As schools across Uganda reopen for the first term of the academic year, dfcu Bank has rolled out a nationwide back-to-school campaign aimed at easing the heavy financial burden that...
If ESG were a person, at Letshego Uganda, he/she would not be seated in a boardroom quoting frameworks. It would be on the road, on the phone, and occasionally on…
Eri Ssebowa is a seasoned finance and accounting professional with over nine years of progressive experience in strategic financial management, business partnering, financial reporting, and performance management across the banking,…
Following a reputational and financially bruising fraud scandal — in which the brewer estimates to have lost about UGX 9 billion — and the subsequent exit of its Heads of…
Kampala Associated Advocates (KAA) has been tapped to represent Stanbic Bank Uganda and its parent, Stanbic Uganda Holdings Limited, in one of the largest transfer-pricing disputes to reach the Tax…
PostBank on Tuesday announced its financial results reporting a 19% increase in net profit for the year ended December 31st, 2022. The state-owned bank reported that net profit reached UGX 15.1 billion, up from the UGX 12.2 billion reported in 2021. PostBank’s total assets grew significantly, by 21.3% from UGX 745 billion in 2021 to UGX 946. 6 billion in 2022, which is almost 1 trillion. The bank’s total income also increased from UGX 144.5 billion in 2021 to UGX 159.2 billion in 2022. Andrew Otengo Owiny, the Board Chairman of PostBank, expressed his satisfaction with the bank’s performance, noting…
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The bank which is the biggest lender with 21% of the market share, in 2020 restructured UGX800 billion of loans, giving room to clients to get back on their feet. Thanks to this stitch-in-time, coupled with the consistent matching of interest rates with the Central Bank Rate enabled customers to regain stamina and by 2021 the value of restructured loans was reduced to UGX197 billion. By the end of 2022, this was further brought down to just UGX 14.5 billion. Bad loans in the same pool were just UGX 26 billion. It is therefore no surprise that the bank saw…
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Dfcu Limited, the holding company for dfcu Bank, last week released its 2022 results reporting that net profit grew by 217% from UGX9.3 billion in 2021 to UGX29.5 billion in 2022, underpinned by a 6% growth in deposits from UGX2.3 trillion in 2021 to UGX2.4 trillion in 2022. The bank also reported that while lending declined by 9.7% from UGX1.51 trillion to UGX1.36 trillion, the number of borrowing customers increased by 15 per cent. The bank said it is repositioning to “provide its customers with innovative solutions” and to “make a difference in the communities”. The bank also said it,…
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MAUTO, the leading electric motorbike and battery-swapping provider has signed a partnership agreement with the government of the Republic of Uganda for the deployment of more than 140,000 electric motorbikes and 3000 charging and swapping stations over five years. The new brand identity of MAUTO is SPIRO, which launched in Africa in May 2022 and plans to expand into ten countries by 2030. The partnership was signed between SPIRO Chief Executive Officer, Mr. Shegun Adjadi Bakari; Gen. Edward Katumba Wamala, Minister of Works and Transport; Hon.Henry Musasizi, State Minister for Finance (General Duties) and Hon. Jackson Kafuuzi, the Deputy Attorney General. According to…
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As the world becomes more aware of the need to protect our environment, it’s important for companies to take responsibility and make eco-friendly choices. That’s why Roofings group, the leading steel and plastic manufacturing company in Uganda and East Africa, is committed to producing eco-friendly steel products, by using eco-friendly processes, systems and technology, that help protect the environment while meeting the needs of their customers. With their newly launched vision “to be an accelerator for a sustainable Africa,” Roofings group understands that sustainability is about more than just being environmentally friendly. It’s about creating long-term value for customers, the…
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I&M Group PLC has recorded KES 11.6 billion (USD87.8 million) in profit after tax for the full year ending December 2022; a 34% increase in profitability from KES 8.6 billion (USD65.1 million) reported during a similar period in 2021. In results announced on 29th March 2023, I&M Group PLC attributed this impressive growth to the successful implementation of its iMara 2.0 strategy, which is now in its 3rd and final year, focusing on business growth, operational efficiencies, customer service centricity and digital transformation. As a result of the strong performance, the Board has proposed a total dividend of KES 2.25…
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Dfcu Limited, the holding company for dfcu Bank has this morning released its performance results for 2022, reporting a strong comeback. The company announced that net profit grew by 217% from UGX9.3 billion in 2021 to UGX29.5 billion in 2022, underpinned by a 6% growth in deposits from UGX2.3 trillion in 2021 to UGX2.4 trillion in 2022. The bank also reported an 11% reduction in expenditure, underlined by a 10.4% reduction in interest expenses from UGX62.7 billion in 2021 to UGX56.2 billion in 2022 as well as a 41% reduction in credit impairment charges⏤UGX148.4 billion in 2021 to UGX88.2 billion. …
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Stanbic Bank has unveiled the 8th edition of the National Schools Championship programme to further support Uganda’s economic resilience. The programme, which has been running for the last eight years has impacted 420,000 students across the country and expanded opportunities by empowering young people with employable and entrepreneurial skills. The annual challenge is aimed at nurturing participants into a generation of innovative job creators with knowledge and life skills such as managing personal finance, entrepreneurship, and business management. Annually, 600 business ideas are mooted by the students and to date, 187 startups have been brought to life along with numerous…
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Service Cops, one of Uganda’s leading Financial Technology and Business Processes Outsourcing (BPO) firms and Ethiopia’s Awash Bank have reached another milestone agreement to expand their digital-strategy support partnership started in April last year. Awash Bank is the largest privately run bank in Ethiopia with a chain of over 800 branches and serving more than 12 million people in the Ethiopian Market. On the 25th of April 2022, the duo entered into a partnership for Service Cops to roll out its one-of-a-kind School Suite solution. Eventually, other products would follow. Following the successful rollout of School Suite, the parties have now…
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I am pleased with the bank’s robust performance in 2022, a year in which we registered notable progress in enabling the aspirations of our various stakeholders, including customers, shareholders, staff, government, and the community in which we live and work. We manifested our purpose of driving Uganda’s growth through partnerships and our own efforts, in ways that directly and indirectly benefited millions of Ugandans and supported the country’s post-pandemic economic recovery. Without diluting the severity of the emerging global and local challenges to our economy, we would like to celebrate the success stories of our customers registered in 2022, most…
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