Stanbic Uganda Holdings Limited (SUHL), the parent company of Stanbic Bank Uganda and four other subsidiaries, has announced a record net profit of UGX 478 billion for the financial year ended December 31, 2024, cementing its position as the most profitable financial institution in the country. The Group’s total assets also crossed the UGX 10 trillion mark for the first time in its history, a major milestone for Uganda’s banking industry.
The results were unveiled at a press conference in Kampala attended by top management, clients, and stakeholders. Francis Karuhanga, Chief Executive of SUHL, attributed the performance to a disciplined, innovation-driven strategy that stayed resilient despite external volatility.
“We are pleased with the results achieved in 2024, especially considering the challenging global environment,” said Karuhanga. “Key drivers of the local economy were stable, supported by prudent fiscal and monetary policies. Despite an evolving competitive landscape, including the rise of fintechs, we stayed focused on our strategic goals, executing with discipline and adaptability.”
Strong Financial Performance Across the Board
The Group’s total revenue climbed to UGX 1.3 trillion, reflecting an 11.8% compound annual growth rate, while operating expenses were maintained at UGX 612 billion, leading to a healthy cost-to-income ratio of 47.2%. Customer deposits rose by 12.2% to UGX 7.1 trillion, and net loans and advances increased to UGX 4.4 trillion, maintaining a 19.5% market share.
Non-interest revenue also grew by 10.8%, underpinned by higher client transaction volumes and robust uptake of digital platforms such as FlexiPay. The Group’s total assets surged to UGX 10.4 trillion, up from UGX 9.3 trillion in 2023.
“Our ability to manage costs efficiently was central to our performance,” said Ronald Makata, SUHL’s Chief Finance and Value Management Officer. “We maintained operating expenses at UGX 612 billion, delivering a robust cost-to-income ratio of 47.2%, which enabled us to achieve a PAT of UGX 478 billion—an increase of 16.2% over the previous year.”
Record Dividend and Leading Taxpayer
In recognition of its stellar financial year, the Group announced a total dividend of UGX 300 billion, consisting of UGX 140 billion already paid as interim dividends and UGX 160 billion proposed as final dividend, subject to shareholder approval. This represents a 7.1% increase in dividends year-on-year.
Stanbic also reinforced its role as Uganda’s leading corporate taxpayer, paying UGX 427.8 billion in taxes, up from UGX 355 billion in 2023. The Group further facilitated the collection of over UGX 10 trillion by the Uganda Revenue Authority, up from UGX 8 trillion the previous year.
“This significant payment reinforces the entity’s role as the leading taxpayer in the financial services sector,” the Group stated in the release, “while also assisting Uganda Revenue Authority (URA) in collecting over UGX 10 trillion.”
A Bank With Purpose: Impact Beyond Profit
Beyond the strong financials, Stanbic Uganda has continued to position itself as a driver of inclusive growth through targeted impact lending and financial inclusion initiatives.
- UGX 973 billion was extended to SMEs, including UGX 76 billion through the Stanbic Business Incubator.
- The Stanbic4Her programme disbursed UGX 94 billion to 6,700 women entrepreneurs in 2024 alone, bringing the total since launch to UGX 173 billion.
- UGX 454 billion was lent to agriculture, with UGX 170 billion channeled through 7,000 farmer SACCOs, benefiting over 2.6 million smallholder farmers.
Looking Ahead
The Group said it would continue to prioritize innovation, financial inclusion, and strategic investment to sustain its growth trajectory.
“As we look to the future,” Karuhanga noted, “our commitment to innovation, financial inclusion, and driving value for our stakeholders remains unwavering. We are confident that with our continued focus on sustainable growth, we will navigate the evolving market dynamics and continue contributing to Uganda’s economic prosperity.”
Stanbic Uganda’s 2024 results reaffirm its position as both a financial powerhouse and a national development partner—driving shareholder value, supporting livelihoods, and shaping the future of Uganda’s financial sector.