According to Stanbic Bank CEO Anne Juuko, the bank reported gross revenue of Shs 1 trillion and an after-tax profit of Shs 366 billion in 2022, indicating a 33% increase year over year.
She said this as the bank revealed Stanbic Holdings Limited’s 2022 annual results.
Juuko credited this success to the numerous bank channels and Flexi Pay, which serve more than a million customers, and noted that the bank had paid shs 272 billion in taxes.
Due to the bank’s investment in financial inclusion initiatives, she claimed, it saw a 30% rise in transaction volume in 2022 and increased its customer base to over a million through the combination of traditional bank accounts and FlexiPay.
Additionally, the lender earned Shs 7.5 trillion for the government, or 33% of all bank remittances.
Customer accounts increased by 6.8% year over year to Shs 6.1 trillion from Shs 5.7 trillion, while total assets increased by 3.9% to Shs 9.0 trillion. Net loans and advances increased to Shs 4.1 trillion from Shs 3.7 trillion.
Juuko claimed that the lender’s efforts to spur Uganda’s development directly and tangentially benefited millions of Ugandans and helped customers recover economically from the effects of the Covid-19.
The bank is happy with its contribution to the economic recovery success stories of its customers recorded in 2022, the majority of which are a result of continued dividends of Covid-19 interventions implemented between 2020 and 2021, the spokesperson said, despite the emerging challenges in the economy.
“As a result of the economic recovery of our customers, we saw a 9.8% growth in demand for new credit in 2022 with the volume of disbursed loans increasing to 77,819 worth Shs 4.0trillion from 63,639 approved applications worth Shs 3.7 trillion disbursed in 2021,” said Juuko.
The bank added that more than 18,500 women received training in the fundamentals of bookkeeping, tax filing, and accounting through its Stanbic for Her program, which was launched in 2022 with assistance from the International Finance Corporation (IFC), giving them the assurance to run their businesses.
“It gives us great pleasure to also report that over 11,000 small businesses have opened accounts with us in the past year, and that over 1,800 of them have already benefited from access to affordable credit at rates as low as 15.5 per cent, to the tune of over Ush. 30 billion,” said Juuko.