The Independent (Kampala)

Uganda: Stanchart Nets 98 Billion Profits

Standard Chartered Bank Uganda has netted 98 billion profits for the year ended December 31, 2011 compared to Shs 73 billion recorded a year earlier, the bank's financial results have confirmed.

The results indicate that profits after tax grew by 34% from Shs73billion to shs98 billion. Total Assets grew by 8% from Shs1, 807 billion to Shs1, 958 billion. Loans and advances (net) grew by 27% from Shs 864 billion to Shs1, 099 billion, customer deposits grew by 8% from Shs1, 209 billion to Shs 1,302 billion and the shareholders' equity increased by 18% from Shs 271 billion to Shs229 billion.

The bank's managing director; Lamin Manjang said in a statement sent to The Independent that the year 2011 marked a major milestone in the history of the bank.

"We opened our doors to our first customers on Monday 12 August 1912. We are very proud to be the oldest bank in Uganda and to have had 100 years of uninterrupted service over this period," he said.

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