Stanbic Bank Uganda Limited, a Ugandan commercial bank, performed well in the first half of 2021 despite the severity of the Covid-19 pandemic. According to its financial results released over the weekend, profits were 154.9 billion shillings (1.4 billion USD) in the first 6 months of 2021, up 21.5% from the previous year. in the same period of 2020.
This performance is mainly due to the strong growth in commercial income, but also to better management of loan write-downs. According to bank statistics, trading income increased by 37.5 billion shillings (345 million USD) while loan write-downs decreased by 11.7 billion shillings (108 million USD) in the same period under review. .
“These positive results have been driven by the growth of digital transaction systems, around which the bank has recently anchored its operations,” said Ann Juuko, CEO of Stanbic Bank.
Stanbic Bank, she points out, has taken customers from the manual space to the digital space with more than 80% of transactions taking place online.
This performance comes in a very difficult context of coronavirus where all economic sectors are affected. Despite this unfavorable environment, the bank played an active role in financing the economy.
With this in mind, the Stanbic Africa Holdings Limited subsidiary has spurred private sector growth with loans and advances increasing 9.8% to 3.8 trillion shillings (35 billion USD) from 3.4 trillion shillings (31 billion USD). in June 2020.
