Overview:

In a statement dated June 21, 2022 signed it of by Anne T. Mbonye, the Company Secretary, the Company Board of Director’s meeting held on Mar ch 24th, 2021 recommended.

Bank of Baroda (Uganda) Limited has informed its shareholders that it will pay the final dividend for the year ended December 31st 2020 following receipt of the necessary regulatory approval.

It should be noted that in April 2020, Bank of Uganda put in place enhanced guidelines for all Supervised Financial Institutions (SFIs), in relation to discretionary payments, including dividends, for purposes of capital preservation-in light of the COVID-19 pandemic. However, BoU has since lifted the ban on dividends on a case by case basis.

In a statement dated June 21, 2022 signed it of by Anne T. Mbonye, the Company Secretary, the Company Board of Director’s meeting held on Mar ch 24th, 2021 recommended final dividend pay-out of Shs. 25 Billion (Uganda Shillings 10.00 per share) for the Financial Year 2020.

“The shareholders at the Annual General Meeting (AGM) held on August 26th, 2021, passed a resolution approving the dividend payout proposed by the Board of Directors at the rate of Uganda Shillings 10.00 per share for the Financial Year 2020 subject to approval from Bank of Uganda,” Mbonye says in a statement.

She adds: “Bank of Uganda on June 17th, 2022 conveyed its No-Objection to Bank of Baroda (Uganda) Limited’s request to pay dividends amounting to Shs. 25 Billion (Uganda Shillings Twenty Five Billion only) for the financial year ended 31 December 2020. The dividend for the Financial Year 2020 will be paid latest by 4th August 2022 to shareholders on the register at the close of business on July 21st, 2022 at the rate of Uganda Shillings 10.00 per share.”

Headed by Raj Kumar Meena as Managing Director, Bank of Baroda posted a profit of Shs83.37bn in 2020. The bank’s profit grew by 8.23% to Shs90.23bn in 2021.