This follows what Patrick Mweheire, the Chief Executive of Stanbic Uganda Holdings Limited, called “another great performance” that saw the bank “improve on all our key performance goals.”
“We grew our deposits by 21% as more customers trusted us with their money and our loans and advances grew by 14% by – availing UGX 344 billion of new credit to key sectors of the economy such as manufacturing, agriculture and personal lending – where we provided more than 40% of new lending,” said Mweheire in a media statement released this morning.
He further added: “Our revenues grew 20% year-on-year to exceed UGX 800 billion and were well-diversified between lending and non-lending revenue. As a result, our profit after tax grew 20% to a record UGX 259 billion over UGX 215 billion posted in 2018.”
Sam Mwogeza, the bank’s Chief Finance Officer, Stanbic Bank Uganda said that as a result of the above fundamentals, the bank’s total assets also 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. He said the increase was enabled by strong deposit growth (21%) with the incremental liquidity being adequately deployed. The bank also recorded double-digit growth in the loan book.
“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. This also resulted in a market share gain for the bank to 20% from 19% in 2018,” Mwogeza said.
Mwogeza said the lending supported the key sectors including manufacturing, agriculture, household expenses and trade finance highlighting the bank’s continued transformational role in Uganda’s economic growth.
The ratio of Net Interest to income stood dropped from 56% to 44%, reflecting significant income diversification.
Uganda’s leading bank, to play a leading role in the post-COVID-19 recovery
Commenting on the bank’s future outlook, the new Chief Executive of Stanbic Bank Uganda, Anne Juuko said: “We shall continue to build on the successes achieved. Our customers are the reason we are here, and our aim is to continue to provide the right solutions for them by listening to their needs and ensuring we create what is required to help them grow.”
Breaking Barriers: Charles Mudiwa on Intergenerational Leadership at Makerere She further emphasized, “In the wake of the global COVID-19 pandemic, we recognise the impact this will have on the lives of many Ugandans and the economy. We are looking at several interventions that can support our customers and work closely with the Government of Uganda to ensure a minimised impact on the economy.”
“As Uganda’s leading bank, we are at the heart of the economy and it is our duty to ensure we support our clients. As immediate interventions, we have waived all charges on our digital channels, and we are offering customer credit relief programmes to our business customers that will be tailored to their circumstances. Our aim is to ensure we see that their businesses are sustained and the impact on the economy is minimized,” she said.
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.
Stanbic Bank Uganda’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth. For further information, to www.stanbicbank.co.ug
The bank is part of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).
The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.
