: Anthony Kituuka steps down as Equity Bank Uganda MD on Nov 28, 2024.
Explore his career, achievements, and challenges in Uganda’s volatile banking
sector.

The surprise resignation of Anthony Kituuka as Managing Director of Equity Bank
Uganda, effective November 28, 2024, has sparked conversations about the dynamics
within Uganda’s banking sector.

Kituuka, who took the helm in 2022, brought a wealth of experience in banking and
financial management to the role, overseeing significant milestones during his tenure.

A STELLAR CAREER IN BANKING

Before joining Equity Bank Uganda, Kituuka served in various capacities, positioning
him as a banking industry leader. He was instrumental in driving strategic initiatives and operational efficiency across Equity Group’s network, particularly in digital banking and customer acquisition strategies.

His academic background includes a degree in Finance and postgraduate certifications
in strategic leadership and business management, underscoring his technical acumen
and forward-thinking approach to leadership.

Under his leadership, Equity Bank Uganda saw a notable expansion in customer reach,
aligning with Equity Group’s regional strategy.

Kituuka was celebrated for enhancing the bank’s digital banking platforms, a move that
modernised service delivery and improved financial inclusion.

CONTEXT OF RESIGNATION

Kituuka’s resignation coincides with heightened challenges in Uganda’s financial sector.
The sector has recently faced turmoil, including a UGX 60 billion heist from the Bank of
Uganda and Standard Chartered Bank’s announcement of its exit from the country.
These events underscore underlying structural vulnerabilities that have impacted
confidence in the industry.

While Kituuka expressed pride in Equity Bank Uganda’s accomplishments in his
farewell statement, industry analysts speculate that these sector-wide challenges,
coupled with evolving leadership demands, may have influenced his decision to step
down.

IMPLICATIONS FOR EQUITY BANK OF UGANDA

Kituuka’s resignation presents an inflection point for Equity Bank Uganda. The
institution will need to maintain its growth momentum under new leadership while
addressing sector-specific risks.

Equity Group Holdings, one of East Africa’s largest financial institutions, is expected to
leverage its resources and reputation to ensure a smooth transition and continued
growth in the Ugandan market.

LOOKING AHEAD

As Uganda’s banking industry navigates its current challenges, Kituuka’s departure
highlights the need for innovative leadership and strengthened institutional governance.
His successor will inherit a mixed legacy of strong performance under pressure and
significant external challenges.

: Standard Chartered Kenya reports a 63% profit surge to KSh 13.8B, driven by
higher lending, fee income, and strategic investments in digital banking
solutions.

Standard Chartered Bank Kenya reported a 63% rise in net profit for the nine months
ending September 30, 2024, reaching KSh 13.8 billion.

This growth demonstrates how lending and fee-based income streams drive robust
performance, even amid inflationary pressures and a volatile economic environment.

Key Drivers of Growth

The bank boosted its net interest income by 32% to KSh 29.3 billion, driven by increased
lending activity.

Fees and commissions raised non-interest income by 6% to KSh 12.4 billion, highlighting more
active customer engagement.

CEO Kariuki Ngari stressed the importance of managing the credit portfolio while maintaining
robust client support.

“We remain committed to actively managing our credit portfolio and
supporting our clients in a challenging environment.”

Rising Costs Amid Strategic Investments

Operating expenses climbed 20%, from KSh 15.6 billion to KSh 18.7 billion, driven by
inflation, currency depreciation, and targeted investments in digital banking solutions.

The bank continues to prioritise its transformation strategy, which is critical for
maintaining competitiveness.

Shareholder Rewards

StanChart increased its dividend payout to KSh 10.96 billion, representing 79.4% of net
profit, up from KSh 8.31 billion in 2023.

This move underscores the bank’s commitment to shareholder value. Commenting on
the payout, Ngari added:

“We are pleased to sustain strong returns for our shareholders while driving
innovation and supporting economic growth.”

Focus on Financial Stability

The bank reported a liquidity ratio of 63.2%, significantly exceeding the regulatory
minimum of 20%.

This robust liquidity positions StanChart as a stable player in Kenya’s financial sector,
even in the face of macroeconomic headwinds​.

Outlook

StanChart’s strategic investments in digital banking and a customer-focused approach
are expected to drive further growth.

With a sound financial base and ongoing innovation, the bank is poised to capitalise on
emerging opportunities in Kenya’s banking sector.

This performance cements Standard Chartered Kenya’s position as a leader in the
industry, demonstrating resilience and adaptability in a dynamic economic landscape.