In a year defined by resilience and growth, Stanbic Uganda Holdings Limited has once again proven its leadership in Uganda’s banking sector. The company’s stellar 2024 financial results underscore its unwavering commitment to not only driving profitability but also contributing to Uganda’s long-term socio-economic development.
Stanbic Uganda’s remarkable growth story continues, with revenue surging to a staggering UShs 1.3 trillion – a clear testament to the bank’s consistent performance and innovative strategies. Alongside this impressive revenue growth, the company saw its total assets increase by UShs 1.1 trillion, bringing the total assets to UShs 10.4 trillion. The profit after tax reached UShs 478 billion, reflecting a 16.2% increase driven by growth in net interest income and non-interest revenue.
Key Highlights of 2024:
Revenue: UShs 1.3 trillion (11.8% growth)
Profit After Tax: UShs 478 billion (16.2% growth)
Customer Deposits: UShs 7.1 trillion (12.2% growth)
Net Loans & Advances: UShs 4.4 trillion (3.5% growth)
Dividend Payout: UShs 300 billion (including interim dividends)
Tax Contribution: Record UShs 427.8 billion
Beyond the impressive financial metrics, Stanbic Uganda’s commitment to Uganda’s economic transformation shines through in its strategic investments in various sectors. The company paid a record UShs 427.8 billion in taxes, solidifying its position as one of Uganda’s leading taxpayers and a critical partner in national development.
Driving Financial Inclusion and Empowering Local Communities Stanbic Uganda’s focus on supporting local communities and businesses is evident in its initiatives that span across various sectors. Through its FlexiPay service, the bank facilitated UShs 30 billion in remittances from Ugandans abroad, promoting financial inclusion for the diaspora and their families. In addition, UShs 177 billion was directed towards local suppliers, helping to foster a competitive and resilient supply chain within Uganda’s economy.
Stanbic Uganda’s commitment to supporting the agricultural sector is equally impressive, with the bank investing UShs 170 billion into farmer SACCOS through its Economic Enterprise Restart Fund (EERF). This initiative has empowered smallholder farmers, ensuring that Uganda’s agricultural sector remains a vital contributor to the national economy.
Empowering Women and Entrepreneurs The Stanbic4Her program continues to break barriers for women in business by providing UShs 173 billion in low-interest loans to women-owned enterprises. The program’s success is further amplified through the Stanbic Business Incubator, which supported over 3,000 enterprises, enabling access to credit and contributing to significant job creation.
Championing Social and Environmental Change Stanbic Uganda’s Corporate Social Investment (CSI) initiatives are helping shape the future of Uganda. The Stanbic National Schools Entrepreneurship Championship is nurturing the next generation of innovators, investing heavily in schools across the country. The company’s focus on maternal health is supported through its provision of essential medical supplies to health facilities nationwide, contributing to better health outcomes.
Additionally, the ROOTS initiative continues to address environmental challenges, promoting afforestation and the fight against climate change. These initiatives not only help address urgent environmental concerns but also ensure that future generations of Ugandans inherit a cleaner, greener environment.
A Bright Future for Uganda Stanbic Uganda’s 2024 annual results reflect positive trends across all key performance indicators, from Return on Average Assets and Return on Average Equity to improved cost-to-income ratios. The company’s strong capital adequacy ratios exceed regulatory requirements, demonstrating its financial resilience. With a commitment to asset quality, the credit loss ratio and non-performing loans ratio remain low, ensuring that Stanbic Uganda continues to operate on a strong footing.
As Uganda’s economy continues to grow, Stanbic Uganda Holdings Limited remains dedicated to driving the country’s socio-economic transformation. Through strategic investments in key sectors and its unwavering focus on community support and sustainability, Stanbic Uganda is poised to play a pivotal role in shaping Uganda’s bright future.