Stanbic Escapes Covid with UGX162Bn Profits, Breathes UGX1.4Tns into Economy, Grows Deposit Base to UGX1.6Trns!

Uganda’s leading financial institution, Stanbic Bank’s half year books of accounts are really impressive and mouth-watering as well. That the bank has pulled this big feat in the face of the business deter in Corona Virus, makes Stanbic’s sweet story even sweeter. Let us now go ahead and present the figures, for figures speak louder than words, and the same don’t lie too.

Stanbic has put into the economy a staggering one trillion plus over four hundred billion shillings via loans issued out in just the past six months under review. The biggest beneficiary of the generous Stanbic in terms of loans has been the manufacturing sector. While many banks are averse to putting money into the agriculture, fortunately, Stanbic isn’t one amongst such banks. For that matter, they lent to the agriculture sector of the economy, a staggering three hundred and twenty-three billion and in only six in six months. This would make agriculture to be the third beneficiary of Stanbic’s big generosity next only to manufacturing and trade in that order

Trade ate out of the generous palms of Stanbic too. This, as evidenced by the sector’s take home of a six hundred and four billion shillings in loans. While going about helping our economy with hundreds of billions of cash, the bank was also justifiably making money. To this end, the bank made a cool one hundred and sixty-two billion shillings in profit. Up from one hundred plus one hundred and fifty-eight billion shillings recorded over the same period last year. Not only those dear readers. Stanbic has also managed to up its deposits from five hundred and seven trillion, to a staggering six and two trillion shillings.

Food for thought: What then does this statement from Stanbic tells to us? That the bank is strong than even plagues such as Corona Virus. It would thus follow as day follows night that Stanbic is the bank of choice than any other around. Don’t argue, for, figures do not tell a lie. The how’s! Stanbic has learnt over time not to put all their eggs in one basket. So, the bank has been putting a lot of emphasis into diversification. The other ventures which the bank has put up already and counting, include Stanbic Properties. The other is SBG Securities. Uganda Stanbic Business Incubator is the third one. Fly Hub Uganda is yet another one.

Let’s now here from the horses’ own mouths themselves. Stanbic’s Chief Executive, Ann Juuko shares how the six months has been a mixture of head and tail of wind. Such wind has affected both the global and local economy and all sectors of the economy. “We resolved to focus on delivery of products and solutions attuned the times keeping the customer at the center and being relevant to the community we serve,” Juuko offers.

Juuko reasons that doing the foregoing, has helped them to join hands with the customer to help recovery of the economy as a whole. Fellows Chief Executive, Andrew Mashanda while agreeing with Juuko, that the sister ventures which the bank has been going into, have helped the bank to make more money and staying afloat in face of storms such as Corona Virus. Congratulations everyone at Stanbic. May you keep prospering and continue to prove to the doubters that you are the bank of choice as you assist our economy to grow bigger and bigger as you too grow bigger and bigger.