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Stanbic Bank Uganda’s net profit surge to UGX 236 billion in the first half of 2024

Stanbic management team at the release of the of the half-year perfomance results at Crested Towers in Kampala. Francis Karuhanga, CEO-Stanbic Uganda Holdings Limited (Center), Ronald Makata- Chief Finance and Value Management Officer (Second Left), Cathy Adengo- Head of Sustainability at Stanbic Bank Uganda (Second Right), Israel Arinaitwe- Head Personal Markets, (Extreme Right) Kenneth Agutamba - Head, Reputation and Communication (Extreme Left).

Stanbic Bank Uganda has maintained a strong growth momentum in the first half of 2024 posting a profit of UGX 236 billion on its income statement.  This represents a 17.6 percent growth compared to the UGX 200 billion earned in the first half of 2023.  Stanbic’s stellar half-year performance was largely backed by the Group’s revenue which remained well diversified with non-interest revenue in fees, commissions and trading revenue contributing 43.2% to the total pool of revenue. This was further supported by drop in credit impairments driven by improved asset book and recoveries after write off. The bank also recorded growth…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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