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dfcu Bank Net Profit Grows By 132% In 2022 As Total Assets Hit Shs3.28 Trillion

dfcu bank head offices in Kampala

dfcu bank net profit grew by 132% to Shs30.64bn in 2022, up from Shs13.21bn recorded a year earlier.

The audited financial results for the year ended 31 December 2022 show that dfcu bank registered impressive performance on almost all  key performance indicators.

Customer deposits increased by 5.7% to Shs2.41 trillion in 2022, up from Shs2.28 trillion in 2021. This was driven by current and savings account deposits.

Total assets increased by 3.35% to Shs3.28 trillion up from Shs3.17 trillion. However, loans advanced to customers decreased slightly to Shs1.36 trillion in 2022, down from Shs1.5 trillion in 2021.

Non performing loans also reduced to Shs107.6bn in 2022 from Shs274bn recorded in 2021.

Headed by William Ssekabembe as Ag. Managing Director, dfcu bank has proposed to pay shareholders Shs12.2bn in dividends.

A statement from the Board of Directors of dfcu Limited, the parent company of dfcu bank, underpinned the Company’s continued strategic and ongoing investments in technology to further strengthen its ability to serve changing customer needs.  “The Company deployed enhancements to the core banking platform, online, mobile and agency banking channels to improve customer experience. The new digital capabilities have further improved operating efficiency, enabled new ways of working and ultimately reduced the cost to serve customers,” the statement said.

It adds: “We extended loans to more individuals and businesses across different customer segments, resulting into a growth of number of borrowers by 15%. We invested in Government Securities growing the portfolio by 63%, which is part of the focus to diversify the asset base.”

dfcu continued to make a difference in the community with several initiatives in the areas of agriculture, women in business and financial inclusion, and showed greater importance to Environmental, Social, Governance programs (ESG). Through the Agribusiness Development Centre, the Company expanded its support to agribusinesses with capacity building, provision of credit and value chain financing.

Looking ahead, the Company says it  will focus on executing its strategy anchored on ‘Customer Obsession’ whilst transforming lives and businesses through innovative solutions and empowered people.

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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