Stanbic Bank has released its 2023 full year earnings report today (March 25), indicating a 15.2% surge in net profits to sh412b.

As per the disclosed figures, the total income for the fiscal year amounted to sh1.2 trillion, marking an increase from the about sh1 trillion previously reported. The uptick in income was predominantly driven by interest accruals from loans, government securities, as well as fees and commissions.

Anne Juuko, the outgoing CEO at Stanbic, said: “We continue to lend to key sectors of the economy that employ most Ugandans. Agribusiness topped the list with disbursements amounting to sh388b.”

During the review period, bad debts written off stood at sh90b, down from sh101b the preceding year. A loan is deemed impaired and written off once all reasonable efforts at recovery have been exhausted, with no expectation of material economic benefit from further collection attempts.

Non-performing loans concluded the year at sh118b, down from sh130b in 2022. The bank's provisions for bad debts saw a slight increase to sh69b from sh59b in 2022. Operating costs experienced a 17.86% rise to sh58b from sh495b in 2022.

The board of directors has proposed a final dividend for the year ending December 31, 2023, of sh3.03 per share (about sh155b), subject to regulatory approval.