Dfcu posts shs34bn in profits
Dfcu Bank has posted profits worth shs34 billion for the year ended December, 2023, the financial institution has announced.
According to results released on Thursday, the shs34.03billion was up from Shs30.64billion in 2022.
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“Dfcu implemented a refreshed strategic plan aimed at refocusing the business, anchored on five pillars covering economic sector specialization, customer relationships, technology, performance culture, and sustainability. We have started harnessing the benefits of the plan as we witnessed improved customer service across the group,” a statement from Dfcu board of directors said.
The results show that the bank’s asset base remained at Shs320 trillion in 2023 while the core capital ratio improved by 3.2% from 25.6% in 2022 to 28.9% in 2023 and the total capital ratio also improved by 3% from 26.5% in 2022 to 29.5% in 2023, well above the regulatory limits of 13% for core capital and 15% for total capital.
The results show there was a 1.5% increase in total interest income to shs350 billion and a 12% increase in non-funded income from shs86 billion to shs97 billion .
Dfcu said it doubled its active customer base through participation in the Parish Development Model (PDM) program where government is their key partner.
“This led to a 103% increase in the total number of customers, a 17% increase in transaction volumes and a 33% uptake of our digital banking offerings, especially mobile banking,”said Dfcu CEO, Charles Mudiwa.
