The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | Isaac Khisa | Stanbic Bank Uganda registered a record 20% growth in net profit to Shs 259 bn last year compared with the 2018 citing increase in both interest and non-interest incomes.
The bank also recorded a 20% year-on-year growth in revenues to exceed Shs 800 billion.
Patrick Mweheire, the lender’s immediate Chief Executive said customer deposits grew 21% to Shs 4.7 trillion during the same period under review. Loans and advances increased by 14% to Shs 2.9 trillion.
“We delivered another great performance and were able to improve on all our key performance goals,” Mweheire said.
The lender’s total assets grew 23% or Shs 1.3 trillion to exceed Shs 6.6 trillion at the close of the year, placing it in a stronger position to support the country’s larger infrastructure projects and better facilitate inclusive economic growth.
Sam Mwogeza, Chief Finance Officer, Stanbic Bank Uganda said the lenders growth in loans and advances helped it to strengthen its market share from 19% to 20% in a country that has 25 commercial banks.
Mwogeza said the lending supported the key sectors including manufacturing, agriculture, household expenses and trade finance, highlighting the bank’s continued transformational role in Uganda’s economic growth.
“The ratio of Net Interest to income stood dropped from 56% to 44%, which reflected a significant income diversification,” he said.
Commenting on the bank’s future outlook, the new Chief Executive at Stanbic Bank Uganda, Anne Juuko, said, “We shall continue to build on the successes achieved. Our customers are the reason we are here, and our aim is to continue to provide the right solutions for them by listening to their needs and ensuring we create what is required to help them grow.”
“In the wake of the global COVID-19 pandemic, we recognize the impact this will have on the lives of many Ugandans and the economy.
We are looking at several interventions that can support our customers and work closely with the Government of Uganda to ensure a minimized impact on the economy,” she added.
She said the lender has, in response, waived all charges on its digital channels and is also offering customer credit relief programmes to its business customers that will be tailored to their circumstances.
“Our aim is to ensure we see that their businesses are sustained and the impact on the economy is minimized,” she said.
