When dfcu Bank in January 2017, acquired Crane Bank, then one of the five largest Banks in Uganda, for UGX200 billion, it had been hoped that dfcu’s market share fortunes…
Mr. Jimmy Douglas Mugerwa and Dr. Aminah Zawedde have been reappointed to the dfcu Limited Board of Directors after being seconded by shareholders at the Annual General Meeting that was held last week at Hotel Africana in Kampala. Mr Mugerwa will serve as Chairman of the Board of Directors while Dr Zawedde will serve as a Non- Executive Director on the dfcu Limited Board, the holding company of dfcu Bank. The two were bound to retire from the Board but offered themselves for re- election. Mugerwa is the founder and Chief Exective Officer of Zoramu Consulting Group Ltd, a senior…
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Senior Counsel Francis Gimara has been appointed the Non-Executive Director on the dfcu Board of Directors following a successful majority vote as an approval from shareholders of dfcu Bank, the flagship business of dfcu Limited, at the Annual General Meeting (AGM) that was held on Thursday, 11th July, 2024. Mr Gimara was appointed to fill a casual vacancy on the Board, in accordance with Article 76 of the Company’s Articles of Association, after the resignation of Dr. Christine Akello from the Board in July 2023. The Senior Counsel was tapped after the dfcu Board Nominations and Governance Committee sought out several…
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dfcu Limited is celebrating 60 years of operation and impactful service towards fulfilling its purpose of ‘Transforming Lives and Businesses in Uganda’. dfcu was established in 1964 as a development finance institution and since then, has contributed to national socio-economic transformation, growing together with Uganda since her independence. Serving as an international commercial bank with a deep-rooted commitment to Uganda over the past six decades, the Bank has played a pivotal role in financing the establishment and growth of local businesses and supporting the country’s economic growth and development. With a bank network of 54 branches spread across Uganda and…
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What impacted your business over the period from an operational standpoint? The first half of the year has been marked by consistent improvement in the operating environment with inflation and other economic indicators trending positively, impacting on our customer acquisition which has grown tremendously over the period by over 50% for the number of active customers we serve. On the other hand, there was an uptick in cyber-related risks and to that end, we enhanced our risk management capabilities and improved our operating efficiencies to deliver a seamless customer experience. What were the drivers of your financial performance? The business…
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A London Court of Appeal has ordered dfcu Bank, its holding company, dfcu Limited, as well as dfcu Bank’s former board chairman, Jimmy Mugerwa (now dfcu Limited Chairman), Juma Kisaame and William Sekabembe, the bank’s former Managing Director and Executive Director respectively, to pay shareholders of the former Crane Bank Limited (CBL), ￡1,875,000 (UGX8.8 billion) in court costs. This follows the appellate court’s ruling that there are “serious issues to be tried” in a case the former Crane Bank Limited shareholders⏤ Dr. Sudhir Ruparelia, Jyotsna Ruparelia, Meera Ruparelia, Rajiv Ruparelia, Tom Mugenga and Sheena Ruparelia brought against dfcu Bank, for…
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CEO East Africa Magazine, on January 18th 2023 broke the story that Charles Mwanyara Mudiwa, the former Chief Executive Officer of Stanbic Bank Kenya had been appointed as the next Chief Executive Officer of dfcu Bank in Uganda, pending Bank of Uganda approval. Although Jimmy Mugerwa, the Chairman dfcu Limited, the holding company for the bank at the time, denied the appointment on phone with this reporter, the bank yesterday, finally confirmed that indeed Mr. Mudiwa would be taking up the position effective 11th April 2023. Mudiwa, a financial services veteran with over 26 years of experience, 21 of them,…
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Dfcu Limited, the holding company for dfcu Bank, last week released its 2022 results reporting that net profit grew by 217% from UGX9.3 billion in 2021 to UGX29.5 billion in 2022, underpinned by a 6% growth in deposits from UGX2.3 trillion in 2021 to UGX2.4 trillion in 2022. The bank also reported that while lending declined by 9.7% from UGX1.51 trillion to UGX1.36 trillion, the number of borrowing customers increased by 15 per cent. The bank said it is repositioning to “provide its customers with innovative solutions” and to “make a difference in the communities”. The bank also said it,…
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Dfcu Limited, the holding company for dfcu Bank has this morning released its performance results for 2022, reporting a strong comeback. The company announced that net profit grew by 217% from UGX9.3 billion in 2021 to UGX29.5 billion in 2022, underpinned by a 6% growth in deposits from UGX2.3 trillion in 2021 to UGX2.4 trillion in 2022. The bank also reported an 11% reduction in expenditure, underlined by a 10.4% reduction in interest expenses from UGX62.7 billion in 2021 to UGX56.2 billion in 2022 as well as a 41% reduction in credit impairment charges⏤UGX148.4 billion in 2021 to UGX88.2 billion. …
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dfcu Limited, the company, and dfcu Bank have made appointments for three major positions. Dr. Winifred Mary Tarinyeba Kiryabwire has been appointed as the new Chairperson of dfcu Bank Limited, with effect from 01st April 2022. She replaces Jimmy Mugerwa, who moves to dfcu Limited, the holding company for the bank. Winifred is a lawyer with over 20 years’ experience and expertise in corporate law, corporate governance and financial sector regulation. She is a certified director with the Institute of Directors of UK and has wide experience in governance and oversight responsibilities in the public, private and not-for profit sectors…
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