Stanbic Bank Chief Executive Patrick Mweheire

Stanbic Bank said on Wednesday its half-year profit before tax jumped 4 percent, compared to the first six months of 2017, helped by higher non-interest income.

According to the results published, the bank earned Shs133 billion compared to 128.5 billion for the first half last year.

“The slight uptick in profit is largely attributed to growth in non-interest revenues supported by growth in customer transactions,” the statement said.

Earnings from fees and commissions were up at Shs71.7 billion, from 66.4 billion.

Patrick Mweheire, the bank’s chief executive, said in comments published with the results that there was a rebound in private sector credit flow after a slow growth in the last couple of years.

Credit uptake was rebounding for a range of sectors including agriculture, manufacturing and service.

Uganda’s central bank-Bank of Uganda cut its policy rate to 9 percent in February, the lowest since policymakers began using inflation-targeting monetary policy in 2011.

BOU is keen to accelerate faster credit flow and revive economic growth which has drifted around 4 percent in recent years, compared to the potential of 7 percent as the central bank says.