Stanbic bank registers loss of 6.6 billion

Stanbic bank Uganda CEO Ms Anne Juuko has revealed that the financial institution has registered a loss of 6.6billion following covid-19 pandemic according to Martin Luther Oketch of Daily Monitor. She explained that COVID-19 pandemic affected most of their clients’ businesses.

She further said the loss is for half-year assessment. The bank reduced its PLR during COVID-19 period to 16 per cent, which is the lowest of all active retail lending rate in Uganda. It is aimed at ensuring that its customers can benefit from low lending rates.

The loss registered in profit is after payment of 127.4 billion in tax which is 4.8% from 134.0 billion last year. However, deposits grew by 1.1 trillion which is 26.6% of year growth. The CEO attributed this growth to the bank’s strong client ecosystem engagement and simplified client onboarding.

Stanbic bank has over past 6 months registered an asset increase of 26.5% from 1.6 trillion to 7.7 trillion.

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