. i would like to express my sincere gratitude to god for the opportunity to serve our nation with members of staff through the year. at the same time, my condolences go out to staff members who lost their loved ones in 2011. may the almighty god comfort them with grace and mercy as they continue serve the bank. i would like to encourage each one of us to celebrate life and strive to excel in our different roles here at the bank knowing that god is indeed with us. as dorothy sayers put it, “ work is not primarily a thing one does to live, but the thing one lives to do. it is or it should be, the full expression of the worker ’ s faculties, the thing in which he finds spiritual, mental, and bodily satisfaction, and the medium in which he offers himself to god. ” finally, with a heart full of gratitude to the almighty god, i wish to congratulate members of the board, senior management and all members of staff for coming to the end of the year. i am eternally grateful for the contributions you have made to enable the bank to carry out its responsibilities very effectively during the year. i also wish to thank the bank of uganda christian fellowship, for their continued prayers and intercession for the bank. may the grace of god that enables you to take charge of this responsibility continue to abound in your lives. bis central bankers ’ speeches i thank god for all our customers including government, projects, financial institutions, the public and all other stakeholders who enrich bou ’ s purpose of existence. i wish you all a merry christmas and a prosperous new year 2012. last but not least, i take this opportunity to thank dr. steve ogan for accepting our invitation to come and minister to us today. i now invite him ( dr steve ) to share with us the word of god. i thank you. bis central bankers ’ speeches

, our latest financial stability soundness indicators for the period ended december 2015, indicate that uganda ’ s banking sector continues to be resilient and financially sound. the supportive financial infrastructure also remains safe and efficient. the banking sector registered a strong asset and capital base with the capital adequacy ratio of 18. 6 percent as of december 2015, far higher than the statutory minimum of 8 percent. the sector ’ s asset quality remains good with the ratio of non - performing loans to total loans recorded at 5. 3 percent during the period under review. bis central bankers ’ speeches just like the bustling economic activity of the bugolobi area established the right context for a new stanchart branch here ; the timing of this branch opening is a resounding endorsement of the durability of price stability and financial sector soundness in the ugandan economy. it is the synergetic combination of forward - looking and pre - emptive monetary policy, through our inflation targeting lite monetary policy framework, together with risk - based regulation and supervision of banks as well as macroprudential financial stability management that have enabled the bank of uganda to foster the evident price and financial sector stability. in this effort, we acknowledge the supportive fiscal environment that has been established through implementation of the public finance management act. the institutional framework exists, to ensure long - term macroeconomic stability in uganda. the public has good grounds to have confidence in the economy ; just like standard chartered is demonstrating by expanding its branch network today. this is the sort of stability that alan greenspan advocated. with these few remarks, let me conclude by congratulating the shareholders, board of directors, management, and staff of standard chartered bank uganda for opening a branch in this village mall of bugolobi. i encourage you to use your growing branch network as well as technological innovation to boost financial inclusion and take advantage of the imminent introduction of bancassurance, agency banking, and islamic finance. it is now my honour to officially open the bugolobi branch of standard chartered at the village mall. i wish you great success at this new location. thank you for listening to me. bis central bankers ’ speeches