Nairobi Securities Exchange listed NIC Bank’s Uganda subsidiary NC Bank has decided to appoint has appointed Sam Ntulume as its Managing Director.
The appointment is subject to regulatory approval by Bank of Uganda.
He replaces Polish-schooled John Okulo, who leaves to pursue other interests in Kenya.
Ntulume has over 20 years’ experience in financial management, financial reporting and business leadership in the financial services sector, distribution and marketing, public and manufacturing sectors.
He holds an MBA from the East and Southern Africa Management Institute (ESAMI), a Fellowship of the Association of Chartered Certified Accountants (FCCA) and is a Certified Public Accountant (Institute of Certified Public Accountants of Uganda), besides being a holder of a Diploma in Business Studies.
Since being licenced by Bank of Uganda in February 2012, the bank has recorded remarkable growth; becoming profitable in its third year of operation in a market where banks take up to five years before breaking even.
In 2014, bank assets grew by 16.8 per cent from Shs134.3b in 2013 to Shs156.8b while customer deposits grew by 4.2 per cent from Shs42.2b to Shs46.4b. Lending grew by 32.1 per cent from Shs72.4b to Shs104.6b. Net earnings grew from a loss of Shs19m to a profit of Shs670m.
By comparison, average sector growth for assets, deposits and loans in 2014 stood at 13 per cent, 14.9 per cent and 14 per cent, respectively.
