Stanbic Uganda Holdings Limited releases 2024 annual results performance

2 April 2025, 11:20 pm

By Ronald Ssemagonja

The Chief Executive of Stanbic Uganda Holdings Limited, Francis Karuhanga, has acknowledged the support given to the bank, which has enabled it to score highly each year. In a meeting held at the Sheraton Hotel in Kampala, Karuhanga said, “We are pleased to report that Stanbic Uganda paid a record Uganda Shillings 427.8 billion in taxes, cementing our role as a key contributor to Uganda’s fiscal plans. We are proud to work in partnership with the Uganda Revenue Authority through taxes.”

He went on to state that through their banking channels, they have assisted taxpayers in remaining compliant, which resulted in over Uganda Shillings 10 trillion being collected, up from Ushs 9 trillion in 2023. This contribution further cements Stanbic Uganda’s purpose of driving growth by supporting domestic revenue mobilisation efforts to support the country’s local plans. “Stanbic Uganda is proud to propose a total dividend of Ushs 300 billion for 2024, representing a 7.1% growth in stakeholder returns. We continue to prioritise value creation for our stakeholders,” he stated.

The bank is pleased with the results achieved in 2024, as the drivers of the local economy remained stable, supported by prudent fiscal and monetary policies. “Despite an evolving competitive landscape, including the rise of fintechs, we remained focused on our strategic goals, executing with discipline and adaptability,” he said.

The consolidated performance highlights show significant achievement. Customer deposits increased from Ushs 6.3 trillion in 2023 to Ushs 7.1 trillion in 2024. Loans and advances also increased from Ushs 1.3 trillion in 2023 to Ushs 4.2 trillion in 2024. Profit after tax increased from Ushs 412 billion in 2023 to Ushs 478 billion in 2024. Total assets also increased from Ushs 9.3 trillion in 2023 to Ushs 10.4 trillion in 2024.

According to the Chief Finance and Value Management Officer at Stanbic Uganda Holdings Limited, Ronald Makata, non-interest revenue grew by 10.8% in 2024, driven by higher client transaction volumes, boosted by innovations in delivery channels emphasising convenience and safety. The bank reassured its customers of the best service delivery in this financial year as well.