dfcu Bank’s Executive team led by CEO, Charles Mudiwa, staff, and partners gathered at the bank’s Head Office in Nakasero on April 1, 2025, for the FY2024/2025 Financial Results Announcement. The bank reaffirmed its commitment to leveraging technology and strengthening its systems to enhance digital banking solutions in Uganda
HABARI DAILY I Kampala, Uganda I Shareholders of dfcu should prepare themselves for a windfall, following the Group’s good performance in the 2024 financial year.
While presenting their full-year results for the year ended December 31, 2024, Charles Mudiwa, dfcu Bank’s Chief Executive Officer, said that when it comes to dividends per share, they will allocate sh20.9 for the year 2024, compared to sh9.10 that was advanced in 2023.
He said the good performance at the bourse was delivered by the bank’s strong financial performance was achieved despite 2024 presenting significant challenges that tested the resilience of businesses, amid uncertainties in the global geopolitical, economic, and political landscape.
“It is against this background that we shall propose to the shareholders a dividend of 20.09 shillings per share which is a growth of 121% compared to the 9.10 shillings per share that was paid in 2023,” he said.
He further reported that dfcu Group has registered a profit after tax of Shs72 billion in the financial year 2024, up from Shs28 billion in 2023, yielding more earnings for their shareholders, and paying more to the taxman.
“The group’s profit after tax grew by 151% to sh72b, which translated into an increase in the earnings per share of sh96.35 up from sh38.39 in 2023,” he said.
Mudiwa said that their good performance is largely driven by their major trading entity, dfcu Bank, which recorded a growth of 151% during the year 2024.
He further noted that dfcu’s total assets grew from Shs 3.2 trillion in 2023 to Shs 3.4 trillion last year.
dfcu Bank Managing Director and CEO, Charles M. Mudiwa, speaks during the company’s 2024 Full Year Financial Results Announcement in Nakasero. He reported a Shs72 billion profit after tax for 2024, a significant rise from UGX 28 billion in 2023
“Dfcu’s non-performing asset ratio fell to 4.4% in 2024 from 9.5% in 2023, due to “management’s focus on strengthening credit quality and mitigating financial risks through cautiously growing the loan portfolio,” he reported.
Additionally, the bank paid taxes amounting to Shs100 billion, up from Shs98.9 billion paid in 2023. It also invested sh1.5 billion in community, compared to sh1.3b invested in 2023.
According to the report of the independent auditor on the summary consolidated financial statements to the members of dfcu Ltd, the bank’s cash and balances position with Bank of Uganda stood at Shs434 billion in 2024, down from Shs530 billion in 2023.
“On the other hand, the balances with banking institutions stood at Shs 211 billion, down from Shs 255 billion. The bank’s total assets stood at Shs3.4 trillion in 2024, up from Shs3.1 trillion in 2023.
“When it comes to liabilities and shareholder’s equity, total liabilities stood at sh2.7trillion in 2024, up from sh2.5 trillion, while total liabilities and shareholder’s equity stood at Shs3.4 trillion in 2024, up from sh3.1 trillion in 2023,” reads part of the report, signed by KPMG Certified Public Accountants.
The report further says that in 2024, dfcu registered an increase in total comprehensive income of Sh67 billion in 2024, up from Shs17 billion in 2023.
“On cash flows from operational activities, dfcu registered a profit before tax of Sh79 billion in 2024, up from Shs23 billion in 2023. As at 31 December 2024, the bank’s share capital stood at Shs14 billion, share premium at Shs185b, distributable reserves at Shs488b and regulatory reserve at Shs3.6 billion. Its proposed dividend stood at Shs15 billion.”
Jimmy D. Mugerwa, the Chairman, Board of Directors said that over the last 60 years of their existence, they have witnessed their transition from Development Finance Company of Uganda to one of the largest Commercial Banks in the country that has weathered different shocks and continues to grow and transform individual lives and businesses across this nation.
“To sustain this growth in the next 60 years, we will continue to leverage the great support we receive from our different stakeholders in their different capacities,” he said, adding that marking six decades of transforming lives and businesses, they launched their “60 Acts of Kindness” initiative.
This nationwide CSR effort impacted 9,259 beneficiaries across Central, Western, Northern, and Eastern Uganda, with a total investment of Shs79.2 million.
Empowering Agribusiness
Through dfcu’s Agribusiness Development Centre – ADC (now dfcu Foundation), they supported smallholder farmers, cooperatives, and SMEs with financial literacy, governance training, and access to financial Services.
Mugerwa said they impacted over 9,000 farmers, 885 enterprises, and 27,079 smallholder farmers. Additionally, 40,000+ Ugandans directly and 100,000 indirectly benefited from improved financial literacy and agribusiness innovation.
Rebecca Birungi, Acting Chief Finance Officer at dfcu Bank, presents dfcu’s 2024Financial Results at the bank’s head office in Nakasero
“We managed to train 402 enterprises, 54% of which are women-led, and created 2,112 new jobs through agribusiness initiatives.
GROW Success
On advancing Women Entrepreneurs, dfcu went into partnership with MTN Uganda, and executed the Advancing Women Entrepreneurs (AWE), which involved an accelerator program, which managed to integrate women owned businesses into MTN Uganda’s supply chain.
Under their flagship dfcu Women In Business program and the Generating Growth Opportunities and Productivity for Women
Enterprises (GROW) Project, dfcu managed to finance 212 women entrepreneurs with Shs11.2 billion in loans across 30 districts.
Additionally, the 60 financial literacy trainings ensured women entrepreneurs were equipped to manage and grow their businesses sustainably.
With these achievements, dfcu Bank is positioned for even greater impact in the years ahead.
“As we continue to grow, we remain dedicated to delivering innovative solutions, fostering financial inclusion, and ensuring that our people, customers, and communities thrive,” said Mudiwa.
