Financial giants, dfcu Limited released has today morning released its 2018 Financial Performance during a ‘Facts Behind The Figures’ press conference attended by members of the media and various stakeholders at its headquarters in Nakasero. The results show growth within the financial institution’s sectors.
The key highlights from the financial performance results are as below.
Customer deposits remained stable at UGX 1.9 trillion which resulted in an 11% reduction in the interest expense from UGX 88 billion to UGX 78 billion.
Loans and advances grew by 5% resulting in reduction in the impairment expenses by 61% from UGX 49 billion in 2017 to UGX 19 billion in 2018.
Overall interest expense reduced by 20% from UGX 131.6 billion to UGX 104.8 billion showing improved efficiency in the liability mix.
Total assets reduced by 5% from UGX 3.1 trillion to UGX 2.9 trillion due to repayment of borrowed funds and subordinated debt. This led to a 39% reduction in our interest expense from UGX 44 billion to UGX 27 billion.
Non funded income in terms of fees and commissions grew by 29% from UGX 40 billion to 51 billion as we continue to harness the benefits of the investments in technology and growth in the customer base.
dfcu Limited posted total comprehensive income of UGX 60.9 billion, which was lower than the previous year that included a one-off item of UGX 119 billion which arose from the business combination. Shareholders Equity reduced by 2% to UGX 521.5 billion in 2018 from UGX 532.3 billion in 2017.
The bank’s Board recommended a cash dividend of UGX 33.01 per share less withholding tax where applicable (2017: UGX 68.24 per share).
The shareholder’s register will be closed on 10 July 2019 with respect to entitlement to this dividend which will be paid by 31 July 2019. The dfcu Bank Annual General Meeting will be held on 13 June 2019.
dfcu Limited continues to support businesses, deepen financial inclusion and engage with the communities that the bank serves through initiatives like Investment Club programs, Women in Business, SME Top 100 and other social responsibility initiatives.