Stanbic Uganda Holdings Limited, shareholders of Uganda’s largest bank by Assets and most profitable bank, Stanbic Bank Uganda, held its first virtual Annual General Meeting (AGM) on 17th July 2020 for its shareholders.
Initially, listed companies were supposed to have their Annual General Meetings in May and June in order to give opportunities to their owners and directors to determine their growth path. However, Uganda Securities Exchange announced that in the wake of government’s move to limit large public gatherings in the ongoing efforts to combat the spread of Corona virus, it had suspended all the AGMs.
However, Oscar Kambona one of the shareholders of Stanbic Holdings Limited petitioned the court seeking permission to hold AGM through electronic means which the High court Judge Musa Sekana later granted on June 11th.
“Stanbic Uganda Holdings Limited is granted leave to convene the Annual General Meeting for the year ended December 31st 2019 by electronic means subject to obtaining a prior no-objection from Uganda Securities Exchange and applying all applicable notices issued under the Uganda Securities Exchange listing rules 2003 and the law,” reads the company statement.
On 17th July, for the very first time in history, the bank held its AGM using electronic means with an aim to ensure it reached out to its shareholders during this COVID19 time to provide the performance update & order of business. Over 2,600 shareholders registered for the meeting.
The company’s Article 50(a) states that ‘’The Board may make arrangements to hold and conduct general meetings in a virtual and/ or hybrid manner, in such a way that members attending the meetings in person and or attending by electronic means can attend, participate and vote at the meeting’’
The shareholders voted on a number of ordinary resolutions including Adoption of the annual audited financial statements for the year ended December 31st, 2019, including the reports of the Directors and External Auditors.
Appointments
Among the key highlights resolved by the shareholders included the appointment of former NTV Uganda Managing Director Aggie Konde Asiimwe as the Non-Executive Director, joining Olusola Adejoke David-Borha who was also confirmed as a Non Executive Officer.
Japheth Kato and Samuel Zimbe were also re-elected by the shareholders as Non Executive Directors for the bank.
Approval of fees payable to the Non-Executive Directors for the year 2020 was also among the resolutions during the AGM according to the bank’s notice dated 20th June 2020.
dfcu Bank Partners with Jubilee Health to Launch BlueCare Health Insurance SolutionPricewaterhouseCoopers (PwC) were confirmed as the External Auditors of the Company for the period until the conclusion of the next AGM and the authorization of Directors to negotiate and fix their remuneration.
The shareholders also noted the director changes on the Board of Kevin Wingfield (now Chief Executive Officer Stanbic Bank Tanzania) and Greg Brackenridge who resigned from the bank following retirement from Standard Bank Group after 25 years of service.
Stanbic’s 2019 financial performance coverage
As at end of 2019, the bank’s total assets grew by UGX 1.2 trillion which was a 23.2% increase. Total assets rose to UGX 6.6 trillion in 2019 from UGX 5.4 trillion in 2018. According to the bank, the increase was enabled by strong deposit growth (21%).
Stanbic’s revenues grew 20% year-on-year to exceed UGX 800 billion and were well-diversified between lending and non-lending revenue. As a result, profit after tax grew 20% to a record UGX 259 billion over UGX 215 billion posted in 2018
Loans and advances grew by 14% or UGX 344 billion registering UGX 2.8 trillion in 2019 up from UGX 2.5 trillion in 2018 resulting in a market share gain for the bank to 20% from 19% in 2018,”
As a result of a strong 2019 financial performance, shareholders of Stanbic Uganda Holdings Limited are expected to walk away 13.2% richer than last year, following the board’s recommendation of UGX2.15 per share dividend for 2019, up from the UGX1.9 paid for 2018.
About Stanbic Bank Uganda
Stanbic Bank Uganda provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management, and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
