Bank of Uganda registers Shs111b profit amidst Covid-19 Pandemic.

Bank of Uganda
Bank of Uganda

Bank of Uganda registers Shs111b profit amidst Covid-19 Pandemic.

Bank of Uganda recovered from a shs859b loss, posting a profit for the year ended June 2020.

According to details contained in a Bank of Uganda report for the period running between June 2019 and 2020, the Central Bank registered a profit of shs111b mainly because of improved income and reduction in operating expenses.

The 2019 loss had come on the back of a Shs424.11b profit that the central bank had reported for the period ending June 2018.

The annual report released last Thursday reveals that the Central Bank recorded a 90 percent increase in interest income while operational expenses reduced minimally by 0.3 percent.

The increase was mainly due to growth in interest income obtained on short term and temporary advances to the government to fund shortfalls.