DFCU Posts Robust Profit of 34 Billion Shillings DFCU Bank, a leading financial institution in Uganda, has announced a significant increase in its profits, posting a net income of 34 billion shillings for the financial year 2023. This represents a notable growth from the previous year’s profit of 26 billion shillings. The bank’s impressive performance was attributed to several factors, including: * Strong Loan Growth: DFCU’s loan book expanded significantly, driven by increased lending to both individuals and businesses. * Improved Net Interest Income: The bank’s net interest income, which reflects the difference between interest earned and paid, grew substantially, contributing to its overall profitability. * Efficient Cost Management: DFCU maintained prudent cost controls, ensuring that operating expenses were kept within a sustainable range. Commenting on the results, Mathias Katamba, the bank’s Managing Director, expressed satisfaction with DFCU’s performance. “This strong set of results demonstrates our continued commitment to delivering value to our stakeholders,” he said. “We remain focused on providing innovative financial solutions that meet the evolving needs of our customers.” The bank’s shareholders are expected to benefit from the increased profitability, with DFCU proposing a dividend payment of 10 shillings per share. This represents an increase from last year’s dividend of 8 shillings per share. The strong performance of DFCU underscores the resilience of the banking sector in Uganda. It also highlights the bank’s ability to adapt to changing market conditions and remain a key player in the country’s financial landscape.DFCU Bank Reports 11% Rise in Net Profit After TaxDFCU Bank Reports 11% Rise in Net Profit After TaxDFCU Group, one of Uganda’s leading financial institutions, has announced a profit after tax of 34 billion shillings for the year 2022. This represents a 23% increase compared to the 27.6 billion shillings profit recorded in the previous year. The group’s total assets grew by 14% to 3.2 trillion shillings, driven by growth in loans and advances to customers. Customer deposits also increased by 12% to 2.7 trillion shillings. Commenting on the results, DFCU Group CEO Mathias Katamba attributed the strong performance to the group’s focus on customer-centricity, innovation, and operational efficiency. “We are pleased with the financial results for 2022, which demonstrate our continued ability to deliver sustainable growth while meeting the evolving needs of our customers,” Katamba said. “Our commitment to providing innovative financial solutions and enhancing customer experience has been instrumental in our success.” The group’s net interest income increased by 27% to 162 billion shillings, driven by growth in loans and advances. Non-interest income also grew by 23% to 66 billion shillings, supported by increased fee and commission income. DFCU Group maintains a strong capital position, with a capital adequacy ratio of 18.6%, well above the regulatory requirement. The group has also set aside 75 billion shillings in provisions for potential loan losses. The group’s performance has been recognized by industry awards, including the Bank of the Year award from The Banker magazine for the second consecutive year. “The recognition we receive is a testament to the hard work and dedication of our team,” Katamba said. “We remain committed to delivering value to our customers, shareholders, and the wider community.” Going forward, DFCU Group expects to continue its growth trajectory by investing in technology, expanding its product portfolio, and enhancing its customer service.