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Stanbic Bank assets hit UGX 6 trillion mark

Stanbic Bank Uganda’s assets have registered a growth to a tune of UGX 6 trillion further cementing the entity’s place as the largest bank by assets in Uganda. (PHOTO/File)

KAMPALA – Stanbic Bank has released its half-year financial results that show the financial conglomerate having hit the UGX 6 trillion mark further cementing the entity’s place as the largest bank by assets in Uganda.

The half-year results showed that Stanbic Bank’s profit after tax increased by 40% to UGX 134 billion due to a rise in income of UGX 77 billion in the first 6 months of 2019.

The Bank’s total assets are now at UGX 6.05 billion compared to UGX 5.4 billion recorded in June 2018, while profits after tax reached UGX 134,028,027 compared to UGX 215 million in June 2018.

Loans and advances increased by UGX 490Bn representing Shs21.6% as at 30th June 2019 compared to the same period, while customer deposits grew by UGX 360Bn representing 9.6% as at 30th June 2019 compared to the same period last year to UGX 4.1Trn while customer loan book grew by 21.6% by UGX 2.7 trillion.

Patrick Mweheire, Chief Executive Officer Stanbic Bank explained that branch transactions accounted for 15% of total transaction volumes & 85% are on digital channels including agency banking.

“The growth has been largely due to improved economic activity as credit growth across all customer segments improved. Notwithstanding this positive local environment, we have to be cognizant of the global headwinds such as Brexit or China-US Trade wars and how they will ultimately crystallise back into the East Africa region.” He said.

As at December 2018, Stanbic Bank profit; were UGX 215bn from UGX 200bn in 2017, while Loans advanced to customers hit UGX2.5trillion from UGX2.13trillion, with Customer deposits placed at UGX 3.89Trn from UGX 3.62 trillion in 2017 with the bank sealing off the year with total assets at UGX 5.31 trillion from UGX 5.40Trn 2017.

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