Business

Stanbic Uganda Net Profit up 11% to USh 269B

Stanbic Uganda Holdings Limited(SUHL) recorded a Net Profit of KSh 269 billion for the year ended 31st December 2021, an increase of 11%. Its performance was driven mainly by the Bank-its anchor subsidiary.

SUHL posted an increase in customer deposits by 5% from USh 5.5 trillion in 2020 to USh 5.7 trillion in 2021, an increase of 5%, while net customer loans were up 3.0% to USh 3.7 trillion in 2021 from KSh 3.6 trillion in 2020.

Non-performing loans were down 0.1% t0 4.6% in 2021 from 4.7% of the loan book in 2020, while return on equity closed 2021 at 19.6%.

SUHL anchor subsidiary Stanbic Bank Uganda Limited’s gross loan disbursements in 2021 amounted to USh 1.3 trillion in 2021.

The lender disbursed USh 290 billion to the trade sector, KSh 225 billion to households, KSh 223 billion to building and construction, USh 218 billion to the manufacturing industry, agriculture USh 150 billion, and transport and communication- USh122 billion.

The Bank posted a profit after tax, which grew 11% to USh 275 billion in 2021 from KSh 243 billion in 2020, driven mainly by growth in trade revenue.

According to Anne Juuko, CEO of Stanbic Bank Uganda Limited, Uganda’s economy is now back on its feet after nearly two years of lockdown due to pandemic restrictions.

“We are upbeat and ready to support full economic recovery,” said Ms Juuko

The Bank’s non-performing loans dropped to 4.6% from 4.7%, with provisions reducing to USh 70 billion in 2021 from USh 92 billion in 2020.

“The year 2022 presents a mixed bag of expectations especially on the external front, informed by the Russia-Ukraine conflict and rising fuel prices. Prospects are bright with more countries across the globe opening up as the pandemic subsides,” said Andrew Mashanda-CEO Stanbic Uganda Holdings Limited.

ALSO READ: Ex Stanbic Uganda CEO to Head Kenyan Unit


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