Standard Chartered Bank Uganda Ltd (StanChart) has overcome the economic headwinds in 2016 to post an impressive Shs112.1bn net profit, up from Shs28.3bn recorded in 2016. This represents 296.1% growth. According to the bank’s audited financial results for the year ended December 2016 released on Thursday, customer deposits increased by
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United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members, reinforcing its commitment to human capital investment and career progression despite the current challenging operating circumstances. Promotions were made across UBA’s global network. In a letter written on Monday,
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Many people have brilliant business ideas that never materialise due to limited funding. Quite often, these lack collateral and other key requirements to obtain a bank loan. However, besides banking, there are many alternative sources of financing your business. Business Focus brings you the top nine (9) alternative sources of
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Uganda’s Central Bank, the Bank of Uganda (BoU) has announced that all licensed commercial banks can henceforth have direct access to the primary market for Government security operations. This means all 24 commercial banks licensed by BoU are now eligible to open Central Securities Depository (CSD) accounts at BoU for
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In August 2016, Kenyan President Uhuru Kenyatta signed into law a bill limiting how much interest banks can charge for loans, despite assertions by top government officials that the legislation would damage access to credit in East Africa’s biggest economy. Lawmakers in the nation, which eliminated interest-rate limits in July
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Stanbic Bank Uganda (SBU) is set to recruit 1,000 agents as Ugandan banks ready themselves to embrace a new model of banking-agency (agent) banking, Business Focus has established. This was revealed by Patrick Mweheire, the SBU Chief Executive Officer at the side-lines of a press conference to announce the bank’s
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Stanbic Bank Uganda (SBU) has posted Shs191bn net profit in 2016, up from Shs151bn recorded in 2015. This represents 25% growth. This was revealed Wednesday morning at Serena Hotel, Kampala by the bank’s top management during a media presentation of the bank’s financials for 2016. Like many other banks, Stanbic
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Diamond Trust Bank (DTB) Uganda has significantly written off loans worth Shs34.4bn in 2016, up from Shs5.9bn in 2015, Business Focus reveals. This is contained in the bank’s financial results for the year ended 2016 released last week. As a result of the high Non-Performing Loans (NPLs)affecting the banking industry
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KCB Group has posted UShs1.01trn in Pre-Tax profit for year ending December 31, 2016, up from UShs923.7bn recorded in 2015, representing 10% growth. KCB Group CEO and MD, Joshua Oigara, attributed the improved performance to the bank’s continued and deliberate focus on growth, efficiency, and value creation for shareholders. The
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dfcu Bank has recorded Shs46.2bn net profit in 2016, up from Shs37bn in 2015, representing a growth of 25%. According to dfcu’s financial statements released on Tuesday, loans advanced to customers increased slightly to Shs842.4bn in 2016, up from Shs806.4bn in 2015. This slow growth in lending could be attributed
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