One of the standout moments at the 20th Annual General Meeting (AGM) of Stanbic Uganda Holdings Limited (SUHL) was the recognition of outgoing chief executive Francis Karuhanga.
The AGM, held at Serena Hotel Kampala, had gathered shareholders to review another year of strong financial performance.
However, attention also turned to Karuhanga, who is preparing to take up broader responsibilities within Standard Bank Group.
SUHL Board Chairman Baker Magunda told shareholders that Karuhanga would now focus on his role as Regional Chief Executive for Southern and Central Africa, a position he was appointed to last year within Africa’s largest banking group.
Karuhanga has been serving in both roles while the process of appointing his successor at SUHL continued. An announcement on his replacement is expected in due course.
Magunda praised Karuhanga for successfully managing a sensitive period of leadership transition while maintaining stability, strong performance and stakeholder confidence across the group.
When Karuhanga returned to Uganda at the end of 2023, he was already one of the most senior Ugandans within Standard Bank Group, serving as Group Chief Audit Officer in Johannesburg.
As the holding company for Stanbic Bank Uganda, SBG Securities and Stanbic Business Incubator, SUHL was entering a period of significant leadership change.
Andrew Mashanda, whom Karuhanga succeeded at the Holdings level, had been redeployed within the Group as part of his transition to the role of Africa Regions and Offshore Head for Business and Commercial Banking.
At the same time, Anne Juuko was taking on expanded regional responsibilities as East Africa Head of Global Markets.
SBG Securities and Stanbic Business Incubator were also awaiting substantive chief executives.
For Standard Bank Group, the task was to ensure that these changes did not affect the performance of one of its most important African franchises.
Two and a half years later, the results suggest that objective was achieved.
Strong succession planning
Leadership transitions often test an institution’s strength. At SUHL, they became an opportunity to demonstrate organisational depth and continuity.
Each subsidiary now has substantive leadership in place.
Mumba Kalifungwa was appointed chief executive of Stanbic Bank Uganda. Grace Ssemakula took charge of SBG Securities, while Catherine Poran returned from Standard Bank Mozambique to lead Stanbic Business Incubator.
The impact of those appointments was reflected in the group’s 2025 financial results.
For the year ended December 2025, SUHL reported profit after tax of Shs591 billion, up 23.6 per cent from Shs478 billion recorded the previous year.
Earnings per share rose to Shs11.54 from Shs9.34, while return on equity improved from 24.3 per cent to 26.8 per cent.
Total income increased by 11 per cent to Shs1.44 trillion from Shs1.297 trillion, while profit before tax grew by 14.1% to Shs743 billion.
The group’s strongest contributor remained Stanbic Bank Uganda, which is celebrating 35 years of operations in the country.
During the year, customer deposits grew by 13% to Shs8 trillion, while net customer loans increased by 16.4% to Shs5.1 trillion.
The bank maintained a cost-to-income ratio of 47.1% and retained its position as Uganda’s largest bank by several key measures.
By the end of 2025, Stanbic Bank accounted for 19% of industry deposits, 21% of loans, 21% of banking sector revenues and 27% of industry profitability.
Growth beyond banking
Beyond the bank, SBG Securities continued its rapid growth.
Assets under management increased by 389% to Shs538 billion, helping the firm rise to third place among Uganda’s Collective Investment Scheme managers.
The company also maintained its position as the country’s largest stockbroker, ending the year with a 39% market share.
In 2024, it launched the Stanbic Unit Trust, attracting more than 4,000 new clients and contributing to the growth in assets under management.
Karuhanga also championed initiatives aimed at supporting Uganda’s economic development.
Through Stanbic Business Incubator, the group has helped build the capacity of more than 5,000 Ugandan businesses through governance training, mentorship programmes, business development support and market access initiatives.
The incubator, now led by Catherine Poran, continues to focus on youth-led and women-led enterprises.
Throughout his tenure, Karuhanga consistently linked business performance to Stanbic’s broader purpose of supporting Uganda’s growth.
The group’s lending portfolio reflects that approach.
By the end of 2025, Stanbic had extended Shs632 billion to manufacturing, Shs598 billion to trade, Shs595 billion to infrastructure and Shs425 billion to agriculture.
The bank had also invested more than Shs 700 billion in local manufacturing projects covering agro-processing, packaging, industrial inputs and consumer goods.
A growing Ugandan footprint in African leadership
As Karuhanga prepares for his regional role, he leaves behind a financially strong institution.
By the end of 2025, SUHL’s core capital ratio stood at 21.3 per cent, more than double the regulatory minimum.
Total capital adequacy reached 23 per cent, while liquidity coverage stood at 354% against the regulatory requirement of 100%.
These indicators point to a well-capitalised and stable institution.
Karuhanga’s promotion is also being viewed as a sign of the growing influence of Ugandan professionals within Standard Bank Group.
Other Ugandans holding senior positions in the Group include Anne Aliker, Africa Regions Head of Corporate and Investment Banking, and Doreen Rwakatungu-Musiime, who succeeded Karuhanga as Group Chief Audit Officer.
Karuhanga has often argued that leadership should be measured by the quality of leaders left behind.
By that measure, supporters say his legacy extends beyond financial results.
As Stanbic Bank Uganda marks 35 years in the country, the wider SUHL franchise remains in a strong position.
