Stanbic Shareholders Hail Francis Karuhanga as he assumes Regional Leadership Role

During the 20th Annual General Assembly (AGM) of Stanbic Uganda Holdings Limited (SUHL), held last Friday at the Serena Kampala Hotel, one moment transcended the customary rituals of corporate governance: a salute to Francis Karuhanga, SUHL’s outgoing chief executive.

After presenting another year of strong financial performance, SUHL Board Chair Baker Magunda informed shareholders that Karuhanga—the Chief Executive who has guided the franchise through one of the most significant leadership transitions in its recent history—would be taking on a bigger assignment within Africa’s largest banking group.

Last year, Karuhanga was appointed Regional Chief Executive for Southern and Central Africa within Standard Bank Group and has been double-hutting as the process to appoint his successor went on in the background—an announcement of his successor is expected in due course

Chairman Magunda reflected on a leader who had successfully overseen a delicate period of succession while preserving performance, stability and stakeholder confidence across the Group, drawing applause from the shareholder packed venue.

The announcement felt less of a farewell and more like a graduation—signifying leadership excellence recognition from Standard Bank Group that Karuhanga had delivered on the assignment that brought him back home in the first place.

When he arrived in Uganda at the end of 2023, he was already the most senior Ugandan within the Group’s leadership hierarchy, serving as Group Chief Audit Officer in Johannesburg. His return, according to industry observers, was a strategic deployment at a critical moment for the franchise.

As the holding company for Stanbic Bank Uganda, SBG Securities and Stanbic Business Incubator, SUHL was entering a period of significant leadership transition.

Andrew Mashanda, whom Karuhanga succeeded at the Holdings level, had earlier been redeployed to the Group as part of his transition into his current role as Africa Regions & Offshore Head for Business and Commercial Banking (BCB).

At the same time, within the anchor subsidiary Stanbic Bank Uganda, Anne Juuko was stepping into expanded regional responsibilities as East Africa Head of Global Markets. Meanwhile, SBG Securities was awaiting the appointment of a substantive Chief Executive, same as at Stanbic Business Incubator.

For Standard Bank Group, the challenge was straightforward but significant—ensure that leadership changes at the top did not disrupt one of its most important African franchises. Two and a half years later, the evidence presented last Friday suggests the mission was accomplished.

The art of continuity

Leadership transitions often reveal institutional vulnerabilities, but at SUHL they instead became moments to demonstrate organisational depth and resilience. Each subsidiary has since secured strong, substantive leadership — with Mumba Kalifungwa appointed Chief Executive of Stanbic Bank, Grace Ssemakula taking the helm at SBG Securities, and Catherine Poran returning from her assignment at Standard Bank Mozambique to lead the Stanbic Business Incubator.

One can safely conclude that the leadership choices across the franchise units have paid off, explaining the shareholder applause for Karuhanga at last week’s AGM. For instance, for the year ended December 2025, SUHL delivered profit after tax of UShs591 billion, up 23.6 percent from UShs 478 billion the previous year.

Earnings per share increased by 23.6 percent to Shs11.54 from UShs9.34, while return on equity improved from 24.3 percent to 26.8 percent. Total income rose 11 percent to UShs1.44 trillion from Ushs 1.297 trillion, while profit before tax increased 14.1 percent to Ushs 743 billion.

“There have been pockets of doubt in local media regarding the transition, but looking at the numbers, they not of an institution navigating uncertainty. They were the numbers of a franchise executing with confidence,” said an industry observer.

That performance continued to be driven by the bank—the anchor subsidiary which is marking 35 years of operations in Uganda. Over the past year, the bank grew customer deposits by 13 percent to Ushs 8 trillion and expanded net customer loans by 16.4 percent to Ushs 5.1 trillion. Operational efficiency also remained strong, with the cost-to-income ratio holding steady at 47.1 percent.

Most importantly, the bank maintained its commanding leadership position within Uganda’s banking sector. By the end of 2025, Stanbic Bank Uganda accounted for 19 percent of industry deposits, 21 percent of loans, 21 percent of sector revenues and an impressive 27 percent of industry profitability.

SBG Securities steady rise

Beyond the bank, Karuhanga’s stewardship of SUHL has seen SBG Securities enjoy a growth streak with Assets Under Management rising 389% to Ushs 538 billion, a surge that lifted the firm to third place among Uganda’s Collective Investment Scheme managers.

Additionally, the unit also retained its position as the country’s largest stockbroker, closing the year with a 39% market share. In 2024, it launched the Stanbic Unit Trust, adding more than 4,000 new clients and pushing AUM to the Ushs 538 billion mark.

For its efforts, the unit earned ‘Collective Investment Scheme Manager of the Year’ at the 2025 Capital Markets Authority Industry Awards, reflecting growing confidence in its investment management capabilities.

Karuhanga also supported the franchise amplify its purpose—driving Uganda’s growth, deliberately supporting initiatives that show commitment to Uganda’s development agenda.

Many local enterprises still struggle to access credit from local banks on account of weak governance, poor bookkeeping, and informal operations. Stanbic Uganda has positioned itself as a solution—through its Business Incubator, helping build the capacity of more than 5,000 Ugandan enterprises through business development programmes, governance training, mentorship and market-access initiatives.

Led by Catherine Poran, another Ugandan who returned from deployment in Mozambique to succeed Tony Otoa—the incubator’s pioneering Chief Executive. The incubator’s efforts mainly focus on youth and women-led enterprises are.

Throughout his tenure, Karuhanga consistently framed performance through the lens of purpose: “Uganda is our home, we drive her growth” is more than a corporate slogan. It is the organising principle around which the franchise has aligned its investments and strategic priorities.

The evidence was visible throughout the 2025 results. For instance, across key sectors of the economy, the franchise-maintained lending of Ushs 632 billion to manufacturing, Ushs 598 billion to trade, UShs595 billion to infrastructure, Ushs 425 billion to agriculture and more than Ushs 700 billion invested in local manufacturing facilities spanning agro-processing, packaging, manufacturing inputs and essential consumer goods.

Ugandan leadership dividend

As Karuhanga transitions to his new responsibilities, he leaves behind a well anchored business. By the end of 2025, SUHL’s core capital ratio stood at 21.3 percent, more than double the regulatory minimum while total capital adequacy reached 23 percent with Liquidity coverage reaching 354 percent against a regulatory requirement of 100 percent.

These are not merely banking metrics. They are indicators of institutional strength. Within the Standard Bank Group, it is also testament of leadership excellence among its Ugandan talent.

Karuhanga’s promotion to Regional Chief Executive for Southern and Central Africa is significant not only for what it says about his individual career, but also for what it says about Uganda’s contribution to African corporate leadership.

Increasingly, Ugandan professionals are occupying influential positions across Standard Bank Group—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 is ultimately measured by the calibre of leaders one leaves behind. By that standard, his legacy extends far beyond financial performance.

As Stanbic Bank Uganda celebrates 35 years of operations in Uganda, the wider SUHL franchise finds itself in a position of considerable strength. The anchor subsidiary remains the market leader and principal driver of earnings growth.

SBG Securities continues to strengthen its role within Uganda’s capital markets ecosystem. Stanbic Business Incubator is expanding the franchise’s developmental footprint by improving the local enterprises’ governance, competitiveness and bankability.

For the jury at SUHL’s 20^th AGM, the verdict on Karuhanga’s leadership is clear; he satisfactorily delivered on the assignment and now leaves behind a stronger franchise. And one of Uganda’s own now takes his place on an even bigger stage.