Stanbic Uganda announces 2020 financial results, records profits of UGX.242b

Stanbic Uganda announces 2020 financial results, records profits of UGX.242b

L-R: Dr. Huruna Mawanda – CE Flyhub Technologies, Andrew Mashanda – CE Stanbic Uganda Holdings Ltd (SUHL), Japheth Kato – Board Chairman SUHL, Anne Juuko – CE Stanbic Bank, Jorum Ongura – SBG Securities Uganda Ltd and Spencer Sabiti – CE Stanbic Properties Ltd (PHOTO/PML Daily). KAMPALA – Stanbic Uganda Holdings Limited (SUHL) to which Stanbic Bank Uganda Limited (SBU) is a subsidiary has published its 2020 full year results, with profit after tax of UGX 242 Billion.

The institution agrees that 2020 was quite a challenging year given the impact of the pandemic across the globe but despite the tough period, Stanbic Uganda Holdings demonstrated resilience and delivered a commendable performance.

Customer deposits grew year on year from UGX 4.7 trillion to UGX 5.4 trillion, which further supported new credit to key sectors in much need of support especially during the peak of the pandemic.

According to Andrew Mashanda the Chief Executive of Stanbic Uganda Holdings Ltd said, Loans and advances increased by 27% year on year from UGX 2.8 trillion to UGX 3.6 trillion as more clients acquired loans to sustain their businesses.

Mr. Mashanda also shared a progress update on the holding company’s key initiatives and achievements in 2020. He explained that in 2018, given the emergence of non-traditional competitors in financial services, a strategic decision was taken to diversify revenue streams from the banking business, essentially creating new pools of revenue for the franchise and this led to the creation of Stanbic Uganda Holdings Limited.

Mashanda shared that the holding company is strategically positioned to build and leverage on the strength of the banking brand and transport this to other opportunities in other ecosystems that are beyond banking.

“This is the first phase of our strategy of transforming the franchise here in Uganda into the leading digital platform services organization, which is now well on course. The anchor subsidiary is Stanbic Bank Uganda Limited. We have now established Stanbic Properties Uganda Limited, a real estate business, Stanbic Business Incubator Limited, FlyHub Uganda Limited, a technology business which is the bedrock of our digital platform services organisation, and SBG Securities Limited, which is a stockbroking and asset management business,” he said.

Mashanda added that the latter is still going through the process of licensing and is expected to commence business soon. SUHL is appropriately positioned to enhance its value offerings, meet the needs of clients and increase value for stakeholders.

Speaking at the media […]

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