Stanbic reports 3.8 percent increase in total assets

KAMPALA, August 16, 2024 – Stanbic Uganda Holdings Limited has announced that its total assets reached Shs 9.76 trillion as of June 30, 2024, marking a 3.8 percent increase from the previous year’s Shs 9.4 trillion.

Chief Executive Francis Karuhanga highlighted that this growth reflects the bank’s robust position to support major development projects and contribute to economic growth in the country.

The bank’s gross profit rose to Shs 318.2 billion in June 2024, up from Shs 263.4bln in June 2023.

The unaudited financial statements for the period under review reveal a 4.9 percent increase in customer deposits, which now total Shs 6.6trn, up from Shs 6.2trn, representing over 19 percent of the market share.

Additionally, the lender’s customer loan book grew by 9.5 percent, reaching Shs 4.37trn compared to Shs 3.99trn in June 2023.

During the reporting period, Stanbic Uganda provided Shs 127 billion in loans to Savings and Credit Cooperatives (SACCOs) at interest rates between 10 percent and 12 percent, through its SACCO Finance and Capacity Building Programme. The bank also extended Shs 100bln to women-owned enterprises at 15.5 percent interest through the Stanbic 4Her initiative.

Karuhanga also noted that over seven million transactions totaling Shs 14trn were processed through FlexiPay and Stanbic banking agents. “Our low-cost payment solution, FlexiPay, now serves over 900,000 clients and continues to grow in terms of transaction volume and number. FlexiPay will play a key role in achieving our goal of driving financial inclusion in Uganda,” he said.

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