Bad year: DFCU Bank reveals its profits will decline due to Covid-19
DFCU bank has announced that its net profitability for financial year ending December 31, 2021 will decline due to the impact of Covid-19 on the economy.
In a statement, the bank said the profitability will decline by 25% but did not give further details.
"Shareholders and potential investors are advised to exercise caution while trading in the company's shares," noted part of the statement. The bank said it will release its full results in the coming days.
When the bank last released its financial results in September last year, it registered a profitability of Shs 38.8 billion in the first half of the year (2021).
Ever since the bank controversially acquired Crane Bank in 2017, its performance has been mixed.
Financials of many commercial banks have taken a hit due to Covid-19 that has disrupted businesses.
