dfcu Bank has recorded Shs46.2bn net profit in 2016, up from Shs37bn in 2015, representing a growth of 25%. According to dfcu’s financial statements released on Tuesday, loans advanced to customers increased slightly to Shs842.4bn in 2016, up from Shs806.4bn in 2015. This slow growth in lending could be attributed
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On February 15, 2017, the Bank of Uganda (BoU), Uganda’s Central Bank cut the Central Bank Rate (CBR), a benchmark lending rate for commercial banks, to 11.5%, down from 12% in December 2016. Prof. Emmanuel Tumusiime-Mutebile, the Governor, BoU, said that a cautious easing of monetary policy was warranted to
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The time for Uganda’s budget speech for the Financial Year 2017/18 is fast approaching. According to the Public Finance Management Act, 2015, Members of Parliament are expected to have passed the Budget by May 30 in preparation for the Budget Speech in June. The budget is read by the Minister
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On January27, 2017, the Central Bank of Uganda, the Bank of Uganda (BoU) announced that dfcu had acquired Crane Bank. It was revealed that dfcu beat off competition from other 12 financial institutions to emerge winner. “… Bank of Uganda has now transferred the liabilities including deposits of Crane bank
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Uganda’s economy has come under scrutiny of late. This is because it (the economy) is performing poorly as witnessed by a number of businesses that have closed shop in the last few years. Local companies that have fallen due to a weak economy include but not limited to Crane Bank, WBS,
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Troubled Uganda Telecom Ltd (UTL) needs a capital injection of US$48m (Shs172bn) if it is to survive the current storm. This was disclosed by the company management on Thursday at a press briefing held at the telecom’s head office in Kampala. Responding to Business Focus’ question on the amount needed
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Standard Chartered Bank Group recently made changes in its top management. Herman Kasekende, the pioneer Ugandan to head Standard Charted Bank Uganda (commonly referred to as StanChart) in 100 years was moved to Standard Chartered Bank Zambia as CEO and Managing Director, ending his four and half year tenure at
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Uganda has for many years been ranked as a top tourist destination in the world. However, tourism numbers have remained relatively low, implying that the East African nation is yet to fully utilize this opportunity to cash in on its God-given resources and endowments. In an exclusive interview with Business
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A fake financial institution defrauding Ugandans of their hard earned money has been revealed. According to the Bank of Uganda (BoU), Uganda’s Central Bank, “ONE COIN DIGITAL MONEY” is not licensed by the BoU under the Financial Institutions Act, 2004, and is thefore conducting business outside the regulatory purview of
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Agribusiness is increasingly becoming lucrative in Uganda. And a number of unemployed Ugandans are embracing agribusiness for income generation, while the employed ones are into farming to supplement their earnings. It is important to note that 69.4% of Uganda’s population is still practicing subsistence farming, according to the 2014 National
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