Stanbic Bank registers Shs127b half-year profit despite covid-19 effects

Stanbic Bank Uganda has registered Shs127 billion profit in the first half of 2020 despite covid-19 effects.

Patrick Mweheire, the Chief Executive, Stanbic Uganda Holdings Limited (SUHL) said despite a challenging first half, the bank has demonstrated resilience as highlighted by the first six months performance.

“We have also made significant strides towards achieving the strategic objectives as set out in 2018 of creating the opportunity for Stanbic to venture into other non-banking services that would enhance the value of products and services provided to our different stakeholders and ultimately increased shareholder value,” Mr Mweheire said.

“Among the key achievements, SUHL successfully established two new subsidiaries: Stanbic Properties Uganda Limited, that will hold and manage the real estate portfolio and Stanbic Business Incubator Limited, which will manage enterprise development on behalf of the holding company and its subsidiaries. This brings the total of subsidiaries under the holding company to three, in addition to the Bank which was its first subsidiary.”

Speaking to the Bank’s performance as the largest subsidiary of Stanbic Uganda Holdings Ltd, Anne Juuko, Stanbic Bank Uganda’s Chief Executive said, their performance in this first half has shown the bank’s resilience and commitment to implementing a robust strategy in the current economic conditions.

Customer deposits grew by Shs1.1 Trillion a 27.3% year on year growth.

“This growth was enabled by our strong client ecosystem engagement and simplifying client on-boarding. Loans and advances increased by Shs661 billion, 24% year on year growth registered across our varied client segments on working capital and term financing,” Ms Juuko said.

“We reported Profit After Tax of Shs127.7 billion 4.9% down from Shs134.1 billion the previous year, due to the impact of Covid-19 Pandemic on client business.”