M.L. Rathi Chairman P.L. Kagalwala Managing Director Prof. F.G. Omaswa Director S.Rajappa Director F.F.Magezi Director Dr. A.K.
I am pleased to welcome you to the 34th Annual General Meeting of your bank and am privileged to present this annual report befo
Your bank has registered well supported unprecedented growth in all business parameters too. The Performance during the year 200
/ CHAIRMAN'S STATEMENT ~~ '7 If creating a congenial economic to excel. environment for the banks to develop. My grateful thanks
Bank of Baroda (U) Ltd Head office: 18, Kampala Road, P.O. Box 7197, Kampala (Uganda) NOTICE IS HEREBY GIVEN that the 34th Annua
proxy, in order to be effective, must be received by the bank at least 24 hours before the date of meeting. The format of the pr
Directors, officers and administration Directors' report 3-5 2 Report of the auditors Income statement Consolidated balance shee
~ :.ECTOR1,OF~ICERS & ADMINISTRATION ,®:;t :¥' " w"f, ,' Dr. A K Khandewal** Mr. P L Kagalwala** Mr. M P Ranade** Prof. F G Omas
The directors submit their report together with the audited financial statements for the year ended 31 December 2003, which disc
2. Capital adequacy (contd .) Balance sheet Nominal amount 2003 Ushs '000 Balance sheet assets net of provisions Cash and balanc
'" !8 '" " 't'+, x®';1~". " ~. o;.'-~'i~@ ~ ~ " 'B ' '11~%iW ~l@ 'if " , ~ ~ tz d DIRECTOR'S REPORT '-~¥"',% ,~Il, ~Wi 0'i£~ **"
AUDITOR'S REPORT . :t ili: ," ; . REPORT OF THE AUDITORS TO THE SHAREHOLDERS OF BANK OF BARODA (UGANDA) LIMITED We have audited
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 2003 2002 Ugandan Shillings Notes Ushs'OOO Ugandan Shillings U
CONSOLlD~JED BAL~~CE SHEET . .~. 1 Ushs '000 Assets Cash and balances with Bank of Uganda Treasury bills and other eligible bill
, y ~, COMPANY, BALANCE ~HEET . Bank of Baroda (U) Ltd COMPANY BALANCE SHEET AS AT 31 DECEMBER 2003 Note 2003 Ushs '000 Assets 2
CASHFLOW STATEMENT f ._, § , 2003 2002 Group Ushs'000 Group Ushs'000 Cash flow from operating activities Profit before tax Adjus
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2003 Group Share capital Ushs '000 Revaluation reserv
The principal out below: accounting policies adopted in the preparation of these financial statements are set The financial stat
'" II., ,. , w@ t ~" ~;'~ ~: NOTES TO THE FINAf';J~~f:jl~f;~~~NTS Rate Buildings Furniture, fittings Motor vehicles Computer equ
When a loan is deemed uncollectible, it is written off against the related provision for impairment. Subsequent recoveries are c
, NOTES TO THE FINANCIAL STATEMENTS I , . : 0- ,*,7F'~ ''1M,' !!iIf ill_ . "b0 Jf. A financial asset is derecognised when the ba
2. INTEREST INCOME Company and Group 2 0 Uganda Shillings 000 Investment securities Loans and adva nces Other 10,234,219 3,949,8
6. NON INTEREST EXPENSES Group 2003 Uganda shillings 000 Staff costs Professiona I services Advertising and marketing Depreciati
8. INCOME TAX Group 2003 Uganda shillings 000 Current tax Current period Prior year over provision Prior year tax credit Deferre
Deferred tax assets and liabilities and the deferred tax charge!(credit) are attributable to the following items: in the profit
Dividend has been proposed at 60% of issued and fully paid share capital. Payment of dividends subject to withholding tax at the
2003 Uganda Shillings 000 Due from other banks Placements with other banks 109,017 15488000 2002 Uganda Shillings 000 1,180,586
15. INTEREST RECEIVABLE AND OTHER ASSETS Group 2003 2002 Uganda Shillings 000 Interest receivable Inter-branch Other assets acco
2003 Uganda Shillings 000 Balance at 1 January Specific doubtful debts expense Bad debts written off Recoveries of amounts previ
18. PROPERTY AND EQUIPMENT Company and Group Landand Buildings Ushs000 Cost or valuation At 1 January 2003 Additions Reclassific
NOTES TO THE FINANCIAL STATEMENTS '~ k~ • 2003 Uganda Shillings 000 820,002 2002 Uganda Shillings 000 1,959,313 820.002 1,959,31
2003 Uganda Shillings 000 Leave entitlement Accrued interest Bills payable Other liabilities 153,687 1,963,948 373,696 1,308,566
Ordinary shares Ushs 000 Authorised: 40,000,000 ordinary shares of Ushs 100 each (2002: 40,000,000 ordinary shares of Ushs 100 e
~,~ NOTES TO TIjE FINANCIAL STATEMENTS , # ,J , d '" Commitments to lend are agreements to lend to a customer in future subject
28. LIQUIDITY RISK The table below analyses assets and liabilities relevant maturity at balance sheet date to the contractual ma
29. CURRENCY RISK The Bank operates wholly within Uganda and its assets and liabilities are reported in Uganda shillings. Althou
A (i) Risks Credit risk The bank's credit exposure at the balance sheet date from financial instruments held or issued for tradi
to ensure compliance with the bank's risk limits. The bank's risk limits are assessed regularly to ensure their appropriateness
II We of . . for me I us and on my I our behalf at the Annual General Meeting of the Company, to be held on the 16th June, 2004
Launching of Baroda Business Loans Baroda premiu~ Deposit Scheme Launching of New Business products Bank of Baroda <V) Ltd. Mr.