Stanbic Uganda Holdings Limited (SHUL) spent Shs 565 billion in 2024 to keep its employees happy and maintain the smooth running of its operations, the company’s annual financial statements for the year that ended December 31, 2024, show.
According to the records, SHUL, which includes Stanbic Bank Uganda and other subsidiaries, spent Shs 281 billion on employee benefits within this period.
The benefits included salaries and wages (Shs 163 billion), contributions to statutory and other funds (Shs 35 billion), while other staff benefits like medical insurance took Shs 85 billion. As of December 2024, the company had 1,907 employees.
To keep the machine humming, Stanbic Uganda spent another Shs 284 billion.
The company spent Shs 78 billion on IT services. According to the bank, the expenses included software licenses for its various subsidiaries, such as Flexipay.
Stanbic also doled out Shs 13.8 billion for advertising and marketing. The figure includes money paid to the various media organisations and channels to promote the group’s services. To keep its board members happy and focused, Stanbic spent Shs 1.4 billion on them. The board, which has 11 members, is chaired by Baker Magunda, a veteran marketer.
The company spent Shs 1.3 billion on external auditors and Shs 13.2 billion in entertainment (drinks, disco) and travel, among other costs.
SHUL reported a profit after tax of Shs 478 billion for the year 2024, according to financial reports. This represents a 16.2% increase compared to the previous year.
