Stanbic Bank Uganda half-year profits up 57%

Stanbic Bank Uganda has released unaudited half-year results showing net profit up 56.9%, while total operating income rose 28%.

Net profit for the first half of the year was Shs107.29 billion, compared to Shs68.37 billion last year. Total operating income also rose to Shs334.42 billion from Shs261.22 billion last year.

The results¬†show a 56.92% rise in earnings per share to Shs4.19 from Shs2.67 last year. Stanbic Bank Uganda’s share price has declined 15.63% since the start of 2016 and in the past one year.

Shareholders equity rose 34.52% to Shs627.32 billion from Shs466.32 billion in 2015.

The bank registered a 22.41% growth in customer deposits to Shs2,838.85 billion compared to Shs2,319.07 billion on 30 June last year. Customer deposits also rose 16.42% between 31 December 2015 and 30 June 2016.

Total taxes paid in the first half of 2016 rose 18.57% to Shs29.12 billion compared to Shs24.56 billion in the same period last year.

Stanbic Bank Uganda is the second listed local company to release its half year results for 2016 after British American Tobacco Uganda Limited, which released its results last month.