Stanbic Bank Uganda's Full-Year Profit Declines by 24% as Costs Increase

Standard Bank Group Ltd.’s Ugandan unit, the East African country’s largest lender, said full-year profit fell 24 percent as costs increased and earnings on investments declined.

Net income dropped to 72.1 billion Ugandan shillings ($30.4 million) in the 12 months through December, from 95.3 billion shillings a year earlier, Stanbic Bank Uganda Ltd. (SBU) said in a statement published in the Kampala-based New Vision newspaper today. Operating expenses climbed 34 percent to 225.2 billion shillings, it said.

Earnings on investments in securities fell 28 percent to 34 billion shillings after the Ugandan shilling depreciated, the bank said.
To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net