By Our Reporter
dfcu Bank has released its financial results for 2018, showing a 5% growth in loans and advances while maintaining customer deposits at Ugx 1.9 trillion despite a turbulence following Crane Bank takeover.
The customer stability was attributed to the bank’s strategy to grow the current and savings deposits that are a more cost-effective source of funding.
Announcing the results at a press briefing held at dfcu head offices on Wednesday, Mathias Katamba, the CEO dfcu Bank, said, “We managed to post a 5% growth without a reduction in deposits despite the sustained negative publicity and direct assault on the bank last year. This demonstrates a vote of confidence by the customers in the bank.”
Other highlights of bank’s financial results include:
• 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.
• dfcu Limited posted total comprehensive income of UGX 60.8 billion.
