The bank, which is reporting for the first time as Absa brand after it completed transition from Barclays last November, also grew its assets to 3.4 trillion from 2.8 trillion Shillings in 2018. This is a testimony that the transition period, which started in 2016 as Barclays PLC sold its interest in Barclays Africa has not had any negative impact on the bank’s performance.
Stanbic Bank Chief Executive Officer, Patrick Mweheire described the results as a solid performance in a challenging but improving economic environment. He said the surge in profit was driven by the Banks support to trade and infrastructure developments with an excess of one trillion Shillings.
The Chairperson of Uganda Bankers Association has defended commercial banks against claims that they make abnormal profits at the expense of their customers. Fabian Kasi, also the chief executive of Centenary Bank, Ugandas third biggest bank, said the so-called huge profits made by Ugandan banks are only three to four percent of their assets, meaning they are not abnormal in real terms.