Baroda names Chandan Singh new managing director

KAMPALA - Bank of Baroda Limited has appointed Chandan Singh as its new managing director, effective April 22, replacing Shashi Dhar who steps down after completing his tenure.

In a notice to the Uganda Securities Exchnage, the listed lender said the transition follows receipt of all regulatory approvals.

Singh brings over 15 years of banking experience across international and domestic markets.

He holds a Bachelor of Science and is a certified Associate and Junior Associate of the Indian Institute of Bankers, credentials the board said would support the bank’s regional ambitions.

“The Board expects his extensive global background to strengthen the Bank’s regional operations and strategic growth. In recognizing this leadership change, the Board congratulated Mr. Singh on his new appointment and shared its sincere appreciation for Dhar’s years of dedicated service to the institution,” the Bank said in a statement.

Baroda is a subsidiary of Bank of Baroda Group, a major Indian government-owned banking conglomerate.

In the 12-month period ending December 2025, Baroda’s total income increased to sh379.56b from sh346.28b a year earlier, helped by higher interest on loans and government securities as well as growth in fees.

Lending activity remained measured but consistent. Net loans and advances grew 11.56% to sh1.61 trillion, reflecting the Bank’s cautious expansion into sectors such as agro processing and manufacturing that the Bank says create jobs and impacts the wider sections of the population.

Non-performing Loans (NPLs) stood at just 0.02%, equivalent to about sh342m on a loan book of over sh1.6 trillion. The Bank also sharply reduced provisions for bad debts to sh2.84b from sh9.7b the previous year, easing pressure on earnings.

Customer deposits rose 14.34% to sh2.52 trillion. Dhar said the lender does not chase deposit rates, arguing that competitive but disciplined pricing helps keep funding costs low and margins intact.

Total assets climbed 13.46% to sh3.50 trillion, while shareholder equity increased to sh911.18b, reflecting retained earnings and a strong capital position.

The Bank’s total qualifying capital ratio stood above 33%, comfortably above regulatory requirements.