Standard Chartered
EC Village Verification

Standard Chartered Bank has released its financials for the year 2021, showing the bank increased its gross profit by 36.9 percent to about Shs123.2 billion from about Shs90 bn earned in 2020.

The financial statements however show that customer deposits dipped by 8.7 percent to Shs2.5 trillion from the high of about Shs2.7 trn.

Loan advances also dropped in 2021 by 1.9 percent to about Shs 1.22 trn from Shs 1.24 trn advanced in 2020.

Stories Continues after ad

Non-performing loans for the bank came down to about Shs 20.6 bln from about Shs22.6 bln in 2020.

Total assets in 2021 declined to about Shs3.7 trn from about Shs3.8 trn in 2020.

Moses Rutahigwa, Head Consumer, Private& Business Banking says the bank offers best digital solutions.

“We have maintained leadership in offering best in class digital solutions to the people of Uganda,” adding that over 91 percent of client transactions are now happening on non-branch channels.

Bank of India Uganda

Meanwhile, Bank of India Uganda saw its gross profit earnings go up by 22.4 percent to about Shs10.4bln in 2021 from about Shs8.5bln earned in the previous year.

Its customer deposits grew by 2.6 percent to about Shs224bln from about Shs 218.8bln in 2021.

The bank’s financial statements show that loan advances surged by 0.8 percent to about Shs 181.7bln in 2021 from about Shs 180.3bln in 2020.

Its total assets increased to about Shs 362.8bln during the year under review from about Shs 333.3bln in the previous year.

Non-performing loans [NPLs] sharply surged by 72.7 percent to bout Shs 3.8bl in 2021 from a low of about Shs 2.2bln in 2020.

In 2021, the bank would write off bad loans worth about Shs 1.6bn though it did not report the bad loans written off in 2020.