[2008-08-13]  dfcu Limited posts 60 percent profit in June 2008 half year results
DFCU Limited has today announced financial results for the period ended June 30, 2008. The Company posted revenue of UGX 24.36 billion and Profit after Tax of UGX 6.14 billion, representing an increase of 50% and 60% respectively over the same period in 2007. Customer deposits also grew by 45% to UGX199 billion and total assets by 10% to UGX 423.66 billion as compared to the June 2007 results, with growth in quality lending being a key focus for the second half of 2008.

"We are pleased to report significant improvement in our performance", said George Mortimer, Managing Director, DFCU Ltd. "The half year results show that the integration of DFCU Limited and DFCU Bank that we completed in the first quarter of 2008 is already delivering the anticipated cost efficiencies and the increased business opportunities that we always believed would be a result".

The integration of DFCU Limited and DFCU Bank means that the Bank is now a one-stop shop offering commercial banking, leasing, mortgages and long term finance. The integration also unveiled DFCU Bank as one of the largest banks in Uganda in terms of assets.

"The improved financial results show that our business is well positioned by way of reach, scale and tailored product solutions to meet the challenges of an increasingly competitive environment", said Juma Kisaame, MD,DFCU Bank. "Whilst our immediate priority in 2008 is to consolidate our operations and expand our footprint in Uganda and to deepen our presence within the domestic retail and SME segments, we are exploring possible opportunities for expansion of our activities across the region to service customers that are broadening their cross border operations. Our medium-term strategic plan envisions DFCU creating strong linkages into the regional banking market".

Nkosana Moyo, Chairman, commented on on-going activities within the bank, highlighting that "the strengthening of the management team is generating encouraging results, which is being complemented by a significant investment program to upgrade the bank's IT platform to enhance delivery and innovation so as to better service and extend our customer base."

DFCU Limited was established in 1964 as a development finance institution. Over the years DFCU has been associated with many success stories in Uganda's economy in various sectors - transport, education, floricultural, agricultural, manufacturing and agro-processing.

In 2000, the company bought Gold Trust Bank and started commercial banking and renamed it DFCU Bank.

DFCU Limited has been listed on the Uganda Stock Exchange (USE) since 2004. The shareholders are the CDC Group plc (Actis 60%), Norfund (10.1%), Investec (8.2%), National Social Security Fund (5.93%), and other shareholders (15.77%).

Source: Copyright © 2007 dfcu Group.