Stanbic Uganda boss Karuhanga exits on Shs591bn profit high

Strong capital ratios and a Shs591 billion profit anchor Stanbic Uganda as Chief Executive Francis Karuhanga transitions to Standard Bank Group regional leadership.

KAMPALA, Uganda — Outgoing Stanbic Uganda Holdings Limited Chief Executive Francis Karuhanga is handing over a robust balance sheet to his eventual successor after steering the franchise to a 23.6% increase in net profit for the year ended Dec. 31, 2025.

The financial results and Karuhanga’s transition to a broader regional role within Standard Bank Group were key highlights during the company’s 20th annual general meeting held last Friday at the Serena Kampala Hotel.

The company closed the 2025 financial year with its core capital ratio standing at 21.3%, more than double the regulatory minimum. Total capital adequacy reached 23%, while the liquidity coverage ratio stood at 354%, far exceeding the 100% regulatory requirement.

This capital cushion was supported by a strong earnings performance. The holding company reported a profit after tax of 591 billion Ugandan shillings, up from 478 billion shillings the previous year.

Total income increased 11% to 1.44 trillion shillings from 1.297 trillion shillings, while profit before tax grew 14.1% to 743 billion shillings. Earnings per share rose 23.6% to 11.54 shillings from 9.34 shillings, and return on equity improved from 24.3% to 26.8%.

Baker Magunda, the holding company’s board chairman, told shareholders that Karuhanga will assume a larger role as the regional chief executive for Southern and Central Africa for Standard Bank Group, Africa’s largest banking group by assets. Karuhanga has been handling both roles while the board finalizes the process to appoint his successor, which officials said will be announced in due course.

The financial performance was anchored by the commercial banking subsidiary, Stanbic Bank Uganda, which is marking 35 years of operations. In 2025, the bank grew customer deposits by 13% to 8 trillion shillings and expanded net customer loans by 16.4% to 5.1 trillion shillings. Its cost-to-income ratio held steady at 47.1%.

By the end of 2025, the banking unit accounted for 19% of industry deposits, 21% of loans, 21% of sector revenues and 27% of overall industry profitability in Uganda.

The holding company’s non-banking units also expanded during Karuhanga’s tenure, which began at the end of 2023 when he returned to Uganda from Johannesburg, where he had served as group chief audit officer.

Assets under management at SBG Securities rose 389% to 538 billion shillings, making the firm the third-largest collective investment scheme manager in Uganda. The unit also maintained its position as the country’s largest stockbroker with a 39% market share, aided by the 2024 launch of the Stanbic Unit Trust.

The Stanbic Business Incubator, led by Catherine Poran, has trained more than 5,000 Ugandan enterprises through business development, governance and mentorship programs aimed at helping small businesses access credit.

The holding company’s loan portfolio at the end of 2025 included 632 billion shillings allocated to manufacturing, 598 billion shillings to trade, 595 billion shillings to infrastructure and 425 billion shillings to agriculture. More than 700 billion shillings was directed toward local manufacturing facilities, including agro-processing and packaging.

Karuhanga’s regional promotion highlights a growing trend of Ugandan professionals taking top spots within Standard Bank Group. Other executives include Anne Aliker, Africa regions head of corporate and investment banking, and Doreen Rwakatungu-Musiime, who succeeded Karuhanga as group chief audit officer.

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