Stanbic Uganda Holdings Limited (SUHL) posted a 28.2% increase in profit after tax to UShs357 billion for the six months to June 2026, from UShs278.4 billion in the corresponding period last year, powered by strong growth in both interest and non-interest income and a turnaround in credit impairment charges.
The numbers suggest that Uganda’s largest financial services group is getting more earnings out of a rapidly expanding balance sheet while keeping costs from rising as quickly as revenues.
Total income before credit impairments rose 21.2% to UShs830.3 billion, compared with UShs685.2 billion a year earlier. Net interest income increased 16.7% to UShs433.6 billion, supported by balance-sheet growth, while non-interest revenue jumped 26.4% to UShs396.6 billion, driven mainly by trading income.
Management said revenues grew 21.2% against a 14% increase in costs, producing positive jaws of 7.2 percentage points. Non-interest revenue now contributes 47.8% of total revenue, up from 45.8% a year earlier, pointing to a more diversified earnings base.
Another significant lift came from credit impairments. SUHL recorded a UShs14.6 billion net impairment release, compared with a UShs7.3 billion charge in H1 2025. Management attributed this to continued improvement in the asset book and recoveries on loans previously written off.
That swing of almost UShs22 billion helped profit before tax rise 34.3% to UShs477.1 billion.
The stronger earnings also translated into improved returns. Return on average equity climbed to 30.4% from 26.9%, while the cost-to-income ratio improved to 44.3% from 47.1%. The credit loss ratio moved to negative 0.5% from 0.2%, although non-performing loans edged up slightly to 1.5% from 1.3%.
Stanbic H1 financials (all in Ugshs) at a glance
| Indicator | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Profit after tax | 356.8bn | 278.4bn | +28.2% |
| Profit before tax | 477.1bn | 355.2bn | +34.3% |
| Total income | 830.3bn | 685.2bn | +21.2% |
| Net interest income | 433.6bn | 371.5bn | +16.7% |
| Non-interest revenue | 396.6bn | 313.7bn | +26.4% |
| Customer loans | 5.35tn | 4.94tn | +8.2% |
| Customer deposits | 9.24tn | 8.44tn | +9.4% |
| Total assets | 13.43tn | 11.80tn | +13.9% |
| Shareholders’ equity | 2.51tn | 2.18tn | +15.3% |
| ROE | 30.4% | 26.9% | +3.5pp |
The balance sheet continued to bulk up. Total assets increased 13.9% to UShs13.4 trillion, customer deposits grew 9.4% to UShs9.2 trillion and net customer loans rose 8.2% to UShs5.35 trillion. Shareholders’ equity increased 15.3% to UShs2.51 trillion.
And shareholders are getting a bigger slice of the action.
The board approved an interim dividend of UShs220 billion, equivalent to UShs4.30 per share, subject to regulatory approval. This compares with an interim dividend provision of UShs140 billion at the same stage last year—an increase of 57.1%.
The dividend is therefore growing roughly twice as fast as profits. The proposed payout amounts to about 62% of first-half earnings, compared with about 50% in H1 2025.
For shareholders, that is perhaps the most interesting number of all: Stanbic is not only making substantially more money; it is increasingly passing that money through to its owners while still growing deposits, lending, assets and capital.
That is a profit machine shifting up a gear.
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