Stanbic Uganda Holdings Limited (SUHL), the country’s largest financial services group, has posted a robust financial performance for the first half of 2025, recording a profit after tax of Ushs 278 billion and paying Ushs 273 billion in taxes.
The results represent an 18% rise in profits compared to the same period last year, underscoring the bank’s resilience in a challenging economic environment.
Taxes paid also jumped significantly, up 37% from Ushs 198 billion in the first half of 2024, reflecting both commercial strength and the group’s role in supporting Uganda’s fiscal sustainability.
Strong Financial Contribution
Francis Karuhanga, Chief Executive Officer of Stanbic Uganda Holdings Limited, said the results demonstrated the group’s dual purpose of business growth and national development.
“Our strong half-year performance reflects not just sound business execution but also our unwavering commitment to driving Uganda’s growth,” Karuhanga noted.
“Paying Ushs 273 billion in taxes is a tangible demonstration of how our commercial achievements translate into critical support for the country’s fiscal objectives. Additionally, we also facilitated over Ushs 5.8 trillion in tax payments through our banking channels on behalf of the Uganda Revenue Authority, underscoring our critical role in mobilizing domestic resources for development priorities,” he added.
This level of tax contribution places Stanbic among Uganda’s top corporate taxpayers and cements its place as a key partner in financing national infrastructure, social services, and economic transformation.
Growth Across Core Segments
The group’s anchor subsidiary, Stanbic Bank Uganda, registered strong growth across all its main business segments.
Chief Executive, Mumba Kalifungwa attributed the performance to innovation, customer-centric solutions, and disciplined risk management.
“Our strategic focus on innovation, customer-centric solutions, and disciplined risk management enabled us to grow lending and deposits significantly during the period,” Kalifungwa said.
He continued and said that the Corporate and Investment Banking delivered a 17% increase in lending and a 52% rise in deposits, while our Personal and Private Banking and Business and Commercial Banking units also posted robust growth.
“This balanced momentum demonstrates the resilience and broad appeal of our products and services, enabling us to meet the diverse needs of Uganda’s economy,” he added.
Kalifungwa also highlighted the bank’s role in channeling credit to priority sectors. “We have injected Ushs 288 billion of new capital into local businesses, bringing the total SME loan book to Ushs 968 billion. Of this, Ushs 144 billion was directed to women-owned enterprises, while Ushs 65 billion went to small-scale farmers. Agriculture as a whole received cumulative financing of Ushs 398 billion. These are proof points of how we are aligning our strategy with the national growth agenda,” he explained.
Efficiency and Returns
Ronald Makata, Chief Financial and Value Management Officer at Stanbic Uganda Holdings, said efficiency was central to the strong performance.
“The Group’s performance is a clear testament to the resilience of our diversified business model and prudent financial management,” Makata said.
“Our cost-to-income ratio is well below 50% and credit losses are tightly managed at just 0.2%. The result is a 27% Return on Equity, supported by improved non-interest revenue streams, which positions us well to meet the ambitious targets set for 2025 while continuing to deliver value to shareholders and stakeholders alike,” he continued.
He added that revenues grew by 7.5% compared to the same period in 2024, driven by a 12.9% expansion in loans and advances, improved utilization of working capital, and increased activity in the custody and investment services business.
“Our deposits have grown by 28.9%, the highest in years, reflecting the strong confidence clients have in our brand. This performance speaks to the strength of our client value offerings and the ongoing investment in customer experience,” Makata said.
A Broader National Role
The executives noted that Stanbic’s role extends beyond balance sheets. By directing credit to entrepreneurs, youth, women, and farmers, the bank is actively shaping Uganda’s inclusive growth journey.
Its cumulative SME financing and agriculture lending demonstrate alignment with national development priorities, particularly in driving wealth creation, job growth, and export competitiveness.
Kalifungwa emphasized that risk management in areas such as cyber security and operational resilience remains a priority.
“As the financial services sector evolves, we are focused on managing cyber and operational risk while executing our growth strategy. This has helped us sustain strong organic growth and deliver attractive returns,” he said.
Looking Ahead
As part of the Standard Bank Group the largest lender in Africa by assets Stanbic Uganda says it will continue leveraging its scale, innovation, and deep client relationships to sustain its market leadership.
Karuhanga said the focus for the remainder of 2025 would be to consolidate gains and deepen support to Uganda’s economy. “We are confident in delivering continued attractive growth and increased returns as we focus on executing our strategy. Our commitment remains anchored on using finance as a force for good to enable inclusive, sustainable development with a focus on women, youth, and farmers.”
About Stanbic Uganda Holdings
Stanbic Uganda Holdings Limited is a diversified financial services group listed on the Uganda Securities Exchange and a subsidiary of Standard Bank Group.
The group comprises Stanbic Bank Uganda, SBG Securities, Stanbic Properties Limited, and the Stanbic Business Incubator. Its purpose is to “Drive Uganda’s Growth” by deploying finance as a catalyst for inclusive and sustainable development.