Uganda: Stanchart Posts $3.6 Billion Profit in First Half of 2011

Kampala — Standard Chartered Bank Uganda has posted about Ush9 trillion ($3.6b) in profits in the first half of the year as it continues to emerge as one of the biggest foreign banks operating in Uganda.

Mr. Lamin Majang, the bank's Chief Executive Officer, indicated that this was about 17% increase compared to the profits that were registered in the first half of 2010.

The bank posted Ush22 trillion ($8.8b) income for the first half of 2011. This was up by 11% of the incomes the bank recorded for the first half of 2010.

Majang was speaking in Kampala during the launch of the 2011 "Yoola Omudidi", which he said is amplified just like the recently concluded Big Brother Africa that was amplified in South Africa.

"This campaign is to reward our loyal customers who have kept faith in us.

This year, Standard Chartered Bank has partnered with new airliner in Uganda, Turkish Airlines, Toyota Uganda, Multi Choice (DSTV) and Samsung to award 3 brand new Toyota Hiluxes and four people will travel to the United Kingdom to watch Liverpool play at Anfield.

Meanwhile dfcu Bank also posted an impressive mid year results highlighting a strong performance in its key business fundamentals as at June 2011.

The net profit after tax grew to Shs14.2 bn; an increase of 23% compared to June 2010, customer deposits grew by 36 % to Shs568 bn, compared to Shs419 billion as at 30 June 2010.

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