Overview:
Mr Mathias Katamba, the dfcu Bank managing director, said the bank will front retail personal, retail business and corporate banking in the coming years to grow its business.
Dfcu Bank has announced that it will invest in technology and diversify its services in order to increase profitability as the Covid-19 pandemic and the global economic crisis take a toll on the banking sector.
Speaking during the 57th virtual annual general meeting in Kampala on Thursday, July 21, 2022, Mr Mathias Katamba, the dfcu Bank managing director, said the bank will front retail personal, retail business and corporate banking in the coming years to grow its business.
“We are diversifying through retail personal, retail business and corporate banking to meet financial needs of our customers and improve our profitability,” he said.
Mr Katamba also said to further reduce operation cost, focus will be put on improving management of the business through credit risk and cost management while increasing investment in technology.
“About 76 percent of our payments were done by digital means in 2021 and we took deliberate strategy to shed or replace expensive fixed deposits as part of wider efforts to bring down funding cost,” he said.
During the period ended December 2021, dfcu’s net profits dropped by 46 percent to Shs13. 2b due to the increase in non-performing loans.
dfcu general manager George Ochom said they could not pay dividends because the bank’s profits adversely affected by Covid-19 in 2021.
In attendance are various stakeholders including, dfcu Limited Board of Directors, dfcu Bank Board of Directors, dfcu Bank Management, and regulators.