Browsing: Banks in Uganda

Regional Financial Services Group, I&M Group PLC has announced an increase of 33 per cent after-tax profit for its 2021 half-year financial results up from UGX 102.5 billion to UGX 134.6 billion.  

In a statement, the Group says its Total Assets recorded a growth of 12 per cent to close at UGX 12.2 trillion up from UGX 10.9 trillion in June 2020, bolstered by expansion into Uganda and increased private and public sector lending.

The Group adds that the acquisition of Orient Bank Ltd (OBL) in Uganda has expanded the Group’s balance sheet by UGX 753 billion as of the reporting date.

Net interest income also recorded growth of 28 per cent to UGX 285.2 billion up from UGX 221.1 billion in June 2020 attributed to increased interest income from government securities.

The Group’s total Non-Funded Income reduced by 6 per cent to UGX 124.9 billion from UGX 134.6 billion.…

Stanbic Bank Uganda profits dropped by $1.80 million in the first six months of due to the impact of Covid-19 on the businesses of its clients.

The bank’s Chief Executive Officer, Ms Anne Juuko, said despite the difficult operating environment, Stanbic’s performance in the first six months of the year has shown the banks resilience and commitment to implementing a vigorous strategy in the current economic conditions.

“We reported Profit after Tax of Shs127.4 billion, 4.9 per cent down from Shs134.0 billion in the previous year, due to the impact of Covid-19 Pandemic on clients’ business,” she said.

Stanbic Bank customer deposits from January 1, 2020 to June 30, 2020 grew by $299.64 million which represents a 26.6 per cent year on year growth.

”This growth was enabled by our strong client ecosystem engagement and simplifying client onboarding. Loans and advances increased by Shs661 billion, which represents 24 per cent …