DFCU bank posts mixed financial results

By Amon Katungulu | Wednesday, March 27, 2019
DFCU bank posts mixed financial results

Preliminary financial results for the year that ended 2018 released by DFCU bank paint a mixed picture of losses in some areas and gains in others.

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.

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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.

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The bank said this was good because it is in line with their strategy of maintaining a cost effective source of funding.

Loans also grew up 5% according to the statement from the bank.

Since its controversial purchase of Crane Bank in January 2017, DFCU has not had it easy.

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