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Dfcu Bank Announces 69% Growth

Dfcu Bank has announced a 69.4 percent growth in balance sheet from Shs 1.8 trillion in December 2016 to Shs 3.05 trillion as at June 30, 2017.

The figures were disclosed during the release of their consolidated interim financial results on Tuesday August 15th.

According to officials, the significant growth is largely attributed to the January 2017 takeover of Crane Bank assests and liabilities which presented numerous opportunities in line with dfcu’s growth aspirations.

Among other key highlights, the bank has seen a 47.3% growth in total income from Shs 173 billion to Shs 255 billion.

This includes a bargain purchase resulting from the fair valuation of the net assets acquired from Crane Bank and the deferred obligation.

They also registered a significant 62% increase in customer deposits to Shs 1.838 trillion and a Profit Before Tax position of over Shs 151 billion in comparison to Shs 30 billion over the same period in 2016.

The bank’s loan book grew to Shs 1,31 trillion, making a 55.5% change.

This financial position therefore places dfcu Bank, among the top 3 banks in Uganda, and squarely sets the Group (dfcu group) on the path to transforming dfcu from a niche bank to a Universal bank.

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