Stanbic Uganda Holdings Limited (SUHL) has once again proven its financial strength, posting a record net profit of UGX 478 billion in 2024, up from UGX 411.5 billion in 2023, a 16.2% growth. This performance marks a watershed moment in the bank’s history, driven by strategic capital allocation, diversified revenue streams, inclusive lending, and strong governance.
Here are 10 detailed facts and figures that decode the numbers—and the story—behind this performance.
1. Total Revenue Hits UGX 1.3 Trillion – Up from UGX 1.194 Trillion (8.6% Growth)
In 2024, Stanbic Uganda recorded total revenue of UGX 1.297 trillion, up from UGX 1.194 trillion in 2023, representing 8.6% year-on-year growth.
This growth demonstrates the Group’s ability to generate strong top-line results despite macroeconomic headwinds. The rise in revenue was supported by increased lending, greater customer activity across digital channels, and strong earnings from investment services.
Notably, Stanbic’s revenue mix reflects a healthy balance between interest income and non-interest income—a sign of business model maturity and resilience. Revenue from subsidiaries like SBG Securities and FlyHub also contributed to overall earnings diversification.
While many banks focused on maintaining margins, Stanbic focused on growing volumes, expanding services to SMEs, and driving innovation-led transactional growth.
The 11.8% compound annual growth rate (CAGR) over recent years illustrates Stanbic’s long-term growth trajectory, making it one of Uganda’s fastest-scaling financial institutions. This revenue performance laid the foundation for its record profit.
2. Net Interest Income Climbs to UGX 760 Billion – Up from UGX 709 Billion (7.2% Growth)
Stanbic’s net interest income (NII) grew from UGX 708.9 billion in 2023 to UGX 759.8 billion in 2024, representing a 7.2% increase. This was driven by a combination of strategic lending, growth in interest-earning assets, and stable funding costs.
The bank maintained a prudent credit risk posture while expanding lending to key sectors such as SMEs, agriculture, and infrastructure. Government securities also offered attractive yields during the year, contributing to interest income stability.
What distinguishes Stanbic’s performance is not just growth in volumes, but the ability to grow income without compromising loan quality—evidenced by a low 1.5% non-performing loan (NPL) ratio.
The institution continued to price credit competitively, striking a balance between customer affordability and margin sustainability. Additionally, efficient balance sheet management helped mitigate interest rate volatility. NII remains Stanbic’s largest income component, and its consistent growth reflects strong fundamentals in core banking operations.
3. Non-Interest Revenue Rises to UGX 538 Billion – Up from UGX 485 Billion (10.8% Growth)
Non-interest revenue (NIR) increased from UGX 485.3 billion in 2023 to UGX 537.6 billion in 2024, marking 10.8% growth. This surge demonstrates Stanbic’s strength in generating fee-based income, particularly through digital channels, FX trading, and investment services. Forex trading income alone almost doubled to UGX 111.6 billion, reflecting the bank’s growing role in cross-border commerce and treasury services.
Transactional volumes via mobile, online banking, and agency outlets also surged, thanks to increased adoption of platforms like FlexiPay, which facilitated UGX 30 billion in remittances.
Additionally, SBG Securities delivered triple-digit profit growth and a 182% rise in assets under management, underscoring Stanbic’s non-lending financial strength. This diversified income mitigates risks tied to interest rate fluctuations, lending caps, or credit shocks.
NIR accounted for over 41% of total income—evidence of Stanbic’s evolution from a traditional lender to a modern, platform-driven financial ecosystem that thrives on customer engagement and financial services innovation.
4. Cost-to-Income Ratio Improves to 47.2% – Down from 48.9% Despite 4.8% Cost Growth
Operating expenses rose moderately from UGX 583.7 billion in 2023 to UGX 612 billion in 2024—a 4.8% increase—but Stanbic’s income growth outpaced costs, improving the cost-to-income ratio from 48.9% to 47.2%. This reflects tighter cost discipline, strategic automation, and efficient operational scaling.
The bank invested significantly in technology, including cloud infrastructure and mobile banking enhancements, which reduced manual processes and improved service delivery without increasing headcount.
These investments have started yielding efficiency dividends. Stanbic’s lean operating model is a strategic edge in a sector increasingly pressured by rising costs and shrinking margins. Cost-to-income ratio is a key profitability metric, and Stanbic’s position below the 50% threshold underscores world-class operational performance.
With a strong focus on return per shilling spent, the Group continues to align resource deployment with performance outcomes. This balance between growth and efficiency was pivotal in delivering the bank’s record profit.
5. Customer Deposits Surge to UGX 7.1 Trillion – Up from UGX 6.3 Trillion (12.2% Growth)
Customer deposits increased from UGX 6.333 trillion in 2023 to UGX 7.106 trillion in 2024, a 12.2% rise. This growth is a clear indicator of customer trust, brand strength, and deposit mobilization capability.
The bank deepened relationships with SMEs, corporations, SACCOs, and diaspora clients by offering innovative deposit products, competitive rates, and integrated cash management solutions.
The FlexiPay wallet also drove inclusion, attracting 260,000 new users and boosting low-balance deposits from informal sector clients. Stanbic’s broad depositor base allows it to access relatively stable, low-cost funding, which supports affordable lending and strong liquidity coverage.
Additionally, the growing volume of institutional and corporate deposits reflects confidence in Stanbic’s risk management, governance, and digital capabilities.
Deposits remain the bedrock of the bank’s funding strategy, and the strong inflows helped Stanbic remain well-capitalized, meet liquidity ratios, and finance long-term investment initiatives that support national economic growth.
6. Loan Portfolio Grows to UGX 4.4 Trillion – Up from UGX 4.2 Trillion (3.5% Growth)
Stanbic’s loan book grew from UGX 4.225 trillion in 2023 to UGX 4.374 trillion in 2024, reflecting a 3.5% increase. Though modest in percentage terms, this growth was highly strategic and risk-sensitive.
The bank continued to target high-impact sectors, disbursing UGX 973 billion to SMEs, UGX 454 billion to agriculture, and UGX 94 billion to women-led businesses. Through the Economic Enterprise Restart Fund (EERF), UGX 96 billion was extended to over 7,000 SACCOs, benefiting 2.6 million farmers.
The bank maintained a 19.5% market share in lending, affirming its leadership position. This strategic focus on real-economy sectors promotes inclusive growth while delivering commercial returns. Stanbic also leveraged digital credit tools to reach underserved customers with faster, more flexible loans.
The bank’s prudent underwriting standards ensured credit quality was preserved—keeping default rates and impairment charges well below industry averages. This cautious yet purpose-led lending approach has proven sustainable and scalable.
7. UGX 300 Billion in Dividends – Up from UGX 280 Billion (7.1% Growth)
In 2024, Stanbic recommended UGX 300 billion in dividends, up from UGX 280 billion in 2023, a 7.1% increase that underscores consistent shareholder value creation. The dividend payout includes UGX 140 billion already paid as interim and UGX 160 billion proposed as final, subject to AGM approval.
This performance reflects confidence in the Group’s strong earnings base, disciplined capital management, and future prospects. With earnings per share (EPS) rising from UGX 8.04 to UGX 9.34, Stanbic remains a top dividend-paying stock on the Uganda Securities Exchange (USE).
The bank’s dividend policy balances reward and reinvestment, ensuring it retains enough capital for growth while returning value to shareholders. The increasing dividend is also a signal to institutional investors and retirement funds seeking stable, long-term yields.
Stanbic’s dividend performance is underpinned by its consistent profitability, high return on equity, and growing revenue base.
8. Return on Equity (ROE) Rises to 24.3% – Up from 22.5%, Driven by Strong Profitability and Efficient Capital Use
Stanbic Uganda’s Return on Equity (ROE) rose to an impressive 24.3% in 2024, up from 22.5% in 2023, solidifying its position among the most profitable and efficient banks in the region.
ROE is a key performance indicator for shareholders, measuring how effectively the bank uses its equity base to generate profits. In 2024, Stanbic delivered UGX 478 billion in net profit, generated from UGX 2.05 trillion in shareholders’ equity, up from UGX 1.88 trillion in 2023.
This level of return is particularly noteworthy given the 9.2% growth in equity year-on-year, as it shows that the bank grew earnings faster than capital—improving capital efficiency.
The increase in ROE reflects not only profit growth but disciplined capital allocation. Stanbic maintained strong capital adequacy ratios while reinvesting in strategic growth areas such as digital infrastructure, subsidiary expansion, and sustainable lending. Its ability to deliver a high return on a growing equity base indicates that earnings are not merely cyclical but underpinned by long-term operating strength.
This performance is even more striking in light of the Group’s balanced approach to risk and return. Despite funding inclusive and developmental sectors—such as agriculture, SMEs, and women-led enterprises—Stanbic kept impairments low and returns high. The result is a business that balances purpose and performance without compromising profitability.
Investors and analysts alike look to ROE as a primary measure of shareholder value creation, and Stanbic’s consistent upward trajectory sends a strong signal of enduring strength and scalability. For long-term investors, a 24.3% ROE—combined with a rising dividend, growing earnings per share, and expanding equity—marks Stanbic as a leading blue-chip asset on the Uganda Securities Exchange.
9. UGX 427.8 Billion in Taxes Paid – Up from UGX 355 Billion (20.5% Growth)
Stanbic paid UGX 427.8 billion in taxes in 2024, up from UGX 355 billion in 2023, a 20.5% increase that cements its role as Uganda’s top financial sector taxpayer.
In addition to its direct contribution, the bank facilitated the collection of over UGX 10 trillion in government revenue, up from UGX 8 trillion, by supporting URA’s digital tax infrastructure.
These contributions play a vital role in funding national priorities including education, infrastructure, and healthcare. Beyond fulfilling regulatory obligations, Stanbic integrates tax compliance into its environmental, social, and governance (ESG) framework—viewing it as a key component of responsible business.
The scale and consistency of Stanbic’s tax payments underscore its transparent operations, high business integrity, and national economic relevance. Few institutions contribute so directly and substantially to Uganda’s fiscal base.
10. Shared Value: Empowering 3,000+ SMEs, 6,700 Women, and 2.6 Million Farmers with UGX 1.6 Trillion in loans.
In 2024, Stanbic Uganda embedded shared value at the heart of its business strategy by scaling up impact lending—a deliberate focus on extending affordable credit to the segments that drive Uganda’s real economy.
The bank deployed more than UGX 1.6 trillion in targeted lending across three critical groups: SMEs, women-led enterprises, and smallholder farmers.
First, UGX 973 billion was extended to micro, small, and medium enterprises (MSMEs) across sectors like trade, manufacturing, services, and agribusiness.
Through the Stanbic Business Incubator, over 3,000 MSMEs received capacity-building support and accessed UGX 76 billion in credit, up from UGX 51 billion in 2023.
These businesses generated over 21,000 jobs in total, with each enterprise creating an average of 7 jobs. Crucially, 43% of these MSMEs were assisted in formalizing, enabling better access to finance and government programs.
Second, Stanbic’s flagship Stanbic4Her programme championed financial inclusion for women entrepreneurs. Since its launch in March 2022, the initiative has disbursed UGX 173 billion, with UGX 94 billion lent to 6,700 women in 2024 alone—a 54.5% year-on-year increase.
Offered at concessionary interest rates of 15.5%, the loans are paired with training in business management and financial literacy. Over 3,400 women were trained in 2024, helping build sustainable, creditworthy businesses. This initiative addresses both capital and knowledge gaps, promoting gender equity in enterprise development.
Third, the Economic Enterprise Restart Fund (EERF) continued to transform Uganda’s agriculture sector by offering low-interest credit to SACCOs at 10% (for agriculture) and 12.5% (for general business). In 2024, Stanbic invested UGX 96 billion in EERF loans, pushing cumulative investment to UGX 170 billion since inception.
These funds were disbursed to nearly 7,000 farmer SACCOs, impacting over 2.6 million smallholder farmers. The funding helped farmers access inputs, mechanization tools, and markets—while enhancing productivity and household income.
Collectively, these impact lending programs signal a profound shift in how Stanbic defines success. The focus is no longer just on financial returns, but on unlocking human capital, supporting livelihoods, and accelerating inclusive economic growth.
By building the capacity of borrowers and providing tailored financial solutions, Stanbic is de-risking traditionally underserved sectors—making them investable and commercially viable.
As a result, the bank is not just Uganda’s largest commercial lender—it’s a development finance partner, driving the country’s transition from subsistence to sustainability.