The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Standard Chartered Bank Uganda has seen a significant rise in profits, doubling from Shs 40billion to Shs 80billion for the year ended December 2023.
On the other hand, Bank of Baroda experienced a 2.29% decline in profits to Shs 153billion due to increased expenditures. Similarly, Bank of India reported a decrease in its profit after tax from Shs 10billion to Shs 8billion.
Standard Chartered Bank Uganda CEO, Sanjay Rughani, attributed the lender’s robust growth to sustained income momentum across key business lines and significant reductions in credit impairments.
“The bank’s strong performance is further supported by the solid health of our franchise, which is underpinned by a proactive enterprise risk management framework,” Rughani said.
