Try your financial fraud elsewhere: Centenary Bank sacks staff for stealing Shs5m

A former male staff of Centenary Bank-Mbale Branch is back on the streets hunting for another job after being dismissed for stealing Shs5 million belonging to one of the most popular financial institutions in Uganda.

The man, whose identity has been withheld by this news website, but nicknamed by colleagues as “God’s Plan” had just joined the indigenous financial institution as a teller.

It is said God’s Plan was given Shs25 million to transact through the bank’s system but by the close of the day he returned only Shs 20 million, having identified a leak in the system.

A senior staff at the bank told this news website that the rest of the staff were shocked when CCTV cameras installed within the counter area showed “God’s Plan hiding bundles of notes in his stockings.

“He was the humblest of the staff and none of us expected him to do such a thing (stealing money from the bank),” the manager said, adding that God’s Plan denied stealing the money before he was shown the footage captured by the CCTV cameras.

However, another staff at that branch said it is the most hit with financial fraud orchestrated by some of the staff. “Every year our branch leads in financial fraud,” he said, adding that ‘God’s Plan’ was just one of a few others that were unlucky and that such workers are the reason that the bank incurs some losses.

Meanwhile, the financial performance in the year 2020, as presented by Managing Director Fred Kasi, shows continued growth in profits and total assets amidst a slowdown in business performance globally.

The bank’s profit after tax increased from UGX 155.9 Billion in 2019 to UGX 161.2 Billion in 2020 registering an increase of 3.4%. This performance was attributed to relatively good loans management amidst the COVID-19 challenges, as well as cost optimization and effective participation in the money and security markets.

Customer deposits increased by 23.9% from UGX 2.53 Trillion in 2019 to UGX 3.13 Trillion in 2020. This growth in deposits was largely due to the enhanced investment in technology. Increased inclusiveness through mobile money and Agency Banking also contributed to the growth of deposits. “It is noteworthy that the asset quality of loans was almost maintained despite the evident COVID-19 Strife that hit our borrowers’ businesses.”

Meanwhile, the ratio of Non-Performing Loans (NPL) moved to 3.97% in 2020, compared to that of 2019 of 3.95%. The 2020 ratio, however, was above the Bank’s maximum target of 3.5% but below the industry average of 4.4%.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *