[2007-12-17]  Crane Bank Receives Global Award
FOR the fourth year running, Crane Bank has been awarded the Bank Of The Year award by The Banker Magazine, a trademark of the Financial Times Limited.

"Crane Bank scored success on all fronts with improved performance. We also engaged in numerous initiatives that led to a positive performance on all fronts and enhanced shareholder value," Crane Bank's managing director A.R Kalan told a press conference in Kampala.

Kalan said the award was a reflection of staff dedication to excellence.

"Our net profits rose by 71.51% and return on equity was up to 45.43% from 28.68% the previous year. Our cost to income ratio was cut to 61.49% and the non-performing liabilities ratio reduced to 2.16% from 4.38% of the loan book," he added.

"The performance was also helped by minimising our reliance on government bills, bonds and boosting the lending portfolio," Kalan said.

He said there was also a sector-wide effort to control costs.

"On the forex side, we launched an aggressive campaign in the market to provide customers with innovative foreign exchange products, yielding a 37.66% net gain in dealings," Kalan said.




Source: Copyright © 2007 New Vision.