KAMPALA, Uganda — Stanbic Uganda Holdings Limited, the parent company of Stanbic Bank Uganda, on Tuesday reported a profit after tax of 478 billion shillings (about $127 million) for 2024.
The results, announced at a news conference, reflect a 16.2% increase from the previous year.
Related posts
“We are pleased with the results achieved in 2024, especially considering the challenging global environment,” said Francis Karuhanga, chief executive of Stanbic Uganda Holdings Limited. “Key drivers of the local economy were stable, supported by prudent fiscal and monetary policies.”
The bank’s total revenue reached 1.3 trillion shillings (about $346 million), up 11.8% from the previous year. Deposits grew 12.2% to 7.1 trillion shillings (about $1.9 billion), while loans and advances rose 3.5% to 4.4 trillion shillings (about $1.2 billion).
“Our ability to manage costs efficiently was central to our performance,” noted Ronald Makata, Stanbic Uganda’s chief finance and value management officer. “We maintained operating expenses at 612 billion shillings, delivering a robust cost-to-income ratio of 47.2%, which enabled us to achieve a profit after tax of 478 billion shillings — an increase of 16.2% over the previous year.”
Stanbic Uganda also reported paying 427.8 billion shillings (about $114 million) in taxes, surpassing the 355 billion shillings (about $95 million) paid in 2023.
The bank’s agricultural financing reached 454 billion shillings (about $121 million), including 170 billion shillings (about $45 million) to farmer cooperatives.
Stanbic Uganda’s women’s empowerment program, Stanbic4Her, lent 94 billion shillings (about $25 million) to 6,700 women entrepreneurs.
Looking ahead, Karuhanga said the bank will continue to focus on sustainable growth and contributing to Uganda’s economic development.
“As we look to the future, our commitment to innovation, financial inclusion and driving value for our stakeholders remains unwavering,” Karuhanga said. “We are confident that with our continued focus on sustainable growth, we will navigate the evolving market dynamics and continue contributing to Uganda’s economic prosperity.”
Discussion about this post