Stanbic Bank Reports Record Profit in 2023, Driven by Innovative Lending Schemes

Bank's Focus on Inclusive Financing and Corporate Social Investment Pays Off

Stanbic Bank Reports Record Profit in 2023, Driven by Innovative Lending Schemes

Stanbic Uganda Holdings Limited announced its annual results for the year ended 31 December 2023, revealing a remarkable achievement in profitability and impactful corporate initiatives.

The financial conglomerate reported a staggering UShs 412 billion in Profit After Tax, marking a significant 15.2 percent year-on-year growth.

The stellar performance was largely attributed to the success of innovative lending schemes, particularly the Stanbic4Her initiative, which disbursed credit worth UShs 80 billion to women-owned businesses.

The bank's commitment to inclusive financing extended to smallholder farmers and civil servants, with flexible loan terms and increased access to credit for pressing needs such as education and healthcare expenses.

In addition to its financial accomplishments, Stanbic demonstrated a strong dedication to corporate social responsibility, investing over Shs 4 billion in Corporate Social Investment (CSI) programs.

These initiatives focused on education, environment conservation, and healthcare, including the Corporate Society for Safe Motherhood, which reached over 100,000 pregnant women.

The bank's efforts to deepen financial inclusion were evident as the number of Ugandans accessing financial services through FlexiPay wallets more than doubled, reaching over 840,000 in 2023.

Furthermore, Stanbic prioritized support for local suppliers, with the value of supplies sourced from local vendors increasing to UShs 169 billion.

Stanbic's commitment to empowering local businesses was exemplified through the Stanbic Business Incubator, which provided capacity-building training to over 900 enterprises.

The Incubator's efforts were recognized by the Uganda National Oil Company, naming it the best local content partner for its contribution to local enterprise development in the oil and gas sector.

Stanbic bank solidified its position as a leading employer and supporter of local sports in Uganda. With nearly 2,000 employees, the bank received accolades for its sustainability efforts, winning awards such as Best Sustainability Report at the PRAU Excellence Awards and Most Admired Financial Services Brand in Uganda by various prestigious organizations.