dfcu Limited has released its 2017 consolidated interim financial results- showing a 69.4% growth in balance sheet from UGX 1.8 trillion in December 2016 to UGX 3.05 trillion as at June 30, 2017.
This financial position its subsidiary, dfcu Bank, among the top 3 banks in Uganda, and squarely sets the Group on the path to transforming dfcu from a niche bank to a Universal bank.
The performance is largely attributed to the January 2017 acquisition of Crane Bank assets and assumption of liabilities by dfcu Bank that presented numerous opportunities in line with dfcu’s growth aspirations.
Highlights of our financial position as at June 30, 2017 include:
47.3% growth in total income from UGX 173 billion to UGX 255 billion. It is important to note that this includes a bargain purchase resulting from the fair valuation of the net assets acquired and the deferred obligation.
A significant 62% increase in customer deposits to UGX 1.838 trillion
A Profit Before Tax position of over UGX 151 billion in comparison to UGX 30 billion over the same period in 2016.
A 55.5% growth in the loan book to UGX 1.31 trillion
This positive performance comes against the backdrop of the dfcu Limited Rights Issue whose terms and conditions will be published upon receipt of regulatory approvals.