Stanbic shareholders hail Karuhanga as he steps into regional role

At Stanbic Uganda Holdings Limited’s (SUHL) 20th Annual General Meeting (AGM) held  at Serena Kampala Hotel, shareholders momentarily set aside routine corporate proceedings to recognise the stewardship of outgoing chief executive Francis Karuhanga, whose tenure is now culminating in a transition to regional leadership within Standard Bank Group.

The acknowledgement came shortly after the board presented another year of strong financial results, underscoring what chairman Baker Magunda described as a period of stability and continuity under Karuhanga’s leadership. Magunda confirmed that Karuhanga, who has been at the helm during a critical phase of organisational transition, has since been appointed Regional Chief Executive for Southern and Central Africa, even as he continues to oversee SUHL in an interim capacity pending the appointment of a successor.

In many respects, the moment felt less like a farewell and more like a progression—an institutional endorsement of leadership that navigated complexity without compromising performance. Karuhanga’s return to Uganda in late 2023 had itself been viewed within industry circles as a strategic deployment, given his prior role as Group Chief Audit Officer at Standard Bank’s headquarters in Johannesburg.

He assumed leadership at a time when the Stanbic franchise was undergoing multiple transitions across its subsidiaries. His predecessor at the Holdings level, Andrew Mashanda, had moved on to a broader continental role, while leadership changes were also unfolding within Stanbic Bank Uganda, SBG Securities and the Stanbic Business Incubator.

What might have exposed organisational fragility instead became a test of institutional resilience. Over the past two and a half years, SUHL has consolidated leadership across its units, with substantive appointments that appear to have strengthened operational continuity. Mumba Kalifungwa now leads Stanbic Bank Uganda, Grace Ssemakula heads SBG Securities, and Catherine Poran oversees the Business Incubator.

Financial performance has reinforced this narrative of stability. For the year ended December 2025, SUHL reported profit after tax of Shs 591 billion, representing a 23.6 per cent increase from the previous year. Total income rose to Shs 1.44 trillion, while return on equity improved to 26.8 per cent, signalling sustained efficiency and profitability.

Industry observers note that such figures reflect not an institution in transition, but one executing with confidence. Stanbic Bank Uganda, the anchor subsidiary, continues to dominate the sector, accounting for significant shares of deposits, loans, revenue and industry profitability. The bank also marked 35 years of operations in Uganda, further consolidating its market position.

Beyond traditional banking, other units within the group have also registered notable growth. SBG Securities has expanded its assets under management substantially, while maintaining its position as the country’s leading stockbroker. The Stanbic Business Incubator, on the other hand, continues to play a developmental role, supporting thousands of local enterprises through capacity-building initiatives aimed at improving governance and access to finance.

Karuhanga’s tenure has been defined not only by financial performance but also by an emphasis on purpose-driven banking. Under his leadership, the group has sustained investments across key sectors of the economy, including manufacturing, agriculture, trade and infrastructure—aligning its operations with broader national development priorities.

As he transitions to his new regional role, Karuhanga leaves behind a well-capitalised and stable institution. SUHL’s capital adequacy and liquidity ratios remain well above regulatory requirements, reflecting a strong balance sheet and prudent risk management.

His elevation also highlights a broader trend within Standard Bank Group, where Ugandan professionals are increasingly occupying senior leadership positions across the continent. It is a development that speaks both to individual merit and to the growing influence of Ugandan talent within multinational institutions.

Ultimately, Karuhanga’s legacy at SUHL may be measured less by the numbers—impressive as they are—and more by the leadership continuity he leaves behind. In an environment where transitions often unsettle organisations, SUHL’s experience suggests a different outcome: one where change has reinforced, rather than disrupted, institutional strength.

For shareholders gathered at the AGM, the verdict was evident. Karuhanga delivered on his mandate—and in doing so, positioned both himself and the institution for the next phase of growth.

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