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    SBU   UG0000000386

STANBIC UGANDA HOLDINGS LIMITED

(SBU)
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Stanbic Bank Uganda Profits Drop By $1.80 Million

08/28/2020 | 10:06am EDT

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 year on year growth registered across our varied client segments on working capital and term financing." Ms Juuko added

Stanbic bank's total assets grew by 26.5 per cent from $1.7 billion to $2.1 billion in the half year period. Its total income increased by $ 6.26 million a 5.6 per cent increase over the same period in 2019.

Non Interest Revenue (NIR) dropped due to business disruptions occasioned by the pandemic while Net Interest Income (NII) registered growth off the back of larger interest earning investments.

During the same period under review, its costs increased by $3.38 million compared to 2019.

While speaking on Credit Relief programmes, Ms Juuuko said: "We offered credit relief programmes to companies and personal customers to minimise the impact the pandemic would have on their businesses. We also waived all charges on our digital banking platforms so that customers transacted free of charge."

Despite the difficult environment due the pandemic, Stanbic bank Uganda managed to lower its interest rate in response to the Bank of Uganda monetary policy rate.

We lowered our PLR twice during the period to 16 per cent which is one of the lowest PLRs of all active retail financial institutions in Uganda. Our aim is to ensure our customers can benefit from more affordable lending rates." She added

Copyright The Exchange. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
STANBIC HOLDINGS PLC 0.00% 80 End-of-day quote.-5.88%
STANBIC UGANDA HOLDINGS LIMITED 1.31% 27 End-of-day quote.17.39%
STANDARD BANK GROUP LIMITED -3.12% 127 End-of-day quote.-0.06%
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Financials
Sales 2020 766 B 0,22 B 0,22 B
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 1 382 B 391 M 391 M
Capi. / Sales 2020 1,80x
Capi. / Sales 2021 1,62x
Nbr of Employees 1 612
Free-Float 100,0%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Average target price 36,65 UGX
Last Close Price 27,00 UGX
Spread / Highest target 38,1%
Spread / Average Target 35,7%
Spread / Lowest Target 33,3%
Managers and Directors
NameTitle
Samuel Fredrick Mwogeza Chief Financial Officer
Japheth Katto Non-Executive Chairman
Herbert Olowo Chief Information Officer
Patricia Nshemereirwe Head-Operations
Barbra Dokoria Head-Compliance