Dfcu Bank has recorded a remarkable financial turnaround, reporting a profit surge of Shs 72 billion for the year ending December 31, 2024.
This marks a 151% increase from the Shs 28 billion profit posted in 2023, positioning the bank among Uganda’s top-performing financial institutions.
The strong performance is attributed to sustainable revenue growth, prudent risk management, and improved customer service.
With earnings per share rising from Shs 38.39 in 2023 to Shs 96.35 in 2024, the bank’s board has proposed a 121% increase in dividends, raising the payout to Shs 20.9 per share from Shs 9.1 the previous year.
Dfcu Bank’s Chief Executive Officer, Charles Mudiwa, expressed optimism about the institution’s trajectory, emphasizing its commitment to delivering long-term value to shareholders and customers.
“Our focus on financial discipline, innovation, and customer-centric solutions has been instrumental in achieving these results. We remain dedicated to supporting businesses and individuals through tailored financial services that drive economic growth,” he said.
The bank’s improved performance follows a strategic shift aimed at stabilizing its loan portfolio. In 2023, dfcu recorded a significant Shs 82.7 billion loan loss, but in 2024, it successfully turned this around, posting a positive loan book performance of Shs 12 billion.
The non-performing assets ratio also dropped significantly from 9.5% to 4.4%, reflecting enhanced credit risk management.
Total assets expanded to Shs 3.4 trillion from Shs 3.2 trillion, driven by increased investments in high-yield assets and improved operational efficiency.
Additionally, dfcu’s tax contribution rose to Shs 100 billion, reinforcing its role as a key player in Uganda’s economy.
Beyond financial growth, dfcu has remained committed to community impact, marking its 60th anniversary with the 60 Acts of Kindness initiative.
The program benefited over 9,259 people across Uganda, focusing on education, health, and economic empowerment.
Through the dfcu Foundation, formerly the Agribusiness Development Centre (ADC), the bank trained more than 9,000 farmers and 885 enterprises in financial literacy and governance.
Furthermore, over 40,000 Ugandans gained financial literacy and agribusiness innovation skills, leading to the creation of 2,112 new jobs.
dfcu Bank also strengthened its support for women entrepreneurs through programs such as the Advancing Women Entrepreneurs (AWE) initiative, in partnership with MTN Uganda, integrating women-led businesses into MTN’s supply chain.
Under the dfcu Women in Business program and the GROW Project, the bank extended Shs 11.2 billion in loans to 212 women entrepreneurs across 30 districts.
As dfcu Bank looks ahead, its leadership remains committed to sustainable growth and transformation.
Mudiwa reiterated the bank’s vision for the future, highlighting the need to expand digital banking, strengthen credit quality, and enhance financial inclusion.
“Over the last 60 years, dfcu has transformed from a development finance institution into one of Uganda’s largest commercial banks. Our focus is on innovation, resilience, and delivering value to all stakeholders,” he said.
With a robust strategy in place, dfcu Bank is well-positioned to maintain its upward trajectory, reinforcing its status as a major player in Uganda’s banking sector.