Stanbic Uganda announces 2020 financial results

Stanbic Uganda announces 2020 financial results

Tough but fulfilling year for the Stanbic top management and the board. COURTESY PHOTO Loans and advances grew by 27% from Sh2.8 trillion (2019) to Sh3.6 trillion (2020)

Customer deposits increased by 16% from Sh4.7 trillion (2019) to Sh5.4 trillion (2020)

Profit After Tax was Sh242 Billion (2020) down from Sh259 Billion (2019) largely due to the impact of Covid-19 Pandemic on client business.

Invested Sh3.9 billion (2020) in Corporate Social Investments for communities, a 70% increase from Sh2.3 billion (2019).

Kampala, Uganda | THE INDEPENDENT | Stanbic Uganda Holdings Limited (SUHL) to which Stanbic Bank Uganda Limited (SBU) is a subsidiary, published its 2020 full year results, with profit after tax of sh242 billion.

Andrew Mashanda, Chief Executive of Stanbic Uganda Holdings Ltd said, “2020 was quite a challenging year given the impact of the pandemic across the globe. Despite the tough period, Stanbic Uganda Holdings has demonstrated resilience and delivered a commendable performance.

Customer deposits grow year on year from sh4.7 trillion to sh5.4 trillion, which further supported new credit to key sectors in much need of support especially during the peak of the pandemic. Loans and advances increased by 27% year on year from sh2.8 trillion to sh3.6 trillion as more clients acquired loans to sustain their businesses. We remain a strong and solid business going into 2021. #SBUAnnualResults2020 #ItCanBe — Stanbic Bank Uganda (@stanbicug) March 31, 2021 A snapshot of key figures of the #SBUAnnualResults2020 . — Stanbic Bank Uganda (@stanbicug) March 31, 2021 In addition to the performance updates, Mashanda provided a progress update on the holding company’s key initiatives and achievements in 2020.

“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 said.

He explained, saying “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 […]

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