The increase in net profit comes despite a reduction in the banks overall income, and would appear to confirms the customer centric approach Stanbic Bank has undertaken is working.
Stanbic Bank has announced a UGX200 billion net profit for the year 2017, a new milestone for the commercial financial institution.
Stanbic, Uganda’s leading commercial bank by share capital, grew its loan book and revenues rapidly over the year 2017 with the financial results released Wednesday showing that the bank’s profit after tax rose from UGX191 billion in 2016 to UGX200 billion in 2017.
The increase in net profit comes despite a reduction in the banks overall income appears to confirms the customer centric approach Stanbic Bank has undertaken is working.
While announcing the 2017 financial results on Wednesday, Patrick Mweheire, the Stanbic chief executive, said: “Our balance sheet grew by over UGX800 billion to UGX5.4 trillion. This allowed us to support much larger national priority projects, including the spread of much needed infrastructure across the country. In 2017 alone, we provided financial instruments, worth UGX1 trillion, to contractors, suppliers and executing government agencies. These included Bank Guarantees, Letters of Credit, bid Bonds among others.