KAMPALA, Uganda – Stanbic Bank Uganda has cemented its position as the country’s leading financial institution, announcing a record UGX 478 billion profit after tax for 2024 – a 16.2% surge from UGX 411.5 billion in 2023.
The bank’s total assets also crossed the UGX 10 trillion mark for the first time, reaching UGX 10.2 trillion, up from UGX 9.3 trillion the previous year.
Breaking Down the Numbers
The bank’s stellar performance was driven by:
- Expanding loan portfolio: Net loans and advances grew to UGX 4.5 trillion (from UGX 4.2 trillion in 2023).
- Rising customer deposits: Increased to UGX 6.8 trillion, reflecting strong public trust.
- Diversified revenue streams: Non-interest income (fees, commissions, trading) contributed 43.2% of total revenue.
“This isn’t just about numbers—it’s about the trust Ugandans place in us,” said CEO Francis Karuhanga. “Our digital transformation and SME financing strategies are paying off, even amid global economic uncertainties.”
Related: Mumba Kalifungwa Appointed as Stanbic Bank Uganda’s Chief Executive
Digital Banking & SME Focus Fuel Growth
Stanbic’s investments in mobile banking and agent networks slashed operational costs while boosting customer reach.
The bank also extended loan repayment periods for small businesses, a move that spurred borrowing and economic activity.
“When SMEs thrive, Uganda thrives,” noted Karuhanga, highlighting the bank’s UGX 1.2 trillion disbursement to small enterprises in 2024.
Social Impact & Future Outlook
Beyond profits, Stanbic allocated funds to:
- Education (building classrooms in rural areas)
- Healthcare (maternal health clinics)
- Environmental conservation (tree-planting initiatives)
With a 17.6% profit jump in the first half of 2024 alone, the bank projects even stronger results in 2025, focusing on:
✔ Expanding digital services
✔ Green financing for sustainable projects
✔ Deepening financial inclusion
“Our goal is to be Uganda’s growth partner, not just its biggest bank,” Karuhanga emphasized.
