KAMPALA – dfcu Bank, one of Uganda’s leading commercial banks, has announced its audited financial results for the year ended December 31, 2024. The bank reported a Profit After Tax of UGX 72 billion, representing a 151% increase from the previous year.
According to Charles Mudiwa, Chief Executive Officer/Managing Director of dfcu Bank, the strong financial performance is attributed to the bank’s strategic focus on key drivers of its business. “As dfcu Bank closes 2024, we reflect on a transformative year defined by strategic growth, resilience, and improvement in financial performance. This year was about more than numbers — it was about reaffirming our commitment to innovation, inclusivity, and impact, while ensuring a stronger financial footing for the future,” Mudiwa said.
The bank’s strategic efforts were guided by its “Fired Up” strategy, which aimed to position dfcu Bank for sustainable growth. The strategy involved a phased growth plan, sector and customer focus, culture and talent development, and driving digital excellence.
“We successfully concluded the refocus and re-organize phases of our ‘Fired Up’ strategy, which involved strategic alignment, business reorganization, and operational streamlining,” Mudiwa explained. “Our strategy sharpened focus on our chosen sectors, and we embedded a culture of accountability, teamwork, continuous learning, and customer-centricity in the bank.”
The bank’s financial performance was also driven by its efforts to strengthen credit quality and mitigate financial risks. The bank’s Non-Performing Assets (NPA) ratio reduced to 4.4% in 2024, down from 9.5% in 2023. This improvement was attributed to the bank’s cautious approach to growing its loan portfolio.
In addition to its financial performance, dfcu Bank also highlighted its commitment to social responsibility and community development. The bank launched its “60 Acts of Kindness” initiative, which impacted 9,259 beneficiaries across Uganda, with a total investment of UGX 79.2 million. This initiative was part of the bank’s celebrations to mark 60 years of operation in Uganda.
The bank also supported smallholder farmers, cooperatives, and SMEs through its Agribusiness Development Centre (now dfcu Foundation). The centre impacted over 9,000 farmers, 885 enterprises, and 27,079 smallholder farmers. The bank also trained 402 enterprises, 54% of which are women-led, and created 2,112 new jobs through its agribusiness initiatives.
Furthermore, dfcu Bank advanced its commitment to empowering women entrepreneurs through its Women in Business program and the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project. The bank financed 212 women entrepreneurs with UGX 11.2 billion in loans across 30 districts. The bank also conducted 60 financial literacy trainings, ensuring that women entrepreneurs were equipped to manage and grow their businesses sustainably.
In partnership with MTN Uganda, dfcu Bank also executed the Advancing Women Entrepreneurs (AWE) accelerator program, integrating women-owned businesses into MTN Uganda’s supply chain.
The bank’s financial performance and commitment to social responsibility have positioned it for continued growth and success. The bank has proposed a dividend of 20.09 shillings per share, representing a 121% growth compared to the 9.10 shillings per share paid in 2023.
Jimmy D. Mugerwa, Chairman of the Board of Directors of dfcu Limited, said, “The board is pleased to present the full-year results for the year ended December 31, 2024. Our strategy is anchored on delivery of sustainable revenue and business growth, ultimately creating long-term shareholder value.”
With its strong financial performance and commitment to social responsibility, dfcu Bank is poised to continue playing a significant role in Uganda’s economic development. The bank’s focus on innovation, inclusivity, and impact is expected to drive its growth and success in the years ahead.
