dfcu Bank has announced a remarkable 151% increase in profit after tax, reaching UGX 72 billion in 2024, up from UGX 28 billion in the previous year. The impressive financial results were unveiled during the bank’s 2024 Full-Year Financial Results Announcement, held at its Nakasero head office.
Rebecca Birungi, Acting Chief Finance Officer, attributed the bank’s outstanding performance to growth in its loan portfolio, increased interest income, and strategic investments in government securities. “Our net interest income grew to UGX 269.3 billion, an increase of 4% year on year,” she stated.
The bank’s fee and commission income also saw a 2% increase, reaching UGX 66.5 billion, driven by heightened business activity and rising customer transactions across both physical and digital banking channels.
dfcu Bank recorded a significant reduction in non-performing assets (NPA), with the NPA ratio decreasing from 9.5% in 2023 to 4.4% in 2024. This improvement reflects the bank’s strengthened credit risk management processes.
The bank’s strong profitability ratios were highlighted, with return on equity improving from 4% in 2023 to 10% in 2024, and return on assets increasing to 2%. Earnings per share rose significantly, reaching UGX 96.4 in 2024, up from UGX 38.4 in the previous year.
dfcu Bank’s capital adequacy ratios remained well above regulatory requirements, with core capital increasing to 29.1% and total capital rising to 29.8%. This positions the bank strongly for future loan growth and strategic investments.
Looking ahead, dfcu Bank aims to leverage its robust capital position to expand its loan portfolio, enhance digital banking capabilities, and optimize operational efficiency.
The bank’s Managing Director and CEO, Charles M. Mudiwa, attributed dfcu’s strong performance to new strategies, including the adoption of advanced technologies and community engagement initiatives. He highlighted the bank’s commitment to delivering sustainable growth and value to all stakeholders.
In celebration of its 60th anniversary, dfcu Bank has embarked on “60 Acts of Kindness,” demonstrating its dedication to supporting Ugandan communities. Remarkably, the bank’s staff collectively contributed UGX 80 million to support community development projects.
The impressive financial results and community initiatives underscore dfcu Bank’s resilience, strategic direction, and commitment to transforming lives and businesses in Uganda.
