Overview:
Stanbic Uganda reports record profit of UShs 478 billion for 2024, driven by strong revenue growth, efficient cost management and a robust balance sheet
KAMPALA, Uganda — Stanbic Uganda Holdings Limited, the parent company of Stanbic Bank Uganda, announced a profit after tax of UShs 478 billion for 2024, marking a 16.2% increase from the previous year.
The financial results, announced at a press conference, showcased the bank’s resilience in the face of a volatile global economy. Total revenue reached UShs 1.3 trillion, reflecting an 11.8% compound annual growth rate.
“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 financial performance was driven by strong revenue growth, efficient cost management and a robust balance sheet. Deposits grew by 12.2% to UShs 7.1 trillion, while loans and advances rose by 3.5% to UShs 4.4 trillion.
Stanbic Uganda also paid UShs 427.8 billion in taxes, surpassing the UShs 355 billion paid in 2023. This significant payment reinforces the bank’s role as a leading taxpayer in the financial services sector.
In addition to its strong financial performance, Stanbic Uganda has also made significant contributions to Uganda’s economic development. The bank provided UShs 454 billion in agriculture financing, including UShs 170 billion to farmer SACCOs.
The bank’s Stanbic4Her program also reached a major milestone, lending UShs 94 billion to 6,700 women entrepreneurs. This initiative provides women with affordable credit at 15.5% interest, helping them scale their businesses.
Looking ahead, Karuhanga said Stanbic Uganda will sustain its focus on maintaining its growth trajectory while continuing to serve as a catalyst for sustainable economic development in Uganda.
“As we look to the future, our commitment to innovation, financial inclusion, and driving value for our stakeholders remains unwavering,” said Karuhanga. “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.”