Stanbic Bank Uganda recently appointed Mr. Kenneth Mumba Kalifungwa as its new Chief Executive Officer, filling a year-long leadership vacuum at Uganda’s largest bank by assets and profitability. Mumba, currently with Absa, will assume the role in March 2025, succeeding Anne Juuko, who transitioned to a regional position in December 2023. His appointment signals continuity in the bank’s strategic push to drive innovation, customer satisfaction, and asset growth.
Stanbic Holdings’ half-year financial results for 2024 reflect resilience, with revenue growing by 8.1% to Shs4.4 trillion and deposits rising by 9.5%. The bank posted a 17.6% increase in profits, rising from Shs200 billion in the first six months of 2023 to Shs236 billion in 2024. These results underline the bank's effective cost management and diversification, with non-interest income contributing 17.2% of total earnings.
However, the rise in “amounts due from group companies,” which grew from Shs330 billion in December 2023 to Shs646 billion by mid-2024, has raised concerns. Such inter-company balances, often linked to loans or operational support, require careful oversight to maintain liquidity and investor confidence. Addressing these will be one of Mumba’s immediate challenges.
With over 30 years of experience in banking across Africa, including roles in Botswana, Zambia, and Uganda, Mumba is well-equipped to sustain Stanbic’s growth trajectory. His tenure will focus on enhancing digital innovation, improving customer experience, and managing operational costs. Flexipay and other self-service platforms have already improved efficiency and reduced costs, setting a foundation for further growth.
Investor sentiment remains positive. Stanbic's stock price has risen steadily, reaching Shs44.79 in 2024 from Shs32 in January. Dividends have also been a strong draw for shareholders, with the interim payout in November signaling a likely increase in total dividends for the year.
Stanbic Holdings CEO Francis Karuhanga expressed confidence in the bank's future under Mumba’s leadership, citing opportunities in Uganda’s expanding economy and declining interest rates to drive lending growth. However, the test will lie in balancing growth ambitions with the evolving market dynamics and sustaining Stanbic’s leadership in Uganda’s banking sector.
Mumba’s appointment underscores the bank’s focus on innovation and stability, aiming to maintain its position as a top-tier financial institution.
Stanbic Bank Uganda, the country’s largest bank by assets, offers innovative financial solutions, supporting individuals, businesses, and development. Renowned for its stability, profitability, and customer-focused services, the bank plays a vital role in Uganda’s economic growth, with a strong emphasis on digital transformation and sustainability.
