Stanbic Bank Uganda, the country’s largest bank by assets, recorded a 5% rise in pre-tax net profit to a record high of 200 billion shillings ($ 54 million), up from 191 billion shillings (51.5 million in 2016, according to the financial results released Wednesday, March 28.
A good result of earnings from controlling costs and credit risk offsetting lower operating income.
“… helping to reduce operating expenses by about $ 4 million from one year to the next. This has ensured that, despite a decline in the bank’s overall income, our net income for the year has actually increased, “said Patrick Mweheire, chief executive officer of the bank.
Based on financial results, the bank reported net income growth of $ 35.4 million or 65.5% of earnings growth.
Bank loans and advances increased by 8% in 2017 and resulted in a market share gain of 19% compared to 17.8% at the beginning of the year.
Customer deposits increased by 18% to $ 977 thousand compared to $ 81 thousand, raising the market share to about 20% of all bank deposits in 2017, compared to 18.7% at the end of the year. 2016.
Stanbic Bank, which currently has a credit rate of 17.5%, has one of the lowest credit rates on the market.
Stanbic Bank has an asset base of $ 1.4 million or $ 405 million. It also approved a dividend of $ 23.4 million, an increase of 50% over 2016.
Stanbic Bank Uganda is 80% owned by Stanbic Africa Holdings, a holding company of South African Standard Bank.
