DFCU bank posts a Shs 72 Billion loss in its half year results

The history of DFCU bank can be drawn from the time Crane bank waved the towel when Bank of Uganda decided to sell off the then sick bank. In notes published along with the bank’s financial results, Dfcu claims its status normalized after it acquired all former crane bank assets. However, the blue bank has registered an immerse loss of 72 billion UGX for the year ended June.The history of DFCU bank can be drawn from the time Crane bank waved the towel when Bank of Uganda decided to sell off the then sick bank. In notes published along with the bank’s financial results, Dfcu claims its status normalized after it acquired all former crane bank assets. However, the blue bank has registered an immerse loss of 72 billion UGX for the year ended June.

As the bank registered a profit of Shs41.3b in the year ended June 30 compared to Shs114b posted for the year ended December 31, 2017. By the same algorithm, dfcu has had a 72bn as compared to its 2016/17 profit which was way too high compared to the 2017/18 financial year.

Even though the bank acquired Crane bank’s assets following Bank of Uganda’s take over of the troubled Ruparelia bank, DFCU bank appears more determined to bring change and more profits in its next financial year 2018/19.

The results show a profit after tax of Shs41.3b compared to Shs114.1b for the same period in 2017. The results for 2017 included a one-off bargain purchase of Shs121.8b

DFCU Bank as an industry leader

In Uganda, DFCU, Centenary, Bank of Africa, Stanbic, Barclays, and Equity can’t miss on the list of top contenders running the financial industry. But since Crane Bank merged with DFCU in the then new take over, It’s by no doubt that DFCU may become the topmost used bank since former crane customers still feel the BOU take over headache.

As a point often overlooked, commercial banks previously joined hands for the agent banking launch in Uganda and Equity bank seems to be leading the digital revolution with the highest number of downloads on Google play store. But as DFCU also launched its revamped online banking platform, the industry leader rank may be difficult to attain at the moment since all banks provide top notch services in this Ugandan digital flag off.

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