Stanbic Uganda Holdings Limited (SUHL), the parent entity of Stanbic Bank Uganda, SBG Securities, Stanbic Business Incubator, Stanbic Properties, and FlyHub, has delivered an outstanding financial performance for 2024, showcasing resilience and strategic agility in a dynamic economic landscape. The institution reported a strong profit after tax (PAT) of UGX 478 billion, reaffirming its key role in shaping Uganda’s financial ecosystem. This announcement was made today at a high-profile press conference attended by key executives, clients, and industry stakeholders, including SUHL’s Chief Executive, Francis Karuhanga, and Ronald Makata, the Chief Finance and Value Management Officer.
Despite global economic uncertainty, Stanbic Uganda demonstrated remarkable growth and adaptability, leveraging prudent fiscal and monetary policies to drive performance. “We take immense pride in the milestones achieved in 2024, particularly in a rapidly evolving financial environment,” remarked Karuhanga. He emphasized that, despite growing competition from financial technology firms, the institution remained committed to executing its strategic vision with precision and resilience. The bank reported total revenue of UGX 1.3 trillion, reflecting an impressive 11.8% Compound Annual Growth Rate (CAGR), underscoring its expanding market influence and operational efficiency.
Strong financial discipline and cost management were pivotal to the bank’s success, with operating expenses maintained at UGX 612 billion. This resulted in a solid cost-to-income ratio of 47.2%, ensuring sustained profitability. “Our disciplined approach to cost management was central to our performance,” noted Makata. “By streamlining operations and optimizing efficiency, we have strengthened our competitive position and enhanced profitability.”
The bank’s financial strength was further evidenced by a 12.2% increase in deposits, reaching UGX 7.1 trillion, reflecting strong investor confidence and customer trust. Loans and advances also grew by 3.5%, bringing the portfolio to UGX 4.4 trillion and reinforcing the bank’s 19.5% market share. Non-interest revenue expanded by 10.8%, driven by higher transaction volumes, further solidifying Stanbic Uganda’s leadership in the financial services sector.
Acknowledging this exceptional performance, the bank has proposed a total dividend payout of UGX 300 billion for the 2024 fiscal year. This includes UGX 140 billion disbursed as interim dividends earlier in the year, with the remaining UGX 160 billion awaiting shareholder approval. The proposed payout represents a 7.1% annual dividend growth, demonstrating the bank’s continued commitment to delivering sustainable value to its shareholders.
As Uganda accelerates its economic transformation, institutions like Stanbic Uganda play a crucial role in fostering sustainable development. By strategically navigating the evolving financial landscape while maintaining a strong focus on value creation, Stanbic Uganda not only reinforces its position as an industry leader but also contributes significantly to Uganda’s broader economic progress.
