Bankers choose fourth industrialization to provide good financial services
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Daily Monitor
Tuesday May 11 2021
Summary
Covid-19. 2020 was a difficult year in the banking sector as borrowers capacity to repay loans was highly impacted by the pandemic.
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Compared to tourism or education which continues to suffer the brunt of Covid-19 and the resultant containment measures instituted by the government to control the spread of the pandemic, the banking sector seems to be sailing through the tides rather unscathed as evidenced by the profit margins the industry players closed their accounts with.
Apart from banking and telecommunications, most economic sectors, including the Micro, Small and Medium enterprises continue to take a hit as the battle to contain the Covid-19 pandemic takes shape, thanks to the availability of a vaccine whose uptake remains disturbingly low.
By Isaac Khisa | The Independent UG Published: April 06, 2021 11:19 PM
Kampala, Uganda | ISAAC KHISA | 2020 was a tough year in almost all fronts: public health, production, new orders, employment, and demand, among others. The once growing economy contracted and interest rates took a deep dive as coronavirus cases surged.
However, the dividends set to be paid to shareholders seem to be more than expected as evidenced by the annual performance announcements by some of the country’s commercial banks that have released their results.
Stanbic bank, for instance, has proposed a dividend of Shs 1.86 per share, equivalent to Shs 95billion for the year ended Dec.2020. This, however, is below the Shs 2.15 per share, equivalent of Shs110bn, paid in the previous year.