dfcu bank on Thursday, July 11, 2024, elected new members to the Board of Directors during its 59th Annual General Meeting held at the Africana Hotel in Kampala.
Under Article 76 of the Company’s Articles of Association, the Directors may appoint a director to fill a casual vacancy. Such a Director is authorised to hold the position until the next Annual General Meeting and shall be eligible for appointment.
In line with this governance practice, in March 2024, the Board of Directors appointed Francis Gimara SC to fill a casual vacancy on the Board of Directors.
During the meeting, Gimara, who was appointed to fill a casual vacancy on the Board, was appointed as a Director in the Company.
Jimmy D. Mugerwa and Dr Aminah Zawedde, who were retiring by rotation, were re-elected as Directors in the Company.
Mugerwa, the Chairman Board of Directors at dfcu Limited, is the Founder and CEO of Zoramu Consulting Group Ltd, a senior business leader with 30 years in the Oil and Gas sector working across Africa and Europe.
The bank also welcomed Kate Kabaingi Kiiza as its new Executive Director and Chief Financial Officer and bid farewell to the immediate past Executive Director William Sekabembe and Director Jackie Aneno Obol-Ochola.
2023 financial results
In his remarks, Mugerwa said the bank has embarked on a bold new strategic plan that is centred on sector specialization, fostering client relationships, while cultivating a high-performance culture, and maintaining a commitment to sustainability.
“We are proud to uphold the strong tradition of paying out dividends to our shareholders and the Board proposes a dividend of UGX 9.10 Shillings per share for the year ended 31st December 2023,” said Mugerwa while presenting dfcu Limited’s results for the financial year ended 31 December 2023.
He said during the year, dfcu Bank achieved another milestone by raising its share capital to the new statutory limit of UGX150 Billion well in advance of the June 2024 deadline and without calling on its shareholders for additional capital.
According to Mugerwa, over the past year, dfcu has implemented new strategies at the company and its subsidiary, dfcu Bank, to support the group and harness other business opportunities that will enhance shareholder value, customer experience and satisfaction.
“Our esteemed Shareholders, dfcu remains deeply committed to uplifting the communities we serve. Our 54-branch network undertook impactful local initiatives, complemented by transformative programs like Women in Business, Rising Woman, the SME Business Accelerator and Agribusiness Development Centre, that have made strides in fostering the bankability of Farmer based organisations (FBOs), Small and Medium Enterprises (SMEs) and Savings and Credit Cooperatives (SACCOs).”
He said the share price which is determined by forces or demand and supply stands at UGX225 per share moved mainly by retail trades and a few shares traded on the counter.
“The company will pay out the proposed dividend if approved by the 30th of August 2024, however, the company is calling on all shareholders to update their records. This will not only improve the communication between the board and you the shareholders, but also enable us use other payment methods such as Mobile Money for payment of dividends.”
“For six decades, we have been committed to providing outstanding banking services and fostering enduring relationships. For six decades we have been led exceptionally well and registered a number of achievements,” he stated.
On his part, Charles Mudiwa, DFCU Bank Managing Director, said they have been focusing on the customer experience so that they grow the customer base.
Mudiwa, the Chief Executive Officer (CEO) and Managing Director of dfcu Bank, has over 26 years of experience in Banking, with strong business leadership, and success in turning around businesses and increasing business profitability.
“Secondly, We have also focused on supporting specific groups, and it is notable that dfcu is the first bank in Uganda to support women in business,” he noted.