Mathias Katamba, CEO dfcu bank Dfcu Bank’s consolidated Net Profit after tax reduction increased from Shs 29.1Bn in June 2020 to Shs 38.8Bn in June 2021 indicating a 33% increase, according to 2021 interim financial results.
This means dfcu registered a Shs 14.8Bn profit increment since December 2020 when they registered a net profit of Shs 24Bn.
The Net income also increased by 23%, from Shs 144Bn in June 2020 to Shs 177Bn in June 2021. Mathias Katamba, the Chief Executive Officer of dfcu said the growth in profit performance was driven by a 23% growth in net income.
“In terms of financial positions, we continued to shore up liquidity given the uncertain environment with a 2.6% increase in liquid asset holdings,” Katamba said.
He noted that the extension of the credit relief program by the Central Bank also enabled them to prolong the provision of relief in terms of restructures and repayment moratoriums to customers whose businesses have been impacted by the pandemic.
“Considering the challenges in the business environment and slow economic recovery, we focused the first half of the year on maintaining an optimal balance between supporting our customers to recover and financial performance,” Katamba said.
Adding: “We will continue to execute on our strategic priorities, invest for growth, and accelerate our digital transformation to deliver on our commitments to our customers and shareholders, while ensuring the safety of our customers and staff. Additional gains in operational efficiency combined with cost optimization in the second half of the year will help us further improve our performance.”
The total liabilities reduced by one trillion from Shs 2.8Tn in June 2020 to Shs 2.7Tn despite a reduction in Assets from Shs 3.49 in December 2020, to Shs 3.44Tn in June 2020 and Shs 3.3Tn in June 2021, according to the report.
The report further indicates that the total Assets, Liabilities and Equity stood at Shs 3.3Bn in June 2021, Shs 3.44Bn in June 2020 and Shs 3.49Bn in December 2020.
The Bank’s equity rose substantively from Shs 599Bn in June 2020 to Shs 636Bn in June 2021 indicating a Shs 37Bn and a Shs 42Bn increase as compared to December 2020.
Net cash from operating activities dropped from Shs 355Bn in June 2020 to Shs 56.7Bn in June 2021 likewise the Net cash used in investing activities also dropped from Shs 15.3Bn in 2020 to Shs 7.4Bn in 2021.The total cash and cash equivalents amounted to Shs 545.6Bn […]
