PML Daily reported that loans and advances at Stanbic Bank, Uganda, grew by 27 per cent from UGX 2.8 trillion to UGX 3.6 trillion, according to Andrew Mashanda, Chief Executive of Stanbic Uganda Holdings Ltd.
Besides delivering Stanbic Bank Uganda 2020 results, Mr. Mashanda also released the bank’s key measures and successes for 2020.
“This is the first phase of our strategy of transforming the franchise here in Uganda into the leading digital platform services organization, which is now well on course. The anchor subsidiary is Stanbic Bank Uganda Limited. We have now established Stanbic Properties Uganda Limited, a real estate business, Stanbic Business Incubator Limited, Fly Hub Uganda Limited, a technology business that is the bedrock of our digital platform services organization, and SBG Securities Limited, which is a stockbroking and asset management business,” PML Daily quoted Mashanda.
How Stanbic Bank Uganda made it Back on Top
Stanbic Bank Uganda’s Chief Executive Officer, Anne Juuko, said that their goal is to ensure their customers benefit from more competitive lending rates. They have also provided credit relief programs to their customers in response to COVID–19 challenges.
“We increased our support to the community and invested over USh 3.9 billion through our CSI programs. We made donations to frontline health works in collaboration with the Ministry of Health, contributed food and supplies to local communities where we operate, and continued to provide support in the areas of education, environment and maternal health,” PML Daily quoted her as saying.
Stanbic Bank invested UGX 3.9 billion in Corporate Social Investments for Communities in 2020. This initiative earned the bank a 70% increase from UGX 2.3 billion earned in 2019.
Stanbic Bank consistently lowered the prime lending rate from 18% to 16% in tandem with the Central Bank Rate (CBR). This was to supplement government initiatives to provide relief to customers during the pandemic. Customers saved UGX 26 billion in interest costs because of this.
According to PML daily, the institution acknowledges that 2020 was a tough year, citing the pandemic. Despite the difficulties, Stanbic Uganda Holdings showed resilience and delivered commendable services. Customer deposits increased from UGX 4.7 trillion to UGX 5.4 trillion. This supported new credit to key sectors in desperate need of help.
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