Go Find Other Ways Of Survival, Dfcu Bank Tells Shareholders After Multibillion Loss In Last Financial Year

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Dfcu bank has registered a decline of Shs11.9 billion in operating income, the audited financial results for the year that ended on December 31, 2022.

The results indicate that the bank registered a loss of Shs4.8 billion in net interest income whereas the operating expenses grew from Shs179.6 billion to Shs299.4 billion in the last financial year.

“Credit loss expense on financial assets reduced from Shs148.5 billion to Shs88.1 billion. Profit before tax shot up from Shs10.4 billion to Shs34.8 billion,” the results indicate.

It further shows that profit after tax for the year increased from Shs13.2 billion to Shs30.6 billion. In tandem, the group recorded a decline of Shs4.5 billion in net interest income in the financial year ending 2022.

The results also indicate that the group’s total operating income reduced by Shs11.5 billion from Shs368.6 billion in 2021 to Shs356.9 billion.

Further shows that the group’s operating expenses went up from Shs183.5 billion to Shs228.4 billion.

A statement from the board of directors of Dfcu Limited underpinned the company’s continued strategic and ongoing investments in technology to further strengthen its ability to serve changing customer needs.

“The company deployed enhancements to the core banking platform, online, mobile and agency banking channels to improve customer experience. The new digital capabilities have further improved operating efficiency, enabled new ways of working and ultimately reduced the cost to serve customers”, the board said.

The board said Dfcu continued to make a difference in the community with several initiatives in the areas of agriculture, women in business and financial inclusion, and showed greater importance to environmental, social, governance programs (ESG).

Through the agribusiness development centre, the company expanded its support to agribusinesses with capacity building, provision of credit and value chain financing.

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