Prominent City lawyer and business man Elly Karuhanga, has been re-elected as dfcu Limited Chairman, the holding company of dfcu Bank, the 5th largest bank by assets.
Karuhanga’s re-election was announced during dfcu’s general meeting on August 25, 2020. Among the re-elected Directors includes Kironde Lule while Aminah Zawedde was also appointed Director.
As chairman of the group, Karuhanga continues to drive dfcu’s business growth strategy that has seen the company register significant financial performance.
During the general meeting, dfcu announced that the company’s assets increased by 1 percent from UGX2.916 billion to UGX2, 958 billion on the back of strong loans and advances. Lending grew by 10 percent from UGX1.398 billion to UX1.539 billion
Customer deposits also grew by 3 percent from UGX1.979 billion to UGX2, 039 billion. This according to the group was a result of both newly acquired and existing clients across the business segments.
Shareholders’ funds grew by 9 percent from UGX521.5 billion to UGX569.7 billion as a result of increased retained earnings.
Net profit after tax increased by 21 percent to UGX73.4 billion from UGX60.9 percent mainly driven by significant increase in efficiency and cost management
Dfcu also revealed that they won’t be paying dividends for this year due to the uncertainty worldwide and domestic economies caused by the emergency of Covid-19.
Why Weekends No Longer Mean Stalled Business - dfcu’s Weekend Agent Float Loan Is Transforming Uganda.Who is Elly Karuhanga?
Dr. Elly Karuhanga is an advocate by Training and Founding Partner of Kampala Associated Advocates. He first became an independent Non-Executive Director in May 2005- at the time, he was one of the major shareholders in the bank, following its IPO in 2004.
He also chairs the following boards: Rwenzori Water; Uganda’s largest mineral Water bottler, British American Tobacco; biggest cigarette company in Uganda with UGX70 billion turnover in 2018 and Minet Uganda, the largest insurance brokers, as well as Private Sector Foundation Uganda.
He also sits on the Board of Directors at Marasa Holdings Ltd- part of Madhvani Group with interests in over 5 hotels and lodges and Nile Breweries Ltd, Uganda’s largest alcohol company as well as Canmin Resources Ltd- a mining company.
He is also the Founder President and Chairman, Governing Council, Uganda, Centre for Arbitration and Alternative Dispute Resolution (CADER) formed in 1998. CADER was established by Parliament under Act 8 of 2000. He was appointed its Chairman and has been reappointed every three years to date.
Karuhanga has been the Chairman of Uganda Chamber of Mines & Petroleum, an organisation that seeks to promote and develop Uganda’s mining and petroleum operations and services, since 2008 to date. He has promoted mining and petroleum activities in Uganda and spoken to many audiences all over the world about mining and petroleum activities in Uganda.
He also previously served as President and Director of Tullow Uganda Operations Pty Ltd. from 2006 to 2014 and was also the Senior Advisor, Africa, for Tullow Oil.
