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Dfcu bank posts sh11b profits

By Vision Reporter

Added 26th August 2010 03:00 AM

DFCU Bank has posted a 32% rise in net profit to sh11.6b in the first half of 2009, from sh8.7b in the same period last year, the company’s unaudited results have shown.

DFCU Bank has posted a 32% rise in net profit to sh11.6b in the first half of 2009, from sh8.7b in the same period last year, the company’s unaudited results have shown.

By Sylvia Juuko

DFCU Bank has posted a 32% rise in net profit to sh11.6b in the first half of 2009, from sh8.7b in the same period last year, the company’s unaudited results have shown.

The financial results released last week show that strong earnings growth was on the bank of expansion in advances to customers which increased by 19% to sh365b from sh306b over the same period.

The consolidated statement shows a 48% increase in customer deposits of sh419b from sh284b while total assets rose by 30% to sh711b from sh545.5b in the period under review. The board has not recommended a payment of an interim dividend to shareholders.

Juma Kisaame, managing director dfcu bank’s earnings expectations for the rest of the year remain bullish despite pressure on interest margins.

“All the Bank fundamentals are looking better than those of last year, and despite the pressure on the net interest margins we are on track for yet another good year,” he said.

Kisaame said the bank expanded its delivery channels and migrated its core banking application to Finacle which will provide a more robust platform that will enable them serve customers better.

“The new system will enable us offer flexible banking products and expand our delivery channel mix bringing on board new products such as VISA and Internet banking,” he said.

Dfcu bank posts sh11b profits

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