Total assets went down 18 percent to
"The bank, however, implemented a turnaround strategy in the first quarter of 2014 targeting the rationalisation and optimisation of the bank's resources. Early green shoots are expected to start showing in the third quarter through to the fourth quarter of 2014," said
He said the bank and its shareholders efforts initiated in the first quarter of 2014 will see the first tranche of 25 percent of capital being booked in the third quarter of 2014 with the remaining 75 percent expected in the fourth quarter of 2014.
Mr Mutamangira said this will be followed up with significant lines in the first quarter of 2015.
He said the first half of 2014 was dominated by deflationary pressures emerging as a significant threat to the economy as borrowers were continuously forced to price goods lower, impairing their capacity to service loans.
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Hillary Clinton to Address CHCI Conference
- Larry Ellison Steps Down as Oracle CEO
- Alibaba Prices IPO at $68 a Share
- Apple Locks Itself Out of Devices
- Veterans to Get Training as Solar Panel Installers
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World