Saturday, July 12, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

Stanbic Bank Uganda’s half-year profit up over 20 percent

by JAVIRA SSEBWAMI | PUBLIC EDITOR
18/08/2023
in News
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter
Anne Juuko, the Stanbic Bank Chief Executive speaks to reporters (PHOTO/UG Standard)
Anne Juuko, the Stanbic Bank Chief Executive speaks to reporters (PHOTO/UG Standard)

KAMPALA – Stanbic Bank Uganda has reported a 20.7% rise in pre-tax profit in the first six months of 2023, in figures reported on Friday.

The bank said it had earned UGX. 263.4 billion in profit before tax, a figure that was helped by higher interest income.

Related posts

Rotary District 9213 Gov. Geoffrey Kitakule speaks at a press conference Tuesday at Protea Hotel Kampala.

New Rotary Governor Kitakule calls for collaboration as new year begins

01/07/2025
240
Uganda Breweries MD Andrew Kilonzo with his team with the award

Uganda Breweries Earns Prestige Trophy for 25 Years of Quality

01/07/2025
172
Aldea Restuarant deliver food to clients

Stanbic Bank spices up Kampala Restaurant Week with Seamless Payments

30/06/2025
158
Former Vice President Dr. Gilbert Bukenya champions industrialization and job creation, highlighting the transformative impact of the Sino-Mbale Industrial Park

Presidential advisor Dr. Bukenya commends Mbale Industrial Park for driving Uganda’s industrialization agenda, national development

23/06/2025
183

Stanbic’s net interest income was up 34.3% in the first half of the year.

Largely driven by the SUHL anchor subsidiary, Stanbic Bank, SUHL total revenues rose 24.2% from UGX475 billion to UGX590 billion. The other subsidiaries are SBG Securities, Stanbic Properties, Flyhub, and Stanbic Business Incubator Limited.

Stanbic Bank’s net loans and advances to customers expanded by 4.2% to UGX 3.9 trillion, while customer deposits rose by 1.1% to UGX 6.2 trillion. The bank’s total assets also registered growth, surging from UGX 9.3 trillion in the previous year to UGX 9.4 trillion by the end of June 2023.

The bank remitted UGX 149 billion in taxes while also facilitating the collection of an additional UGX 4.1 trillion via Stanbic Bank Uganda channels.

Anne Juuko, the Stanbic Bank Chief Executive said, “Revenue experienced an impressive ascent during the initial half of the year, marking a 24.2% increment to UGX 590 billion, in contrast to UGX 475 billion during the analogous period in the preceding year. This growth encompassed a notable 34.3% surge in interest income, amounting to UGX 355 billion, as well as non-interest income, which generated UGX 235 billion, equivalent to an 11.6% expansion.”

She said, “Despite inflationary pressures and augmented technological investments, the bank adeptly outpaced cost increments, yielding a favourable positive Jaws ratio of 3.1%. Consequently, the bank’s Profit after Tax realized an impressive 23.5% growth, culminating in UGX 200 billion, juxtaposed with UGX 162 billion from the equivalent period in the previous year.”

The‘ jaws ratio’ is calculated by subtracting the expense growth rate from the income growth rate. According to Juuko, the challenging macroeconomic factors of the previous year crossed over into 2023 with a double inflation reading of 10.4% seen in the first month.

She said, “The Central Bank responded by maintaining the CBR at 10% to mitigate inflationary pressures. This strategy yielded positive outcomes in the form of a steady reduction in inflation to 4.9% in June from 6.2% in May and 8% in April, per government statistics. Nonetheless, the high inflation raised the interest rates which, naturally, weakened the appetite for borrowing among our consumer and commercial clients market segments. While this was challenging it also presented an opportunity for us to be innovative in solutioning for our customers to drive new growth in assets and liabilities and other income streams.”

Stanbic Bank has maintained its position as the largest provider of household loans in Uganda reflected by a 13% rise of new customers. As part of its compassionate business approach, the bank facilitated the extension of loan repayment periods to a maximum of 84 months or seven years for existing and new borrowing clients.

This not only eased monthly repayment obligations but also provided substantial flexibility to apply for supplementary credit on existing loans, catering to emergent needs such as educational expenses and other needs. Furthermore, Stanbic afforded customers a grace period of up to 75 days prior to the first installment for those availing fresh facilities, along with repayment holidays for individuals seeking loan top-ups. This allowed customers to attend to competing priorities without the worry of going into default.

Also of significance is the increasing popularity of the FlexiPay app, a low-cost channel that provides access to financial services for non-Stanbic customers and the unbanked across Uganda. The use of FlexiPay was up 170% compared to the first half of 2022.

Juuko said, “The continued growth of FlexiPay remains a source of encouragement. As of June 2023, the user base of FlexiPay exceeded 700,000 individuals. Throughout the initial half of the year, the platform registered over 400% growth in transactional volumes processed, encompassing a substantial transaction value surpassing UGX 209.3 billion. The competitive edge of FlexiPay emanates from its affordability, security, and user-centric design, rendering it a prime driver of its sustained growth.”

During the first half of 2023, Stanbic maintained its support of businesses, disbursing UGX43 billion to local content clients in the nascent oil and gas sector and another UGX15.7 billion to 112 SACCOs.

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: Anne JuukoStanbic Bank Uganda's half-year profit up over 20 percentStanbic Ugandathe Stanbic Bank Chief Executivetop

Related Posts

 Abbas urges U.S. to compel Israel to stop violations against Palestinians
News

 Abbas urges U.S. to compel Israel to stop violations against Palestinians

05/11/2022
0
307

Abbas urges U.S. to compel Israel to stop violations against Palestinians RAMALLAH, Nov. 4 (Xinhua) -- Palestinian President Mahmoud Abbas...

Read moreDetails
Equity ranked 4th strongest banking brand globally on brand strength, scoring 92.4 points out of 100

 Equity Bank Under Scrutiny for Alleged Role in UGX.3bn Fake Gold Scam

09/07/2024
625
Minister of Health Dr. Ruth Aceng and Permanent Secretary Dr. Diana Atwiine pay their respects at the burial of Dr. Joshua Musinguzi, a champion in the fight against HIV/AIDS in Uganda. Their presence honors his legacy and dedication to improving healthcare in Uganda.

 FULL LIST: Health Service Commission Shortlists Applicants for Key Roles

18/06/2025
1.4k
Kabuleta and other opposition politicians have teamed up to put an end to Museveni's leadership

 Kabuleta, other opposition politicians team up to put an end to Museveni’s leadership

27/02/2024
503
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4377 shares
    Share 1751 Tweet 1094
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    4059 shares
    Share 1624 Tweet 1015
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2667 shares
    Share 1067 Tweet 667
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3323 shares
    Share 1348 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1785 shares
    Share 714 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1651 shares
    Share 660 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

The IGG Beti Kamya urged Ugandans to help expose suspicious wealth, such as high-rise apartments owned by public officials.

How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption

11/07/2025

betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round

11/07/2025
Herbert Achai

Transfers: Herbert Achayi Returns to KCCA FC

11/07/2025
The accused persons at Court on Friday.

Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

11/07/2025
Brian Mulondo (C) moderates the MTN MoMo Power to be More campaign Launch with MTN's Richard Yego (L) and Jemima Kariuki (R)

MTN MoMo Broadens Digital Offerings to Empower Individuals, Businesses

11/07/2025
Uganda is phasing out individual taxi operators, requiring drivers to join associations or SACCOs to streamline public transport. The government also announced digital penalties for traffic violations

Kampala Air Pollution Exceeds WHO Limits, Studies Show

11/07/2025
UCC Executive Director Nyombi Thembo, these illegal operations disrupt fair competition and create risks to lives, property, and trust

Telecoms sector facing increasing cybercrime

11/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption
  • betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round
  • Transfers: Herbert Achayi Returns to KCCA FC
  • Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs
  • MTN MoMo Broadens Digital Offerings to Empower Individuals, Businesses
  • Kampala Air Pollution Exceeds WHO Limits, Studies Show

OpED

Equipping Youth with Skills for a Sustainable Future: A Mission We Must All Embrace

Fueling the Future: How Pesapal’s Forecourt Management Solution is Transforming Uganda’s Petroleum Sector

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d