Highlights for 2021 Profit-after-Tax for Stanbic Uganda Holdings Limited (SUHL) representing five subsidiaries rose 11% to Ushs269bn from Ushs242bn in 2020
SUHL’s anchor subsidiary, Stanbic Bank Uganda posted Ushs275billion in profit after tax from Ushs243bn in 2020, largely driven by growth in trading revenue.
Loans and advances grew to UGX 3.7 trillion from UGX 3.6 trillion in 2020
Customer deposits increased from UGX 5.4 trillion (2020) to UGX 5.7 trillion
Stanbic Uganda Holdings Limited (SUHL) has announced it grew its net profits by 11% in 2021 to earn Ushs.269billion from Ush.242bn in 2020, driven mainly by strong growth in non-interest income earned by mostly Stanbic Bank Uganda Limited, its anchor subsidiary.
Other subsidiaries of SUHL include SBG Securities Uganda Limited, Stanbic Business Incubator , Stanbic Properties Limited, and FlyHub Uganda; however, these are largely new companies still in their formative stages to support the bank serve its customers beyond offering traditional financial services.
According to the financial results released today, Stanbic Bank Uganda net profits in 2021 increased to Ushs275bn from the Ushs.243bn registered the previous year, largely driven by growth in trading income.
Non-interest revenue reported a strong growth of 19.0% seeing earnings of Ushs401billion from UGX 341billion the previous year. Much of the growth in the non-interest revenue was attributed to trading income which increased to Ushs233.7bn from Ushs177.3bn the previous year.
Net interest income for the year grew marginally by 1.5% to Ushs498bn from UGX490bn the previous year attributed to slow growth in customer loans and lower margins as the country underwent a second lockdown in the middle of 2021.
The low economic activity in the year under review also informed low appetite in credit which saw marginal growth in the loan book to Ushs3.7trillion from Ushs3.6trillion the previous year but maintained a 23.3% market share.
The bank said lending was guided by the need to avail credit to sectors that are critical to driving growth such as trading and manufacturing.According to statistics released today, the bank lent Ushs290 billion to the trade sector, which is the second-highest employer in Uganda, Ushs225 billion to household lending, Ushs223bn to building and construction, Ushs218 billion to manufacturing and Ushs150bn to agriculture–the highest employer in Uganda. Customer deposit grow Customer deposits grew by 5% from UGX 5.4 trillion to UGX 5.7 trillion in 2021, attributed to sustained customer brand loyalty and service experience through offering financial solutions that are appropriate for their needs.Stanbic’s financial positioned […]
