Standard Chartered Bank, Absa register strong results

Absa Uganda is part of the Absa Africa Group headquartered

Kampala- Standard Chartered Bank has posted strong growth for the year ended December 13, 2019, registering a 29.8 per cent increase in profits to Shs124b up from Shs98.084b registered in 2018.

Operating income for the period grew by 15 per cent to Shs461b while total income grew by 15 per cent.
Total assets grew by 8 per cent while customer deposits increased by 11 per cent.

Mr Albert Saltson, the Standard Chartered Bank chief executive officer, said the bank had managed to post well spread growth across its various segments and products.

“We took significant steps to reshape our business by implementing our refreshed strategic priorities,” he said, noting the bank had positioned itself to disrupt and transform with the digital era to reinforce market leadership, improve its productivity and leverage on its global network to capturing new opportunities.

Meanwhile, Absa, which completed a brand transition from Barclays recently, saw a 13 per cent growth in profit levels from Shs69b in 2018 to Shs78b in the period to December 31, 2019. The bank’s revenues grew by 19.4 per cent from Shs339b in 2018 to Shs405b.
Mr Mumba Kalifungwa, the Absa managing director, said the bank had and will continue to drive cost efficiencies and manage its portfolio quality as a base for strong earnings.

“We earned more revenue by strategically diversifying income streams and developing a good asset mix which delivered a strong competitive advantage,” he said.
Absa realised a 13 per cent growth in customer assets with lending increasing to Shs1.334 trillion in 2019 from Shs1.178 trillion in 2018.

The bank has been spending hugely in its digital channels such as enhanced internet banking, agency banking and launched a fully digital branch last year.