Dfcu Bank has recorded a fall of Shs11.9 billion in operational income, according to the audited financial reports for the year that concluded on December 31, 2022.
The findings reveal that the bank had a loss of Shs4.8 billion in net interest income, whilst the operational expenditures climbed from Shs179.6 billion to Shs299.4 billion in the past financial year.
"Credit loss cost on financial assets reduced from Shs148.5 billion to Shs88.1 billion. Earnings before tax soared up from Shs10.4 billion to Shs34.8 billion," the figures reveal.It also reveals that profit after tax for the year grew from Shs13.2 billion to Shs30.6 billion. In tandem, the business saw a fall of Shs4.5 billion in net interest income in the financial year ending in 2022.
The data also suggest that the group’s overall operating income declined by Shs11.5 billion from Shs368.6 billion in 2021 to Shs356.9 billion.
Additional data suggests that the group’s operational expenditures went raised from Shs183.5 billion to Shs228.4 billion.
A statement from the board of directors of Dfcu Limited underscored the company’s sustained strategic and ongoing investments in technology to further increase its capabilities to satisfy evolving customer demands.
"The firm introduced changes to the core banking platform, online, mobile, and agency banking channels to improve the consumer experience. The new digital capabilities have further increased operational efficiency, introduced new methods of working, and ultimately lowered the cost to service consumers", the board added.
The board noted DfCU continues to make an impact in the community with many projects in the areas of agriculture, women in business, and financial inclusion and displayed more significance to environmental, social, and governance programs (ESG) (ESG).
With the agribusiness development center, the corporation increased its assistance to agribusinesses with capacity building, the supply of finance, and value chain financing.
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