Doing Good Is Good Business: Stanbic Bank defies a Covid-19 infested 2020 by remaining true to troubled customers As the Covid-19 pandemic started biting mid-2020 and most banks were scaling back on lending, Stanbic did not quite scale back- although they didn’t open their purse strings wide either. Through a delicate balancing act, the bank in 2020 lent out UGX3.6 trillion- UGX766 billion more than the UGX2.8 trillion it lent out in 2019. But it didn’t stop there, it restructured UGX800 billion worth of loans and cut its lending by a whole 2 percentage points from 18% to 16 and in the process foregoing UGX26bn in interest earning. At the same time, the bank also stepped up it charity work, spending UGX3.9 billion on corporate social investments- 67% more than the UGX2.3 billion it donated in 2019. And as you can imagine, the market rewarded the bank with growth across board, except profits. But even then, profit dipped slightly- just 6.8% from UGX259 billion in 2019 to UGX242 billion in 2020. In this interview, Anne Juuko, the bank’s Chief Executive, share some insights behind the 2020 performance and the way forward.
Stanbic Bank Uganda Chief Executive, Anne Juuko
What are main highlights in Stanbic Bank’s performance in 2020?
Stanbic Bank’s performance has been commendable despite a difficult year riddled with challenges brought on by the pandemic. The Bank has shown resilience and sustained momentum as it executed on its strategy.
Among the key highlights, we saw customer deposits grow from UGX 4.7 trillion to UGX 5.5 trillion, which further sup
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