dfcu Bank announces Shs29b profit in 2023 half year results

dfcu Bank has announced its 2023 half year results, indicating a profit after tax of Shs29.3 billion, compared to Shs18.8 billion in 2022.

This was spurred by a 1.85% increase in customer deposits to Shs2.49 trillion.

“Our net profit after tax has grown by 56% to shs29 billion from the shs18 billion registered in the same period in the year 2022. On the other side the liquid position has grown by 20% which means we are now in a much better position to grow, lend out and support businesses in Uganda,” Ms Kate Kiiza, the dfcu Chief Financial Officer and Executive Director, said during the release of the results at Kampala Serena Hotel on Thursday, 24 August 2023.

According to the results, the bank’s customers have grown by 10%, bringing in 200,000 new ones whereas the number of borrowers has grown by 11%.

“The growth of customer deposits was due to the bank investing inconvenience for customers to ensure they access digital channels. The other driver was around growth in the number of customers and deposits grew in tandem,” Ms Kiiza said.

The bank’s tax contribution reached Shs55.6 billion while on the other side, 83% of the bank’s transactions were digital.

Dfcu Bank’s totals Assets increased by 0.55% to Shs3.31 trillion while they invested Sgs1.3 billion in the half year.

Their number of ATMs, branches and agents grew to 76, 55 and 1876 respectively.

The dfcu Chief Executive Officer and Managing Director, Charles M. Mudiwa, said: “Our institutional capabilities enabled the business to thrive and deliver improved performance overall.”

“Strong 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,” he added.

Noting that sustainability has become an integral aspect of our business, Mudiwa further said that dfcu’s social impact is evidenced by initiatives in the agribusiness space and the Bank’s Women in Business programmes. “

 “We have a solid base which when coupled with our strategy to “Transform Lives and Businesses in Uganda”, anchors us for growth,” he added.