BOARD OF DIRECTORS
Bank of Baroda (U) Ltd. Head office: 18, Kampala Road, P.O. Box 7197, Kampala (Uganda) NOTICE IS HEREBY GIVEN that the 37th Annu
I NOTES I The members entitled to attend and vote the meeting are entitled to appoint a proxy to attend instead of her / him / i
GLOBAL CHAIRMAN'S STATEMENT It gives me immense pleasure to communicate with all of you at the 37th Annual General Meeting of th
CHAIRMAN'S STATEMENT I am pleased to welcome you at the 37th Annual General Meeting of your bank and privileged to present this
I thank the Government, the various Government Departments & officials of Bank of Uganda for their guidance in strengthening the
Table of Contents 11 to 12 Statement of changes in equity Cash flow statement 13 to 14 15 16 to 21 22 to 39
Corporate Information Mr. V.Santhanaraman**rMr. K.K.Shukla** Chairman Managing Director Director Director Director Director Dire
Director's Report The directors submit their report together with the audited financial statements for the year ended 31 st Dece
Director's Report The names of the directors who held office during the year to the date of this report are set out on page 1. T
Director's Report 2006 Ushs '000 Balance sheet assets net of provisions Cash and balances with Bank of Uganda Deposits and balan
Director's Report We believe that excellence emanates from good governance therefore, we have adopted high standard of transpare
Statement of Corporate Governance Corporate Governance deals with the way companies are led and managed, the role of the Board o
I ! Statement of Corporate Governance The Board has a collective responsibility for the establishment and maintenance of a syste
Statement of Director's Responsibilities The Companies Act (Cap. 110) requires the directors to prepare financial statements for
Report of The Independent Auditors To The Members of Bank of Baroda ( Uganda) Limited We have audited the accompanying financial
Consolidated Profit and Loss Account For the year ended 31st December 2006 2006 Notes Interest income Interest expense Net inter
Company Balance Sheet For the year ended 31st December 2006 Note 2006 Shs'OOO 2005 Shs'OOO 14,651,319 75,786,124 19,051,026 2006
Consolidated Balance Sheet For the year ended 31 st December 2006 Note ASSETS Cash and balances with Bank of Uganda Treasury bil
Share Revaluation Reserve Retained earnings Regulatory general credit risk Proposed Dividends Total Total • capital Shs'OOO Year
I Consolidated Statement of Changes in Equity For the year ended 31 st December 2006 Share Revaluation reserves Retained earning
Consolidated Cash Flow Statement For the year ended 31 st December 2006 2006 2005 Shs '000 2006 IR '000 2005 IR '000 • Shs '000
Accounting Policies As at 31 st December 2006 Bank of Baroda (Uganda) Limited is incorporated in Uganda under the Companies Act
Accounting Policies As at 31 st December 2006 The carrying amount of the bank's financial assets and property and equipment are
Accounting Policies As at 31 st December 2006 Depreciation is calculated on a straight line and reducing balance basis to write
Accounting Policies As at 31 st December 2006 Loans and advances are recognised when cash is advanced to borrowers and are subse
Accounting Policies As at 31st December 2006 Loans, advances and receivables are non-derivative financial assets with fixed or d
Accounting Policies As at 31 st December 2006 After initial recognition, the bank measures all financial liabilities including c
Notes to the Financial Statements As at 31 st December 2006 BUSINESS SEGMENTS The major part of business of the group, which is
, Notes to the Financial Statements As at 31st December 2006 2006 2005 Shs'OOO 2006 IR '000 2005 IR '000 • 5 Shs'OOO The followi
2006 Shs'OOO Tax on the group's profit before tax differs from the theoretical amount that would arise using the basic tax rate
Notes to the Financial Statements As at 31 st December 2006 Group Due from other banks Placements with other banks Company Due f
i Notes to the Financial Statements As at 31 st December 2006 2006 Shs'OOO 2005 Shs'OOO 2006 IR '000 2005 IR '000 • 12 LOANS AND
Notes to the Financial Statements As at 31 st December 2006 2005 IR '000 3,530 91,196 5,402 167,216 15,552 313,473 14 OTHER ASSE
Notes to the Financial Statements As at 31 st December I 2006 15 PROPERTY AND EQUIPMENT Company and Group • a) Year ended 31st D
Notes to the Financial Statements As at 31 st December 2006 • b) Property and equipment (continued) Year ended 31st December 200
Notes to the Financial Statements As at 31 st December 2006 c) Intangible assets Company and group 2006 Shs '000 Cost or valuati
Notes to the Financial Statements As at 31 st December 2006 18 AMOUNTS DUE TO OVERSEAS BRANCHES OF PARENT COMPANY 2006 Ushs'OOO
Notes to the Financial Statements As at 31 st December 2006 Company Unearned interest on treasury bills/ treasury bonds Interest
I Notes to the Financial Statements As at 31 st December 2006 Charged 01.01.06 Charged to P/L Shs'OOO Deferred tax assets/liabil
Notes to the Financial Statements As at 31 st December 2006 25 OFF BALANCE SHEET FINANCIAL INSTRUMENTS, CONTINGENT LIABILITIES A
Notes to the Financial Statements As at 31 st December 2006 • 27 INTEREST RATE RISK The bank rates is exposed to various positio
Notes to the Financial Statements As at 31 st December 2006 28 LIQUIDITY RISK • The table below analyses assets and liabilities
Notes to the Financial Statements As at 31 st December 2006
Notes to the Financial Statements As at 31st December 2006 In the normal course of business, the bank has placed foreign currenc
Notes to the Financial Statements As at 31 st December 2006 The bank's operations are subject to the risk of interest rate fluct
Shareholdig Pattern As at 31st December 2006 HOLDING NO. OF SHARES Bank of Baroda, India Bank of Baroda, London Managing Directo
Proxy Form 1/ We of . appoint . . . being (a) member(s) of the above named company, hereby . . . . . . . . . . . . . . . . . . .
Chairman, Mr. V. Santanaraman, discussing future business strategy with Directors, Mr. K. K. Shukla and Dr. J. W. Muwanga, other