Stanbic Bank Uganda’s half-year profit up more than 20%

KAMPALA (Reuters) – Stanbic Bank Uganda, the country’s biggest bank by assets, on Friday reported a 20.7% rise in pre-tax profit in the first six months of 2023, helped by higher interest income.

A unit of South Africa’s Standard Bank Group, the bank said it had earned 263.4 billion shillings ($70.62 million) in profit before tax.

Stanbic’s net interest income was up 34.3% in the first half of the year.

Stanbic chiefly competes with locally-owned Centenary Bank and a unit of Standard Chartered in the East African country.

($1 = 3,730.0000 Ugandan shillings)

(Reporting by Elias Biryabarema; Editing by Hereward Holland and Alexander Winning)