Francis Karuhanga Leaves Stanbic Franchise On Strong Footing As Regional Role Beckons

Shareholders of Stanbic Uganda Holdings Limited (SUHL) gathered for their 20th Annual General Meeting, where the group's robust financial performance and a significant leadership transition were key discussion points. The company reported a profit after tax of Shs591 billion for the year ending December 2025, marking a substantial 23.6% increase from the Shs478 billion recorded in 2024.

Group Chief Executive Francis Karuhanga is moving into an expanded role as Regional Chief Executive for Standard Bank Group's Southern and Central Africa operations. The process to appoint his successor in Uganda is reportedly nearing completion. This transition follows a series of leadership changes within the group, including Karuhanga's own return to Uganda from Johannesburg in late 2023, where he previously served as Group Chief Audit Officer.

Andrew Mashanda, Karuhanga's predecessor at the holdings level, also moved to a new regional role. Concurrently, Anne Juuko, the former Stanbic Bank Uganda Chief Executive, took on expanded regional responsibilities as East Africa Head of Global Markets. The group faced the challenge of maintaining continuity and performance during these shifts across various business units.

Results presented at the AGM suggest the group successfully navigated these changes. Earnings per share rose from Shs9.34 to Shs11.54, and return on equity improved from 24.3% to 26.8%. Total income grew by 11% to Shs1.44 trillion, with profit before tax increasing by 14.1% to Shs743 billion. An industry observer noted that these figures reflect an institution executing with confidence, countering pockets of doubt expressed in local media regarding the transition.

Stanbic Bank Uganda, the group's largest subsidiary celebrating 35 years in the country, was a primary driver of this performance. Customer deposits increased by 13% to Shs8 trillion, and net customer loans grew by 16.4% to Shs5.1 trillion in 2025. The bank maintained a cost-to-income ratio of 47.1% and held a strong market position, accounting for 19% of industry deposits, 21% of loans, 21% of sector revenues, and 27% of industry profits by year-end. Other SUHL subsidiaries also reported growth.

“

There have been pockets of doubt in local media regarding the transition, but looking at the numbers, these are not the figures of an institution navigating uncertainty. They are the numbers of a franchise executing with confidence.