Kampala, Uganda – Housing Finance Bank has announced a profit after tax of Shs65.1 billion for the financial year ended December 31, 2023. The Bank attributed the 11.3% year-on-year growth in net profits to digital transformation and revenue diversification efforts.

In the period under review, Housing Finance Bank also demonstrated significant growth in other key parameters, with total assets growing by 32.1% to Shs2.14 trillion, customer deposits increasing by 44% to Shs1.611 trillion, loans and advances rising by 28% to Shs996 billion and core capital over and above Bank of Uganda’s minimum capital requirements at Shs273.8 billion. These figures underscore the Bank’s commitment to expanding its customer base and enabling sustainable home ownership and financial independence.

David. G. Opiokello, Chairperson of the Board of Directors at Housing Finance Bank, implied that the commendable results were driven by the prudent implementation of the initial phase of the Bank’s 2023 – 2027 strategic plan. “Despite operating in a challenging economic environment driven by relatively high inflation, we achieved resilient growth across all key financial metrics which resulted in our largest net profit to date and a 19.4% return on equity that attests to our efficient utilization of shareholder capital to generate favorable returns,” he said.

He added that this growth was complemented by significant investments in the Bank’s risk management and cybersecurity framework to safeguard customer deposits and transactions and an expansion into microfinance and digital lending avenues to diversify the Bank’s revenue streams that resulted in a 27.7% growth in total income to Shs329 billion.

Micheal Mugabi, Managing Director at Housing Finance Bank, articulated the Bank’s continued focus on utilizing digital technology to enhance customer experience. “We remain committed to leveraging digital technology, from upgrading our core banking system to transitioning from traditional to recycler ATMs, with the overall goal of ensuring seamless transactions, enhancing customer convenience and reducing the cost of transacting which paves the way for deepening financial inclusion,” he said.

In addition to its stellar financial performance, Housing Finance Bank remains focused on integrating social, economic and environmental considerations into its business operations and practices upon receiving a certificate of acceptance to the Sustainability Standards and Certification Initiative (SSCI) during the 10^th Global Sustainable Finance Conference held in Karlsruhe, Germany in August 2023.

Throughout 2023, Housing Finance Bank intensified its impact initiatives in education, innovation, and housing through strategic partnerships with organizations such as the National Social Security Fund, StartHub Africa, Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Habitat for Humanity, and the Buganda Kingdom that reflect the Bank’s dedication to community development.

Micheal Mugabi emphasized the Bank’s continued pursuit of a sustainability strategy with a focus on climate change and inclusive lending. “This strategy will translate into initiatives such as climate action and development of inclusive lending solutions. By prioritizing these values, we believe we can ensure sustainable economic growth as well as create a lasting impact on housing access, SME financing, and the overall wellbeing of the communities in which we operate,” he said.

The Bank also received several recognitions during the financial year under review such as the Gold Award under the United Nations Development Programme (UNDP) Gender Equality Seal (GES) Programme for Private Enterprises in recognition of its commitment to advancing gender equality and empowering women through internal measures.  Additionally, the Bank received the Mortgage Banker of the Year Award at the 2023 Real Estate Awards organized by the Association of Real Estate Agents Uganda for its work in advancing access to mortgage financing to Ugandans.

Looking ahead, Housing Finance Bank aims to continue fulfilling its mandate of providing accessible and affordable housing finance solutions for Ugandans, aligned with its strategic plan, through collaborations and partnerships across both public and private sectors within the housing value chain, as well as in other pivotal sectors such as manufacturing, agriculture, education, health, trade, and tourism, in line with its aspirations of contributing to Uganda’s socioeconomic transformation.

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In a spirited clash of intellect and creativity, Uganda’s top schools are gearing up to tussle for top prize in the Stanbic National Schools Championship (NSC), now in its ninth season. The stage is set, the stakes are high, and the nation’s brightest minds are ready to battle for the coveted title.

The giants assemble: A battle beyond the classroom

Namilyango College, St. Mary’s Kisubi, Gayaza, Nabbingo, Mengo, are just a few among several esteemed institutions converging to showcase their brilliance. These schools, representing diverse social strata, are in it to prove that their prowess extends far beyond the confines of textbooks, classrooms and lecture halls.

At least 158 secondary education colleges from across the country have been cleared to compete in this edition. Annually, over 60,000 students from more than 100 Ugandan secondary schools participate in the various skilling challenges covering career growth and development, financial education, business and entrepreneurship, teacher training and capacity development, and psychosocial wellness.

A Legacy of excellence

Over the past years, various schools have etched their names in the annals of academic achievement. Their students have excelled not only in academics but also in innovation, entrepreneurship, and community impact. From groundbreaking projects to ingenious business ideas, they’ve demonstrated that brilliance knows no boundaries.

The championship kicked off with a grand ceremony last week, where the air buzzed with anticipation. Dignitaries, educators, and students gathered to celebrate the spirit of innovation. Stanbic Bank, the driving force behind this initiative, emphasized the importance of nurturing young minds into future job creators.

Sam Mwogeza, the interim Chief Executive of the bank presided over the ceremony to flag off this year’s competition with a call on parents and schools to support their children to effectively prepare their projects to improve their competitiveness.

“Entrepreneurship is the only sustainable solution for us to address the endemic challenge of unemployment among our youth. As a brand that is at the forefront of driving Uganda’s growth, the Stanbic National Schools Championship is a platform that we designed to nurture learners into the next generation of jobs and wealth creators,” said Mwogeza. 

Behind every brilliant student stands a dedicated teacher. In preparation for the upcoming boot camp in May, teachers from participating schools have undergone specialised training sessions. Armed with innovative teaching approaches, they’re equipping their students to shine on the national stage.

The NSC isn’t just about winning; it’s about fostering a mindset of entrepreneurship. Paticipating students engage in skilling challenges that cover career growth, financial education, business acumen, and psychosocial wellness.

In the previous season, Comboni College School from Lira district emerged as champions. Their solar cooking innovation earned them not only accolades but also a fully installed solar system worth Shs20 million. This victory exemplified the transformative power of creativity and practical skills.

As the countdown begins, Diana Ondoga, the manager Corporate Social Investment at Stanbic Bank says there is anticipation of clash of ideas, the camaraderie of competitors, and the birth of new ventures. “The NSC isn’t just a competition; it’s a movement that propels Uganda toward a brighter, more entrepreneurial future,” Ms Ondoga says, adding: “So, let the battle commence! May the best minds prevail, and may brilliance shine forth as these schools vie for the ultimate prize.”

This year, schools in the Central region are dominating participation with 49 entries followed by the East with 45 slots, 36 for Western and 28 for Northern, according to Ondoga. “Over the eight years of operation, the Stanbic National Schools Championship has benefited half a million learners, teachers and the community through direct and indirect beneficiaries and we hope to achieve new milestones with this 9th edition,” she said. 

George Muteekanga, the Assistant Commissioner for Private Schools at the Ministry of Education and Sports, lauded Stanbic for sustaining National Schools Championship into an effective platform for youth skilling and nurturing a wealth creation mindset in line with the government’s economic transformation agenda.

He said gone are the days when people focused on how many grades a child scored in Secondary school. Today the concern is more on what is the child able to do with his/her hands. We are now in for a society where students create jobs for themselves.

“This is because participation in the NSC provides students with valuable exposure to ideation, fostering creativity, critical thinking, collaboration, and innovation. Uganda has over 5000 government and private secondary schools that all deserve to partake in the NSC contest. As a Ministry, we call upon school managers encourage their students to participate in this experiential skilling competition,” Muteekanga says.

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Dolphin suites located on Plot 36 Princess Anne Drive Bugolobi has launched wedding and parties’ package on its services that will see the hotel host weddings and parties.

The hotel that was acquired by the Speke Group of Hotels in 2010 has undergone several developments that complements modern hotel facilities across the globe. Dolphin Suites are thoughtful for both business and leisure.

Launching the products Sheena Ruparelia one of the directors of the Ruparelia Group and Speke Group of Hotels said Dolphin Suites thought of launching the two products due to demand from their clients.

“As you may notice, Dolphin Suites are luxurious but our clients kept on demand for the wedding and parties’ venues. So, today we have decided to unveil the venues” Ms Sheena said. The venues where launched on Thursday April 25, 2024.

The two venues, the upper venue will accommodate 200 guests while lower venue will have a seating capacity of 300 guests. However, there is a poolside that accommodates over 100 guests.

Mr Amit Sachdeva, the Group General Manager said “This exciting offer according to our esteemed client”

The hotel also boosts of 27 luxurious and comfortable guest rooms with individual balconies overlooking the hillside of Bugolobi, Muyenga and the city.

“At Dolphin Suites, we shall work with you to coordinate your event, whether you are reserving a conference room or planning wedding. Apart from wedding and birthday parties, the launched venues will host cocktail and dinner, introduction ceremonies, graduation and retirement parties”

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