Standard Chartered’s Uganda Unit Says Profit Rose 35% in 2011

Standard Chartered Plc (STAN)’s Ugandan unit said full-year profit in 2011 climbed 35 percent after loans and advances grew.

Net income in the 12 months through December rose to 98.2 billion Uganda shillings ($39.2 million) from 73 billion shillings a year earlier, Standard Chartered Bank Uganda Ltd. said in a statement published in the Kampala-based New Vision newspaper today.

Loans and advances to customers climbed 27 percent to 1.1 trillion shillings, while customer deposits rose 8.3 percent to 1.3 trillion shillings, the bank said.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net

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