Charles M. Mudiwa – CEO and Managing Director – dfcu Bank
dfcu Limited has today announced its interim 2023 half year results with strong institutional capabilities propelling the business to thrive and deliver improved performance.
dfcu saw its profit after tax grow by 56% to Shs29.3bn compared to Shs18.7bn recorded over the same period last year.
According to the results released today, portfolio quality improved and loan impairments reduced by 33%, while customer deposits grew by 2% to Ugx 2.48 trillion.
The results further saw that liquid assets grew by 20%, earnings per share grew by 56%, number of customers increased by 10% and the number of borrowing customers grew by 11%.
dfcu Limited also maintained a very strong capital base, well above the statutory requirements.
Following the results release, a statement from the Board of Directors of dfcu Limited underpinned the Company’s commitment to delivering shareholder value as demonstrated by the dividends pay out following the recently concluded Annual General Meeting (AGM).
“Besides financing large players in key economic sectors, dfcu continues to support Uganda’s economic transformation through support of national programs such as the Parish Development Model to drive economic growth at the household level. We remain a strong player in the agri-business space through strategic partnerships with key players such as Rabo Foundation, MasterCard and our Agribusiness Development Centre (ADC). Through these partnerships, we have provided access to finance for smallholder farmers, supported Women in Business and accelerated small and medium enterprise growth.” the statement adds.
Commenting on the results, Charles M. Mudiwa, CEO of dfcu Bank, the trading subsidiary of dfcu Limited 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.”
“We have a solid base that anchors us for growth going forward and our strategy is hinged on our purpose which is to transform lives and businesses in Uganda. We shall play in key sectors of the economy and win in these areas through sector specialization, customer relationships, being digital and data driven and most importantly driving a performance culture. We will deliver greater customer and employee engagement, manage business risks, and ultimately deliver sustained financial performance,” Mr. Mudiwa concluded.