Stanbic Uganda to pay out Shs100 billion dividends to shareholders

Stanbic Uganda Holdings Limited has announced a dividend of UGX 100 Billion to its shareholders for the financial year ended 2021.

This is on the backdrop of the company posting a strong revenue performance across its revenue streams.

Stanbic Uganda Holdings Limited Board Chairman Japheth Katto told shareholders at the annual general meeting on Thursday, 02 June 2022 in Kampala that their diversification strategy is yielding great results.

“We continue to implement our diversification strategy, which we started in 2018. It has started yielding great results & will create more value for our shareholders. I commend the management for their contribution in ensuring the MTN IPO was completed,” Mr Katto said.

“It is with great pleasure that I inform you that we received approval from BOU to pay dividends to a total of UGX 100 Billion,” he added.

Mr Katto explained that they separated SUHL and Bank subsidiary Boards to enhance their independence and objectivity while conducting their responsibilities.

“Chief Executives, who also serve as Executive Directors for their entities, were appointed,” he said.

Anne Juuko, the Stanbic Bank Chief Executive Officer, said: “Our dividend promise is still alive with or without COVID-19. As long as the regulator approves, we are able and shall continue paying dividends.”

Andrew Mashanda, the Chief Executive of Stanbic Uganda Holdings Ltd, said: Economic growth forecasts were cut to 5.5% – 6.0% from 6.0%-6.5% due to weakening in domestic growth momentum & a spike in global geopolitical tensions. There was a drop in the CBR from 7% to 6.5% in Q1’21 & Inflation remained under 3%.”