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Stanbic Bank Uganda : Assets Hit Shs 3.7 Trillion

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04/27/2016 | 02:06pm CEST

Stanbic bank Uganda grew its assets from Shs 3.5tn in 2014 to Shs 3.7tn, cementing its position as the biggest bank in the country.

Patrick Mweheire, the chief executive of Stanbic, described the performance as "strong and outstanding".

The bank's profits grew by 12 per cent to Shs 150.8bn, from Shs 135bn registered in 2014. Last year was particularly hard for some businesses as some folded, while others laid off staff.

Also, foreign direct investment into the country dropped by at least $200m. Other banks such as Dfcu, however, have recorded a drop in profits.

Stanbic's revenues were up eight per cent to a record Shs 532bn. The bank attributed this performance to "strong diversified income streams." Deposits grow by 12 per cent to average Shs 3.1tn.

Andrew Muhimbise, a minority shareholder in the bank, said he was happy with the bank's performance although "very mad at more than halving our dividend from Shs 1.6 to Shs 0.78 per share." Stanbic will pay Shs 40bn in dividends.

Sam Mwogeza, the bank's chief financial officer, said while the dividend is lower than last year's, it still represents a solid pay-out.

Copyright The Observer. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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