bank designation.
“With 2 million clients and 77 branches, it has been at the forefront of driving financial inclusion, mainly through mobile banking,” the report states.
This is a remarkable recognition for the Catholic Church-founded bank, which has already been ranked second behind Stanbic Bank in terms of profitability for the year 2021.
Centenary Bank’s profit after tax increased from Shs161.2 billion in 2020 to Shs211.5 billion in 2021, registering an increase of 31.2%.
The 2021 performance is the bank’s highest recorded in the bank’s 29-year history. This also comfortably seals the bank’s position as the second-biggest bank by deposits, lending assets, and profitability.
In 2021, Centenary bank, working together with Prudential Uganda, introduced the Diaspora Funeral Cover- a Funeral and Repatriation Insurance cover that provides financial support to the families living and working in the diaspora, in the event of the untimely demise of a customer.
The bank had also introduced the CenteYouth Loan, a special loan product that targets the youth with special benefits for youth in business.
All these innovations attracted a number of industry and peer accolades such as The Financial Reporting Awards 2021 where the bank was honoured with 3 accolades, namely: Silver Award – Integrated Report of the Year; Winner of the Presentation & Communication Award as well as 2nd Runner Up – Commercial Banking Services category.
Standard Bank, which owns Stanbic Bank, was named the Best Bank in Africa overall.
This comes against the backdrop of an impressive rebound for Standard Bank, which has operations in 20 countries, seven international markets and 15 million active clients.
In 2021, Standard Bank’s headline earnings bounced back by 57% from 2020 to $1.7 billion. The bank’s credit impairment charges fell by 52%, while ROE improved to 13.5%, plummeting to 8.9% from 16.8% in 2019.
According to the report, NCBA was named Kenya’s best bank.
With $4.9 billion in assets, the bank posted 159% growth in profits for the first nine-month period of 2021 to $96.8 million. As the market leader in asset finance, it opened nine branches to grow its retail market.
The Best Bank in Tanzania was CRDB, which has 228 branches, 3 million customers and $3.7 billion in assets.
The bank cut down NPLs to 3% in 2022 from 8.6% in 2018.
Bank of Kigali was named the Best Bank in Rwanda, posting $35.6 million in profits in the first three quarters of 2021.
Serving 350,000 retail clients and 26,000 businesses, the bank launched a product designed for women to further financial inclusion.