Stanbic says pretax up 37% as credit demand grows
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INTERNATIONAL - Uganda’s largest bank Stanbic posted a 37.5 percent jump in profit before tax for the first half of the year, driven by a surge in credit growth on the back of a strong economy.
Profit before tax rose to 182.8 billion Ugandan shillings ($50 million), the unit of South Africa’s Standard Bank said on Tuesday. vInterest and related income grew as much as 23.4 percent.
“The growth has been largely due to improved economic activity as credit growth across all customer segments improved,” Chief Executive Patrick Mweheire said in a statement.
Uganda’s economy, according to the central Bank of Uganda , expanded 6.1 percent in the year through June as an accommodative monetary policy boosted household consumption.
In June, the central Bank of Uganda held its benchmark rate at 10 percent and projected faster economic expansion for the current fiscal year through July 2010 up until now.