| dfcu announces 47% profit growth |
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Registers key growth in assets, customer deposits, lending and branch network
Kampala, February 26th, 2010- Despite a tough 2009 characterised by economic slowdown, dfcu Limited, today released remarkable
results, scoring above-industry average growth, also delivering above inflation
value to its shareholders
dfcu Limited, which also incorporates dfcu Bank, saw their net profits surge by 47 percent from Shs13.14 billion in 2008 to Shs19.2 billion in 2009. This was a net result of the bank’s good performance in other key business fundamentals such as customer deposits, assets and lending. Customer deposits grew by 36% from Shs255 billion to Shs347 billion supported by a series of new products as well as an ambitious foot print expansion that saw the bank add 5 new branches to the network, bringing to 24 the number of branches. The new branches are: Ndeeba, Isingiro, Jinja, Hoima and Dokolo. During 2009, the Bank also grew its lending portfolio by 15 percent, swelling their loan book from Shs283 billion in 2008 to Shs326 billion in 2009. This subsequently contributed to a 23 percent growth in assets, from Shs496 billion in 2008 to Shs612 billion in 2009. Shareholders’ funds grew by 22% from Shs63 billion to Shs76 billion.
The Board is recommending a dividend of Shs31.02 per
share, representing a 47 percent increase from the Shs21.13 paid out in
2008. |
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