Anne Juuko speaks at the announcement of the results on Wednesday.


The bank says the growth was largely influenced by trading revenue.

Stanbic Bank Uganda has announced a 11 percent growth in 2021.

Announcing 2021 figures at Sheraton Hotel in Kampala on Wednesday, Ronald Bataka, the Acting Chief Finance Officer, said that despite the tough business environment, the Bank managed to post a “decent profit after tax which grew by 11 percent to close the year at Shs269 billion from Shs242 billion the previous year”

Last year, Stanbic Bank Uganda paid Shs 84 billion in taxes compared to Shs77 billion the previous year.

Bataka said the growth was largely influenced by trading revenue.

However, he also revealed that the average return on assets declined to 3.1 percent in 2021 from 3.2 percent the previous year, compared to the pre-Covid 19 growth of 4.3 percent.

Bataka noted that sustained engagement of clients saw non-performing loans drop to 4.6 percent from 4.7 percent the previous year and saw provision for the same reduce to Shs70 billion from Shs92 billion in 2020.

Spencer Sabiiti, Chief Executive Stanbic Properties Uganda, said that in 2021, Stanbic Properties’ revenue grew by about 36 percent.

He added: “We are now developing our real estate platform which will be one of its kind in Uganda which will help us further this revenue growth.”

With the real estate platform, he noted that users will be able to sell properties across the country.

“The diaspora community will be able to know what’s happening in the country and purchase real estate with ease,” Sabiiti said.

Ronald Bataka, the Acting Chief Finance Officer,

Tony Otoa, the Chief Executive Stanbic Incubator, said that “2021 showed us that growth is possible and that we can do so many things in unprecedented times like the pandemic that happened.”

“When we set up the incubator in 2018, people wondered what the bank was thinking. But as many people are jumping onto the oil and gas opportunity right now, we are happy to be part it the story that made it possible,” Otoa said.

The bank attributes some of the achievements to the digitisation of services.

Joel Muhumuza, Chief Executive, Flyhub said: “We are peculiar and for a reason.”

Muhumuza said: “We want to think beyond what the current status is. We are trying to see what the future is meant to be. Flyhub is looking to digitise by automating the businesses and the different sectors which the bank is providing financial services.”

SBG Securities Uganda Limited Chief Executive Joram Ongura said that in 2021, they led the largest digitalised IPO in Africa.

Therefore, he said: “digitalization is very key to us as it enables us to tap into Ugandans across the country in a cost-efficient way of doing business.”

Commenting on the 2021 performance, Stanbic Bank Uganda Chief Executive Officer Anne Juuko said the bank “stayed true to our purpose in 2021.”

“Uganda is home. We drive her growth,” Juuko said.

According to Juuko, Stanbic Bank Uganda made credit available to critical drivers of growth hence supporting businesses create new employment opportunities and keep Ugandans in their job.

The drivers included trade, manufacturing and agriculture.

For instance, Stanbic Bank made credit available through Savings and Credit facilities (Saccos) at 10% interest with members of the Sacco borrowing at not more than 12% interest.

In 2021, Stanbic Bank Uganda lent Shs290 billion to the trade sector, the second-highest employer in Uganda, Shs 225 billion in individual lending, Shs 223 billion to building and construction and Shs 218 billion to manufacturing.

According to Juuko, in 2021 the bank lent Shs150 billion to agriculture sector, the highest employer in Uganda with agricultural Saccos being a top factor, helping drive affordable access to credit by Ugandan farmers.

“We are very excited to be going back to our roots of being the people’s bank. Providing affordable financing to Saccos means providing affordable financing to a majority Ugandans, and that’s part of being the people’s bank,” Juuko said, adding: “We sustained efforts to manage asset quality through proactive engagement of customers, restructured loan repayments and waived or suspended interest repayment on loans to client businesses in sectors most hit by the Covid-19 pandemic.”

Looking ahead, Andrew Mashanda, the Chief Executive Stanbic Holdings, said 2022 presents mixed expectations but that “prospects are brightening with more countries across the globe opening up their economies as the pandemic subsides.”