STANBANK: 18,074 -396 (-2.14%)
Uganda's Stanbic says pretax up 37% as credit demand grows
* H1 profit before tax rises to 182.8 billion Ugandan
* Interest and related income up 23.4%
KAMPALA, Aug 6 (Reuters) - Uganda's largest bank Stanbic
posted a 37.5% 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. Interest and related income grew 23.4%.
"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
(BoU), expanded 6.1% in the year through June as an
accommodative monetary policy boosted household consumption.
In June the BoU held its benchmark rate at 10 percent and
projected faster economic expansion for the current fiscal year
through July 2010.
($1 = 3,688.0000 Ugandan shillings)
(Reporting by Elias Biryabarema
Editing by Hereward Holland and David Holmes)
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