- Dfcu releases 2023 Half Year Results
- Earnings per share grew by 56%
- Customer deposits grew by 2%
Dfcu Limited has announced its interim 2023 half year results with strong institutional capabilities propelling the business to thrive and deliver improved performance.
Some of the key highlights includes, Profit after tax grew by 56% compared to same period last year, Portfolio quality improved and loan impairments reduced by 33%, Customer deposits grew by 2% to Ugx 2.48 trillion, Earnings per share grew by 56%, Number of customers increased by 10%, an 11% growth in the number of borrowing customers among others.
Commenting on the results, Charles M. Mudiwa, CEO of dfcu Bank, has noted that the bank maintained a very strong capital base, well above the statutory requirements.
“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’’. He noted
‘’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)’’. He added.
He noted that through these partnerships, the bank have provided access to finance for smallholder farmers, supported Women in Business and accelerated small and medium enterprise growth.
On her part, The Chief finance officer at DFCU bank Kate Kiiza noted efforts being taken by financial institutions to digitize the Sector is a great call to help the banking sector withstand the current economic shocks being experienced.
She attributed the bank’s performance to the country’s economic resilience and also the continued growth of the digital economy which is being backed by the central bank.