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dfcu Limited holds Annual General Meeting; outlines strategic priorities for sustained future growth
KAMPALA, UGANDA – 06 July 2023: dfcu Limited has today held its Annual General Meeting (AGM), providing a comprehensive overview of its achievements over the past year (2022) and outlining its strategic priorities for continued growth. Despite a challenging global economic environment, dfcu reported robust financial results for the financial year ending 31st December 2022, highlighted below:
- 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.
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