When shareholders of Stanbic Uganda Holdings Limited (SUHL) gathered for the company's 20th Annual General Meeting at Serena Kampala Hotel last Friday, attention was not only on the group's financial performance but also on a leadership transition that has been unfolding over the past two years.
SUHL Board Chairman Baker Magunda informed shareholders that Group Chief Executive Francis Karuhanga, who was last year appointed Regional Chief Executive for Southern and Central Africa at Standard Bank Group, would continue with his expanded responsibilities as the process to appoint his successor in Uganda nears completion.
The announcement marked the latest chapter in a transition that began in late 2023 when Karuhanga returned to Uganda from Johannesburg, where he had been serving as Group Chief Audit Officer for Standard Bank Group.
His return came at a time when the Stanbic franchise in Uganda was navigating significant leadership changes across several business units.
Andrew Mashanda, whom Karuhanga succeeded at the holdings level, had moved to a new regional role within the group, while then-Stanbic Bank Uganda Chief Executive Anne Juuko was taking on expanded regional responsibilities as East Africa Head of Global Markets.
At the same time, both SBG Securities and Stanbic Business Incubator were awaiting substantive chief executives.
The challenge facing Standard Bank Group was maintaining continuity and performance during the transition period. Results presented at the AGM suggest the group largely achieved that objective.
For the year ended December 2025, SUHL reported profit after tax of Shs591 billion, representing a 23.6 percent increase from Shs478 billion recorded in 2024.
Earnings per share rose from Shs9.34 to Shs11.54, while return on equity improved from 24.3 percent to 26.8 percent. Total income increased by 11 percent to Shs1.44 trillion from Shs1.297 trillion, while profit before tax grew by 14.1 percent to Shs743 billion.
"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," an industry observer said.
The performance was primarily driven by Stanbic Bank Uganda, the group's largest subsidiary, which is celebrating 35 years of operations in Uganda this year.
During 2025, customer deposits grew by 13 percent to Shs8 trillion, while net customer loans increased by 16.4 percent to Shs5.1 trillion. The bank maintained a cost-to-income ratio of 47.1 percent and continued to hold one of the strongest market positions in the sector.
By the end of the year, Stanbic accounted for 19 percent of industry deposits, 21 percent of loans, 21 percent of sector revenues and 27 percent of industry profits.
Beyond banking, SUHL's other subsidiaries also registered growth.
SBG Securities increased assets under management by 389 percent to Shs538 billion, helping it rise to become Uganda's third-largest collective investment scheme manager. The firm also retained its position as the country's largest stockbroker with a 39 percent market share.
The growth was partly driven by the launch of the Stanbic Unit Trust in 2024, which attracted more than 4,000 clients and contributed to the increase in managed assets.
The investment firm's progress was recognised at the 2025 Capital Markets Authority Industry Awards, where it was named Collective Investment Scheme Manager of the Year.
Meanwhile, the Stanbic Business Incubator continued expanding its support for small and medium enterprises. The incubator says it has provided business development services, governance training, mentorship and market-access support to more than 5,000 enterprises, with particular emphasis on youth- and women-led businesses.
Throughout his tenure, Karuhanga consistently linked the group's commercial performance to its wider economic role.
"Uganda is our home, we drive her growth," he often said, a phrase that has become central to Stanbic's corporate strategy and investment decisions.
The approach was reflected in the group's lending portfolio. By the end of 2025, the franchise had extended Shs632 billion to manufacturing, Shs598 billion to trade, Shs595 billion to infrastructure and Shs425 billion to agriculture. The bank also reported investing more than Shs700 billion in local manufacturing facilities spanning agro-processing, packaging, industrial inputs and consumer goods production.
The transition period also saw substantive leadership appointments across the group's subsidiaries. Mumba Kalifungwa was appointed Chief Executive of Stanbic Bank Uganda, Grace Ssemakula took over leadership of SBG Securities, while Catherine Poran returned from Standard Bank Mozambique to head the Stanbic Business Incubator.
The group's financial position remained strong. By the end of 2025, SUHL reported a core capital ratio of 21.3 percent, more than double the regulatory minimum, while total capital adequacy stood at 23 percent. Its liquidity coverage ratio reached 354 percent against a regulatory requirement of 100 percent.
Karuhanga's move to oversee Southern and Central Africa further strengthens Uganda's representation within Standard Bank Group's senior leadership ranks. Other Ugandans holding senior positions within 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 previously argued that leadership should be judged not only by results but also by succession.
"Leadership is ultimately measured by the calibre of leaders one leaves behind," he has said.
As SUHL prepares to announce its next chief executive, shareholders appeared reassured by both the group's financial performance and the leadership bench that has been built during the transition period.
For now, Karuhanga leaves behind a franchise that is financially stronger, institutionally stable and operating under a new generation of leadership across its key business units as he takes on a wider regional mandate within Africa's largest banking group.