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A Bank of Uganda (BoU) report has revealed that commercial banks recorded profits to a tune of UGX874 Billion between March and September 2020. This is despite the Covid-19 pandemic that led to the closure of many businesses after the country went into lockdown. According to the Central Bank Quarterly Financial Stability Review report, the Banking Sector remained adequately capitalized to absorb emerging shocks and that the capital increase was largely boosted by an improvement in aggregate profitability.“On an annual basis, aggregate banking sector profitability increased for the 12 months ended September 2020. The net-after-tax profit for commercial banks and Microfinance Deposit-Taking…
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Uganda’s largest bank by assets and deposits, Stanbic Bank, has posted an incredible 26.5 percent growth in assets from UGX 6.1trillion to UGX 7.7 trillion, Half Year results for year 2020 show. In their first half year, Stanbic’s lending grew by 24.0% to UGX 3.4 trillion from UGX 2.7 trillion in June 2019 while maintaining the Compound annual growth rate (CAGR) of 16.4% which hasn’t changed for the last 5 years. The bank also saw its customer deposits increase by UGX1.1 trillion (26.6% year on year growth) from UGX 4.1 trillion in June 2019 to UGX 5.2 trillion in June…
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