By Namugerwa Martha

 

Stanbic Bank Uganda continues to lead across key banking metrics like loans, customer deposits, revenue and profit after tax in Uganda.

Patrick Mweheire the chief executive of Stanbic bank said this during the stanbic Bank annual general meeting today, that the company did not grow on loans and balances in 2016 but it grew number one position on advances and deposits.

“In the past six years, Stanbic Uganda has paid out an average of 42.7% of net annual income in dividends to shareholders,” Mweheire said.

He added that they put into consideration adequate capitalization in order to be able to withstand global and industry shocks in paying out dividends.

“We have the highest price in the region to book ratio by 2.2x, and return to equity of 30% with the highest dividend yield,” Mweheire added.

Mweheire further added that the board recommended a dividend of shs60 billion payout which is equivalent to shs1.17 divident per share, which is a 50% increase from the shs40 billion paid for 2015.

“Stanbic bank has dropped 5 points to 19.5 % which has increased on the company’s income making it grow its total income by 21% and its profits after tax by 27% and reduced its credit loss to 0.3%,” Mweheire stated.

Addition to that Mweheire said that the customer deposits grew by 25% in 2016 up to shs3.1 trillion from 2.4 trillion in 2015.