dfcu Bank has announced a stellar financial performance for the year ended December 31, 2024, reporting a 151% increase in Profit After Tax (PAT), which rose to UGX 72 billion.
This remarkable achievement signifies another key milestone in the bank’s ongoing transformation, driven by its commitment to growth, innovation, and operational excellence.
The impressive results were unveiled during a press conference attended by top executives at dfcu head offices in Nakasero, Kampala, on Monday, April 1, 2025.
“We are thrilled to announce that our strategic efforts have borne fruit, as reflected in our record profit growth,” said Charles Mudiwa, the Chief Executive Officer and Managing Director of dfcu.
“This year, our focus on improving operational efficiencies, enhancing customer service, and driving innovation has translated into significant financial returns. We are particularly pleased with our progress under the ‘Fired Up’ strategy, which has laid a strong foundation for sustainable growth in the years to come.”
The bank’s financial highlights for 2024 include a 9% increase in total assets, which now stand at UGX 3.4 trillion. Additionally, the earnings per share (EPS) rose from UGX 38.39 in 2023 to UGX 96.35, marking a notable increase. The board also proposed a dividend of UGX 20.09 per share, a remarkable 121% increase from the previous year’s UGX 9.10 per share, underscoring the bank’s commitment to delivering value to its shareholders.
Rebecca Birungi, the Acting Chief Finance Officer, explained that the bank’s positive financial performance was driven by a combination of strategic investments and prudent financial management.
“Net interest income grew by 4%, reflecting the growth in our loan portfolio and investments in government securities. Our impairment losses also showed significant improvement, falling by 115% compared to the previous year,” she shared. “This demonstrates the strength of our credit risk management practices and our ability to adapt to changing market conditions.”
One of the most notable achievements in 2024 was the reduction in the bank’s non-performing loan (NPL) ratio from 9.5% in 2023 to 4.4%, an indication of effective risk management and credit control measures.
The bank’s efforts to streamline operations and enhance its credit underwriting processes have positioned it for long-term sustainability, with a significant reduction in impairments.
On the strategic front, DFCU Bank has made strides in digital transformation, with major upgrades to its ATM and card management systems, further improving security and customer experience. The bank’s commitment to technology is reflected in its increasing investment in digital channels, which not only enhance operational efficiency but also cater to the evolving needs of its growing customer base.
Jimmy D. Mugerwa, Chairman of the Board of Directors, expressed his pride in the bank’s progress and the tangible impact it continues to make across Uganda.
“As we mark this remarkable achievement, we are also mindful of the long-term impact we are making on individuals, businesses, and communities. We remain focused on creating value for our stakeholders, not only through financial growth but also through our social initiatives,” he said.
In addition to its financial achievements, DFCU Bank has continued its commitment to corporate social responsibility through various initiatives aimed at empowering women and supporting agribusinesses.
The bank’s “60 Acts of Kindness” initiative has positively impacted over 9,000 individuals across the country, while the Agribusiness Development Centre (now known as the DFCU Foundation) has supported over 9,000 farmers and 400 enterprises, creating 2,112 jobs, with more than half of the businesses being women-led.
Looking ahead, the bank remains focused on maintaining its growth trajectory while navigating the challenges of a dynamic global landscape.
“Our journey is far from over,” said Mudiwa. “The strong performance we’ve reported in 2024 is a testament to the collective effort of our team, and we are excited for what lies ahead. We remain dedicated to empowering individuals, businesses, and communities, and we look forward to continuing to make a positive impact in Uganda.”