Stanbic Bank Uganda Reports 69 percent profit climb

4-April-2012

Stanbic Bank Uganda Ltd. (SBU), the nation’s biggest lender, said profit climbed 69 percent last year after it boosted loans.

Net income rose to 121.7 billion shillings ($49 million) from 72.1 billion shillings in 2010, the Kampala-based bank said in a statement published in the New Vision newspaper today.

Loans and advances climbed 25 percent to 1.5 trillion shillings last year, while interest accruing from loans to customers advanced 68 percent to 266.7 billion shillings, the bank said.

Retained earnings rose 41 percent to 293.5 billion shillings, it said.

Stanbic Uganda is a unit of the South African-based Standard Bank Group Ltd. (SBK), Africa’s biggest lender.