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dfcu profits up by 54%

By Vision Reporter

Added 9th March 2009 03:00 AM

DFCU Group has posted a 54% rise in net profits to sh13.1b in 2008 from sh8.5b the previous year, the company’s financial results show.

DFCU Group has posted a 54% rise in net profits to sh13.1b in 2008 from sh8.5b the previous year, the company’s financial results show.

By Sylvia Juuko

DFCU Group has posted a 54% rise in net profits to sh13.1b in 2008 from sh8.5b the previous year, the company’s financial results show.

“We are pleased with our performance. dfcu has delivered above targeted projections. These figures demonstrate that dfcu is thriving with its strong brand in its key chosen market segments and is pursuing opportunities to grow its presence further in the region,” the dfcu Group chairman, Dr. Nkosana Moyo, said.

Assets grew by 30% to sh496b, while lending assets rose by 23% to sh283b and investments in government and other securities rose by 20% to sh120b.

Earnings per share went up by 49%, while shareholders’ funds grew by 19%. The board recommended a dividend of sh21.13 per share from sh13.09 in 2007.

Deposits grew by 56% to sh255b driven by the expansion drive of the company. dfcu Bank opened six new branches in Kitgum, Pader, Bugolobi, Owino, Kikuubo and on Market Street in Kampala.

dfcu profits up by 54%

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