dfcu bank has overcome the challenging economic environment to post an impressive Shs114bn net profit in half year results for 2017, up from Shs23.3bn in June 2016.
This impressive performance follows dfcu’s acquisition of Crane Bank early this year-at an undisclosed fee.
According to dfcu, certain assets and liabilities acquired from Crane Bank have been successfully integrated into their operations, a development that has seen the bank become one of the three top banks in Uganda. dfcu is headed by Juma Kisaame as Managing Director.
The results released on Tuesday indicate that all key performance parameters for the bank have been positive in the first six months of 2017.
Total assets have increased to Shs3trn in June 2017, up from Shs1.6trn in June 2016. Customer deposits have also increased to Shs1.83trn in June 2017, up from Shs982bn in June 2016.
Loans advanced to customers increased to Shs1.3trn in June 2017, up from Shs1.6trn in June 2016.
The bank’s total income increased to a record Shs255bn in June 2017, up from Shs83.7bn in June 2016.
Going by the results, if dfcu performs better in the remaining part of the year, it may become the most profitable bank in 2017.
This is because Stanbic Bank Uganda Ltd (SBU) has recorded Shs95.4bn net profit in its half year results for 2017, down from Shs107.2bn in the year ended June 2016. This represents a decline of 11%.
Patrick Mweheire , the Stanbic Bank Uganda Chief Executive Officer, attributed the bank’s performance to the continued drop in interest rates plus slower than expected credit uptake.