By Silvia Nyambura
Stanbic Bank Uganda has released its results for Financial Year 2016, reporting record figures for the second year in succession. The bank registered profits of Ushs 191 billion, a 27% growth compared to Ushs 150 billion in 2015. Total assets were at Ushs 4.6 trillion compared to Ushs 3.7 trillion while total deposits were at over Ushs 3 trillion up 25% from the previous year. Off-balance sheet guarantees, letters of credit and bonds recorded Ushs 1 trillion largely in support of governme
nt’s infrastructure spend. The bank also arranged Ushs 1 trillion worth of credit and capital during the year and directly paid over Ushs 73 billion in taxes to the government Treasury.
Addressing journalists at a breakfast held at the Kampala Serena Hotel this morning, Stanbic CEO Patrick Mweheire said, “2016 was another record year for the bank, reflecting our intense client-focus and solid performance across our businesses. We had double-digit growth in deposits and showed expense discipline while continuing to invest for the future. Building upon the strength and depth of our platform, we continued to deepen relationships with personal and institutional clients and achieved higher customer satisfaction scores throughout the year.
