Stanbic Uganda Holdings Limited (SUHL), the parent company of Stanbic Bank Uganda, SBG Securities, Stanbic Business Incubator, Stanbic Properties, and FlyHub, has announced strong financial results for 2024, with profit after tax (PAT) rising to Shs 478 billion.
Despite the challenges posed by a volatile global economy, Stanbic Uganda showcased its resilience, with impressive revenue and asset growth.
“We are pleased with the results achieved in 2024, especially considering the challenging global environment,” said Francis Karuhanga, SUHL’s Chief Executive.
“Key drivers of the local economy were stable, supported by prudent fiscal and monetary policies. Despite an evolving competitive landscape, including the rise of fintechs, we stayed focused on our strategic goals, executing with discipline and adaptability.”
Financial Performance Highlights
Stanbic Uganda delivered exceptional results across key financial metrics. Total revenue reached Shs1.3 trillion, reflecting an 11.8 per cent Compound Annual Growth Rate (CAGR).
“Our ability to manage costs efficiently was central to our performance,” noted Ronald Makata, SUHL’s CFO. “We maintained operating expenses at UShs 612 billion, delivering a robust cost-to-income ratio of 47.2%, which enabled us to achieve a PAT of UShs 478 billion—an increase of 16.2% over the previous year.”
Deposits grew by 12.2%, reaching UShs 7.1 trillion, while loans and advances rose by 3.5%, maintaining a solid 19.5% market share, totalling UShs 4.4 trillion. The bank’s non-interest revenue also grew by 10.8%, driven by higher client transaction volumes, underlining Stanbic Uganda’s strong position in the market.
In recognition of this stellar performance, Stanbic Uganda has recommended a total dividend of UShs 300 billion for the 2024 financial year. This includes UShs 140 billion already paid as interim dividends in mid-2024, with the remaining UShs 160 billion to be paid subject to shareholder approval. This represents a solid 7.1% annual growth in dividends, underscoring the bank’s commitment to delivering value to its shareholders.
Driving Uganda’s growth
In 2024, Stanbic Uganda paid UShs 427.8 billion in taxes, surpassing the UShs 355 billion paid in 2023. This significant payment reinforces the entity’s role as the leading taxpayer in the financial services sector, while also assisting Uganda Revenue Authority (URA) in collecting over Shs 10 trillion, up from Shs 8 trillion in 2023. This contribution cements Stanbic Uganda’s purpose of driving Uganda’s growth through supporting the domestic revenue mobilisation efforts to support the country’s fiscal plans.
Shs 454 Billion in Agriculture including Shs 170 billion to farmer Saccos.
Since its launch during the COVID-19 pandemic, Stanbic Uganda’s Economic Enterprise Restart Fund (EERF) has provided crucial credit and capacity building support to smallholder farmers through their SACCOs at low interest rates of 10% for those in agriculture, and 12.5% for those in general economic activities.
In 2024, over UShs 96 billion was invested in nearly 7,000 SACCOs, increasing the total investment to UShs 170 billion since 2022. This funding has directly benefited over 2.6 million members, helping farmers access affordable loans and empowering Uganda’s agricultural sector.
Shs 173 billion in low-Interest loans for women entrepreneurs via Stanbic4Her
Stanbic4Her, the bank’s flagship programme for women-owned enterprises, reached a major milestone in 2024, lending UShs 94 billion to 6,700 women entrepreneurs—an increase of 54.5% from the previous year, and UShs 173 billion since it was launched in March 2022.
This initiative provides women with affordable credit at 15.5% interest, helping them scale their businesses. In addition, over 3,400 women received business management and financial literacy training, fostering sustainable growth and empowering women across Uganda.
Shs 973 Billion in credit to SMEs including Shs 76 billion through Stanbic Business Incubator
The Stanbic Business Incubator supported over 3,000 enterprises in 2024, enabling them to access UShs 76 billion in credit, up from UShs 51 billion in 2023. On average, each supported business created seven new jobs, contributing significantly to employment generation and livelihood improvement, the bank officials noted. The incubator continued to support formalisation as a way of enhancing access to finance. In 2024, 43% of supported businesses were assisted to get registered with URSB.
Looking ahead, Karuhanga said Stanbic Uganda will sustain its focus on maintaining its growth trajectory while continuing to serve as a catalyst for sustainable economic development in Uganda.
“As we look to the future, our commitment to innovation, financial inclusion, and driving value for our stakeholders remains unwavering,” said Karuhanga.
“We are confident that with our continued focus on sustainable growth, we will navigate the evolving market dynamics and continue contributing to Uganda’s economic prosperity.”
Meanwhile, Stanbic Bank has been accused of bribing MPs to land the lucrative deal of lending Uganda’s government for the Umeme buyout, claims the financial institution has since spoken about. (See Details Here).
You can see Uganda’s most profitable and loss making banks Here and There.
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