Dr Kiryabwire resigns from DFCU board

Dr Winfred Tarinyeba Kiryabwire, a director on the board of DFCU bank has resigned.

According to a statement issued by the bank’s external lawyers, Ligomarc, she resigned to pursue other interests.

“The board takes this opportunity to appreciate the commitment and invaluable contribution of Dr Winfred Kiryabwire during her tenure and wishes her the very best in her endeavours,” read part of the statement.

Her resignation took effect on March 27.

Dr Kiryabwire is an Associate Professor and head of the Department of the Commercial Law at the School of Law, Makerere University in Uganda - areas of expertise include; corporate law, securities regulation, and corporate governance.

Outside academia, Kiryabwire has advised various government agencies and inter-governmental bodies on the development and implementation of company law and securities regulatory frameworks.

Kiryabwire has previously served as Chairperson of Gatsby Microfinance Uganda, member of the Board of African Alliance Uganda, member of the Public Sector Administration Audit Committee and Vice- Chairperson of the Uganda National NGO Quality Assurance Mechanism.

DFCU this week issued financial results which showed a mixed performance.

According to the results, the bank’s asset base reduced from Shs 3.1 trillion to Shs 2.9 trillion, a decline of 5% which the bank attributed to repayment of borrowed funds.

The bank’s total comprehensive income the year also went down to Shs 60.8 billion. The bank attributed this to payment of a one-off item of Shs 119 billion.

On the flip side, deposits remained stable at Shs 1.9 trillion, neither improving nor reducing, according to the statement.