- The first half of the year showed consistent improvement in the operating environment with positive trends in economic indicators. This greatly impacted on customer acquisition which grew by over 50%.
- The business faced an increase in cyber-related risks and as a result, bolstered their risk management capabilities and improved operating efficiencies.
- The financial performance was driven by aggressive collections and recoveries and intense portfolio management. This enabled a 33% reduction in the impairment of loans and advances to customers.
- Despite a 16% decrease in loans and advances, the total number of borrowers grew by 11% as lending to individuals and businesses increased.
- The bank heavily invested in technology; partnering with Mastercard and Rabo for digitizing the agricultural ecosystem in Uganda which should uplift smallholder farmers and enhance their access to markets and credit.
- The Bank encourages economic growth and financial inclusion through targeted programs such as Agribusiness Development Centre and Women in Business program by providing training, mentorship programs, and credit facilities.
- The forward strategy of the Bank is anchored in transforming lives and businesses in Uganda, with a focus on sector specialization, customer relationships, digital and data-driven strategies, and a strong performance culture.
About Development Finance Company of Uganda Limited (DFCU.ug)
Development Finance Company of Uganda is a commercial bank offering products and services for the retail, commercial and corporate banking sectors in Uganda through its subsidiary, DFCU Bank Ltd. Its product offering ranges from savings and current accounts to investment, fixed and demand deposits and personal and corporate credit. The bank provides medium and long-term finance to the private sector; with a focus on the agricultural, construction, tourism and hospitality, education, manufacturing and transport sectors. In addition to standard commercial banking products and services, DFCU Bank offers lease and mortgage finance, foreign exchange trading and money market transfer services. The company has an extensive network of branches and ATMS located in the major towns and cities of Uganda. Development Finance Company of Uganda Limited was founded in 1964; it became a commercial bank in 2000 after taking over and renaming Gold Trust Bank. Development Finance Company of Uganda is listed on the Uganda Securities Exchange
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