DFCU Bank yesterday announced a profit after tax of Shs 72.1 billion for the financial year 2023/2024, turning a crucial corner as it recovers from the economic shocks of Covid-19.
Speaking at the 60th Annual General Meeting held at Hotel Africana in Kampala, Jimmy Mugerwa, DFCU’s board cahirman reassured shareholders of the bank’s commitment to delivering improved dividends through a robust financial strategy.
“We are proud to celebrate DFCU’s 60th Annual General Meeting. I extend my gratitude to our shareholders for their continued trust and partnership. The group’s profit after tax of Shs 72.1 billion reflects significant progress despite numerous challenges,” Mugerwa told Bbeg Media.
Mugerwa acknowledged setbacks faced by the bank, including global price fluctuations, conflicts such as the Russia-Ukraine war, the US tariff disputes under the Trump administration, and the lingering effects of COVID-19. Despite these obstacles, DFCU successfully navigated the challenges to achieve strong financial performance.
Mugerwa emphasized the group’s commitment to sustainability and community development.
Accroding to the financial statement of the bank, through the DFCU Foundation, 28,000 farmers in agribusiness were trained and 212 women empowered across 30 districts through the Grow Initiative.
On financial inclusion, Annet Kiconco, DFCU’s Chief Retail Officer, expressed gratitude for the success of the bank’s Agency Mobile Banking platform, which has extended services to rural communities across Uganda, enhancing access to financial services.
Key highlights of DFCU’s Financial Statement for 2023/2024
- Shs 1.132 trillion in net loans and advances
- Shs 2.356 trillion in customer deposits
- Shs 488 billion in retained earnings for growth
- Shs 3.4 trillion in total assets
- 4.4% non-performing asset ratio
- Shs 20.1 dividend per share
- -1.1% credit loss ratio
- 1,301 employees, with a near-equal gender composition of 51% female and 49% male
- Shs 1.2 billion invested in staff training
- Shs 35.8 billion in financial enablement for staff
- Shs 88.8 billion in total employee benefits
- Shs 130 billion spent on procurement through local companies
- Shs 100 billion paid in taxes to the government
- 95% of procurement allocated to local suppliers
- Shs 1.5 billion invested in corporate social responsibility initiatives
