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Stanbic Uganda

Uganda has been one of Africa's most strongly performing economies in recent years, posting real GDP growth of 6.4% in 2002, 5.2% in 2003 and 6% in 2004. With inflation also coming under control in 2004 the foundations have been established for a strong banking industry. Additionally, as Fitch Ratings observed when it assigned its B rating to Uganda in March, the country's financial sector has undergone "significant restructuring since the late 1990s and now appears to be fundamentally sound [and] well regulated". Fitch adds that 87% of the banking system's assets are now under the control of foreign houses.

The banking sector turned in a strong performance in 2004, with Standard Chartered posting the most impressive increase in profitability.

Stanbic Uganda posted a 44% increase in net profits in 2004, up from USh28.3 billion to USh40.7 billion ($23.3 million). But with much of the profitability of Ugandan banks a reflection of their high earnings from treasury bonds paying double-digit rates, Stanbic owes its award for best bank in Uganda to the impressive growth in its share of the total market for customer deposits and lending in 2004.

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