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Equity Group half year results continue to reflect a sustained digital transformation with 99% of all customer transactions now happening outside the branch network. Releasing the results, Dr James Mwangi, Group Managing Director and CEO noted that Covid-19 acted as a tailwind to their efforts of digitising the business. “The business transformation has supported recovery and built resilience in the business. Going online and virtual through digitisation has brought ease and convenience to our customers resulting in increased uptake of our products and growth of the business”, added Dr Mwangi. The Group’s recovery and resilience strategy saw the Group’s profit…
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Umeme Limited has released its unaudited interim condensed financial results for the six months’ period ended June 2022. In the financial statement signed by the company Chairman and MD, Patrick Bitature and Selestino Babungi respectively, despite the challenging macroeconomic environment, the electricity sector was resilient and posted a 9% increase in energy demand, due to the opening of the economy since January 2022. “The economy was on course for a strong rebound at the start of the year, helped by higher domestic demand amidst the easing of pandemic-curbing restrictions,” they said. “However, the challenging global environment in the wake of…
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Absa Group headline earnings increased 27% to R11 billion (about UGX2,531,000,000,000) in the first half of the year as revenue increased, demonstrating a continued strong recovery from the global economic downturn in 2020. Absa reported solid pre-prevision profit for the first half of the year, supported by revenue which rose by 14%, underpinned by growth across our business units and supported by a rebound in the insurance business in South Africa and increased interest rates across key markets. Net interest income and non-interest income rose 12% and 18%, respectively. “Our strong results reaffirm the strategic choices we made in 2018…
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Airtel Africa has recorded a strong first half financial performance, seeing revenue growth by 25.2% to $2,272m with double digit growth across all regions. The group recorded a strong double-digit constant currency revenue growth across all regions: Nigeria up 32.4%, East Africa up 25.8% and Francophone Africa up 22.1%; and across all key services, Voice up 19.7%, Data up 36.9% and Mobile Money up 42.0%. This is according to the recently released financial half year results. Additionally, operating profit up 55.1% to $732m in reported currency while Profit after tax more than doubled to $335m, largely due to higher profit…
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In this one-on-one, the bank’s Chief Executive Officer Mathias Katamba talks about the good performance, how the bank is supporting economic recovery and what the customers should expect while doing business with dfcu. What is your assessment of the operating environment for period under review? The first half of the year has been mixed, characterized by a second wave of COVID-19 infections with new variants and the lockdown that was instituted to curb the rising pace of infections across the country and the resultant strain on the health sector. On a positive note, the economy continues to show signs of…
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British American Tobacco Uganda (BATU) Limited has said the first half of the year was characterised by a challenging operating environment occasioned by the Covid-19 pandemic as well illicit trade of tax-evaded cigarettes. “The COVID-19 pandemic continued to adversely impact the business due to restrictions and the general decline of consumer disposable incomes,” says the company statement by Company Secretary Nicholas Ecimu. Gross revenue reduced by 41% to UGX 45.2 billion, driven by a decline in sales volume. This is compared to UGX75.9 billion realized during the same period last year. “Following the implementation of Tobacco Control Regulations, 2019 (TCR),…
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As businesses struggle world over due to the effects of Covid-19, Airtel Africa has remained resilient posting double-digit growth in the year ending September 30, 2020. In a press release, the company states that customer base grew by 12.0% to 116.4 million, revenue on reported basis increased by 10.7% to $1,815m, with Q2 revenue growth of 14.3% while revenue growth in constant currency was 16.4% in H1, and 19.6% in Q2. “Growth was recorded across all regions: Nigeria up 20.2%, East Africa up 21.9% and Francophone Africa up 4.4%, and services, with voice revenue up by 7.0%, data by 33.4%…
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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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