The first half of 2017 has seen dfcu Bank rise to the top three banks in the country.
According to its 2017 consolidated interim financial results released Tuesday the bank has registered a 69.4 per cent growth in balance sheet from Shs 1.8 trillion in December 2016 to Shs 3.05 trillion as at June 30 2017.
This financial position puts dfcu Bank among the top three banks in the country and squarely sets the Group on the path to transforming dfcu from a niche bank to a universal bank.
The performance is largely attributed to the January 2017 acquisition of Crane Bank assets and assumption of liabilities by dfcu Bank that presented numerous opportunities in line with dfcu’s growth aspirations.
Highlights of dfcu’s financial position as at June 30, 2017 include; 47.3 per cent growth in total income from Shs 173 billion to Shs 255 billion.
This includes a bargain purchase resulting from the fair valuation of the net assets acquired and the deferred obligation.
It also registered a significant 62 per cent increase in customer deposits to Shs 1.838 trillion.
The bank’s Profit Before Tax position of more than Shs 151 billion in comparison to Shs 30 billion over the same period in 2016 is impressive by any industry standards.
Its loan book grew by 55.5 per cent to Shs 1.31 trillion