dfcu Bank Announces 56% Profit after Tax in 2023 Half-Year Results

Kampala– 24 August 2023:  dfcu Limited has announced its interim 2023 half-year results with strong institutional capabilities propelling the business to thrive and deliver improved performance.

According to the bank, profit after tax grew by 56% compared to the same period last year, the portfolio quality improved and loan impairments reduced by 33%, while customer deposits grew by 2% to Ugx 2.48 trillion.

While releasing the results Thursday at Kampala Serena Hotel, bank officials said the liquid assets grew by 20%, earnings per share grew by 56% and the number of customers increased by 10%.

There was an 11% growth in the number of borrowing customers while the bank maintained a very strong capital base, well above the statutory requirements.

Following the results release, a statement from the Board of Directors of dfcu Limited underpinned the Company’s commitment to delivering shareholder value as demonstrated by the dividends payout following the recently concluded Annual General Meeting (AGM).

“Besides financing large players in key economic sectors, dfcu continues to support Uganda’s economic transformation through support of national programs such as the Parish Development Model to drive economic growth at the household level. We remain a strong player in the agri-business space through strategic partnerships with key players such as Rabo Foundation, MasterCard and our Agribusiness Development Centre (ADC). Through these partnerships, we have provided access to finance for smallholder farmers, supported Women in Business and accelerated small and medium enterprise growth,” the statement adds.

Commenting on the results, Charles M. Mudiwa, CEO of dfcu Bank, the trading subsidiary of dfcu Limited said:

“Our institutional capabilities enabled the business to thrive and deliver improved performance overall. Strongly committed shareholders, a competent staff team, robust digital capabilities, a loyal customer base and adequate capital ratios, significantly higher than the regulatory minimum were the underpinnings that drove our performance.”

“We have a solid base that anchors us for growth going forward and our strategy is hinged on our purpose which is to transform lives and businesses in Uganda. We shall play in key sectors of the economy and win in these areas through sector specialization, customer relationships, being digital and data-driven and most importantly driving a performance culture. We will deliver greater customer and employee engagement, manage business risks, and ultimately deliver sustained financial performance,” Mr Mudiwa concluded.