dfcu Limited announces 2022 financial results

Kampala: dfcu Limited has announced its audited financial results for the year ended 31 December 2022 showing progress on the Company’s key performance indicators in terms of credit risk management and overall earnings.

Highlights
Profit after tax grew by 217% year on year.
Loan impairments reduced by 41%.
Total assets grew by 3% from Ugx 3.13 trillion to Ugx 3.24 trillion.
15% growth in the number of borrowing customers.
Customer deposits grew by 6% driven by current and savings account deposits.
Improved customer deposits mix resulted in a 10% reduction in interest expense.
Substantial investment in Government Securities growing the portfolio by 63%, as part of the focus to diversify the asset base.

A statement from the Board of Directors of dfcu Limited underpinned the Company’s continued strategic and ongoing investments in technology to further strengthen its ability to serve changing customer needs.

“The Company deployed enhancements to the core banking platform, online, mobile and agency banking channels to improve customer experience. The new digital capabilities have further improved operating efficiency, enabled new ways of working and ultimately reduced the cost to serve customers”, the statement said.

dfcu continued to make a difference in the community with several initiatives in the areas of agriculture, women in business and financial inclusion, and showed greater importance to Environmental, Social, Governance programs (ESG). Through the Agribusiness Development Centre, the Company expanded its support to agribusinesses with capacity building, provision of credit and value chain financing.

Looking ahead, the Company will focus on executing its strategy anchored on ‘Customer Obsession’ whilst transforming lives and businesses through innovative solutions and empowered people.