Stanbic Uganda Holdings Limited (SUHL) has today revealed its impressive financial results for 2024, showcasing not only its robust profit but also its pivotal contribution to Uganda’s economy through taxation.
With a profit after tax (PAT) of UShs 478 billion, the institution stands as a pillar of financial stability and growth in the region.
Financial Performance and Tax Contribution
Stanbic Uganda, the parent company of several subsidiaries, has emerged as the leading taxpayer in the financial services sector, paying an outstanding UShs 427.8 billion in taxes. This figure marks a remarkable increase from the UShs 355 billion paid the previous year, illustrating SUHL’s commitment to supporting the nation’s fiscal objectives.
“These tax contributions are crucial in assisting the Uganda Revenue Authority (URA) to collect over UShs 10 trillion, a significant increase from UShs 8 trillion in 2023,” stated Francis Karuhanga, the Chief Executive of SUHL. His sentiment reflects the essence of Stanbic’s mission: to drive growth by supporting domestic revenue mobilization, which is vital for fulfilling the country’s development plans.
Supporting Key Sectors
Stanbic’s financial contributions do not stop at tax payments. The bank is actively involved in empowering local sectors, particularly agriculture and female entrepreneurship. In 2024, Stanbic Uganda directed UShs 454 billion towards agricultural financing, inclusive of UShs 170 billion to farmer cooperatives (SACCOs).
Karuhanga added that by providing low-interest loans through the Economic Enterprise Restart Fund (EERF), Stanbic has played an essential role in revitalizing smallholder farming, bolstering food security, and enhancing livelihoods for over 2.6 million members.
In parallel, the Stanbic4Her initiative made substantial strides by lending UShs 173 billion to women entrepreneurs since its launch. In 2024 alone, UShs 94 billion was extended to 6,700 women-owned businesses, marking a 54.5% increase from the previous year. This program not only highlights the critical economic role women play but also equips them with necessary skills through business training and management resources.
Empowering SMEs
Small and medium-sized enterprises (SMEs) are another focal point for Stanbic Uganda, which allocated UShs 973 billion in credit to SMEs, including UShs 76 billion facilitated through the Stanbic Business Incubator. This initiative aided over 3,000 businesses in accessing crucial funding and helped create approximately 21,000 new jobs, thus addressing unemployment and bolstering the economy.
Looking ahead, Karuhanga emphasized Stanbic Uganda’s commitment to sustainable growth and innovation.
“As we navigate the evolving market dynamics, our focus remains on promoting financial inclusion and creating long-term value for our stakeholders,” he remarked, capturing the essence of Stanbic’s role not only as a financial institution but as an integral partner in Uganda’s economic journey.
Stanbic Uganda’s extensive contributions highlight the importance of taxes in shaping a prosperous economy. As they continue their trajectory of growth, the ripple effects on the agricultural sector, women empowerment, and SMEs underscore the profound impact of responsible corporate citizenship on national development.
