KAMPALA
DFCU Limited has posted impressive financial results for the year ended December 31, 2024, with a remarkable 151% increase in profit after tax, reaching Shs 72 billion, compared to Shs 28 billion in 2023. This growth marks one of the most significant annual profit leaps in the company’s history, underscoring the successful execution of its strategic initiatives and strong resilience.
The announcement, which followed the release of the company’s audited financial statements, was made by the Chairman of the Board, Jimmy D. Mugerwa, and the Chief Executive Officer, Charles Mudiwa. The two leaders credited the robust performance to the implementation of the bank’s “Fired Up” strategy, which focuses on driving digital innovation, enhancing sector-specific banking, improving operational efficiency, and strengthening its credit risk management framework.
“This stellar performance is the result of a well-executed strategy that prioritized sustainability, operational excellence, and impactful growth. 2024 was a pivotal year for us, as we not only met our financial targets but also deepened our contributions to the communities we serve,” said Mudiwa.
Key Financial Highlights for 2024:
- Profit After Tax soared to Shs 72 billion, a 151% jump from Shs 28 billion in 2023.
- Earnings per Share climbed to Shs 96.35, up from Shs 38.39 the previous year.
- Dividends per Share surged by 121% to Shs 20.09, compared to Shs 9.10 in 2023.
- Total Assets grew to Shs 3.4 trillion, from Shs 3.2 trillion in 2023.
- Loan Loss Provisions dropped significantly to Shs 12 billion, a sharp decline from Shs 82.7 billion in 2023.
- Non-Performing Assets (NPA) Ratio was reduced to 4.4%, down from 9.5% last year.
In addition, the bank contributed a significant Shs 100 billion in taxes, reinforcing its role as a major contributor to Uganda’s economic development.
A Commitment to Impact: Transforming Lives Beyond Profit
To mark its 60th anniversary, dfcu launched the “60 Acts of Kindness” initiative, investing Shs 79.2 million in community projects that reached over 9,000 beneficiaries across Uganda.
Through its dfcu Foundation (formerly the Agribusiness Development Centre), the bank made a notable impact in the agribusiness sector by empowering more than 27,000 smallholder farmers. Additionally, 402 agribusinesses were trained, over half of which were women-led, generating 2,112 new jobs.
DFCU’s commitment to supporting women entrepreneurs was also reinforced through its Women in Business Program and the Advancing Women Entrepreneurs (AWE) Accelerator, developed in partnership with MTN Uganda. These initiatives led to the disbursement of Shs 11.2 billion in loans to 212 women-owned businesses spread across 30 districts.
A Digital Revolution in Banking
As part of its digital-first approach, dfcu made significant upgrades to its ATM and card management systems in 2024, delivering enhanced customer experiences with faster, more secure, and seamless banking services.
“Digital transformation is at the heart of everything we do,” said Mudiwa. “By investing in advanced platforms, we are anticipating the future needs of our customers and positioning ourselves as a leading digital bank in Uganda.”
Looking Ahead: Positioned for Long-Term Success
Despite the challenges posed by global economic and geopolitical uncertainties in 2024, dfcu’s financial performance highlighted the strength of its governance and strategic direction. The bank’s asset growth, capital ratios, and customer engagement metrics all show strong momentum as the company moves into 2025.
“Our journey from a development finance institution to one of Uganda’s leading commercial banks is a testament to our resilience and focus on innovation,” stated Mugerwa. “The next 60 years will be defined by further innovation, inclusivity, and impactful growth.”
The Board of Directors has proposed a dividend of Shs 20.09 per share, which will be subject to approval at the upcoming Annual General Meeting (AGM). The date of the AGM will be communicated in due course.