Stanbic Uganda announces 2019 Annual Results
Stanbic Uganda has announced its 2019 annual results highlighting the key performance achievements.
The Chief Executive of Stanbic Uganda Holdings Limited, Patrick Mweheire said, “We delivered another great performance and were able to improve on all our key performance goals. We grew our deposits by 21% as more customers trusted us with their money and our loans & advances grew by 14% by – availing UGX 344 billion of new credit to key sectors of the economy such as manufacturing, agriculture and personal lending – where we provided more than 40% of new lending.”
He further added, “Our revenues grew 20% year-on-year to exceed UGX 800 billion and were well diversified between lending and non-lending revenue. As a result, our profit after tax grew 20% to a record Ushs 259 billion over Ushs 215 billion posted in 2018.”
During the briefing, Sam Mwogeza, Chief Finance OfficerStanbic Bank Uganda said, the bank’s total assets also grew by UGX 1.2 trillion which was a 23.2% increase. Total assets rose to UGX 6.6 trillion in 2019 from UGX 5.4 trillion in 2018. He said the increase was enabled by strong deposit growth (21%) with the incremental liquidity being adequately deployed.
The bank also recorded double digit growth in the loan book. “Loans and advances grew by 14% or UGX 344 billion registering UGX 2.8 trillion in 2019 up from UGX 2.5 trillion in 2018. This also resulted in a market share gain for the bank to 20% from 19% in 2018,” Mwogeza said.
Mwogeza said the lending supported the key sectors includingmanufacturing, agriculture, household expenses and trade finance highlighting the bank’s continued transformational role in Uganda’s economic growth.
The ratio of Net Interest to income stood dropped from 56% to 44%, which reflected a significant income diversification.
Commenting on the bank’s future outlook, the new Chief Executive of Stanbic Bank Uganda, Anne Juuko said, “We shall continue to build on the successes achieved. Our customers are the reason we are here, and our aim is to continue to provide the right solutions for them by listening to their needs and ensuring we create what is required to help them grow.”
She further emphasized, “In the wake of the global COVID-19 pandemic, we recognise the impact this will have on the lives of many Ugandans and the economy. We are looking at several interventions that can support our customers and work closely with the Government of Uganda to ensure a minimised impact on the economy.”
“As Uganda’s leading bank, we are at the heart of the economy and it is our duty to ensure we support our clients. As immediate interventions, we have waived all charges on our digital channels, and we are offering customer credit relief programmesto our business customers that will be tailored to their circumstances. Our aim is to ensure we see that their businesses are sustained and the impact on the economy is minimized.”