Stanbic Bank pays Ush. 272bn in taxes as Net Profits rise to Ush. 366bn in 2022
Stanbic Uganda paid Ush. 272 billion in tax as it announced robust performance for 2022 with gross revenue of one trillion shillings and Profit After Tax of Ush. 366 billion representing year-on-year growth of 33 per cent.
The lender also collected Ush. 7.5 trillion on behalf of government representing 33 per cent of total remittances by banks. Customer deposits grew by 6.8 percent year on year to Ush 6.1 trillion from Ush 5.7 trillion; net loans and advances rose to Ush. 4.1 trillion from Ush. 3.7 trillion while total assets grew by 3.9 percent to Ush. 9.0 trillion.
Andrew Mashanda, Chief Executive of Stanbic Uganda Holdings Limited (SUHL) said, “This performance shows the resilience of our business and should reinforce the confidence of our shareholders in our ability to continue growing their value. Despite the prolonged uncertainty of the global and local economy, we closed the year with robust performance, and grew our shareholder value with a Return on Equity of 21.6 per cent well above our 20 per cent target— an improvement from 19.4 percent in 202.” This growth, he added was mainly driven by SUHL’s anchor subsidiary, Stanbic Bank Uganda and noted that the newer subsidiaries which have been in operation for two years made significant strides towards breaking even, the challenging operating environment notwithstanding.
“Stanbic Properties Limited remains profitable and is executing various projects geared towards revamping our real estate portfolio. FlyHub received its first revenues during the year
and continues to pursue more opportunities as businesses explore ways to become more efficient through automation while our SBG Securities revenues were impacted largely by a
drop-in capital markets activity, we remain optimistic about its potential as the diversification into asset management is implemented. Stanbic Business Incubator continued to execute on its mandate, as a beacon of SME capacity development in Uganda by directing supporting over 3000 small businesses for the period under review,” added Mashanda.
2 million Ugandans reached through SACCOs
Anne Juuko, Chief Executive of Stanbic Bank Uganda said the lender manifested its purpose of driving Uganda’s growth in ways that directly and indirectly benefited millions of Ugandans and engineered the economic recovery of customers from effects of the Covid-19. She added that despite the emerging challenges in the economy, the bank is pleased with its contribution towards economic recovery success stories of its customers registered in 2022, most of which are a result of sustained dividends of Covid-19 interventions implemented between 2020 and 2021.