Dfcu Bank today announced their 2019 results, posting a 21% growth in profitability from UGX60.9 billion to UGX73.4 billion. The results, Matthias Katamba’s first full year results since he joined the bank in December 2018, are much better than 2018 when the bank posted a 66% decline in profitability- from UGX127.6 billion in 2017 to UGX61.7bn. This was largely due to a 4.7% reduction in assets from UGX3.030 trillion in 2017 to UGX2.888 trillion in 2018. Deposits also generally remained flat- falling by a minor 0.4% from UGX1.987 trillion to UGX1.979 trillion. In the one year Katamba has been at…
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Dfcu Bank has started the process of vacating Dr Sudhir Ruparelia’s properties, wrongfully passed onto them by Bank of Uganda. Several movers were seen at dfcu Bank’s Crane Chambers, on Plot 38 Kampala Road, loading dfcu property and equipment onto trucks on Saturday, February 01st 2020. A notice at the bank said that the “Kampala Road Branch will be relocating to its new premises effective Monday 3rd February.” “The Branch will remain closed for two days on Friday 31st January and Saturday 1st to enable us to relocate to new premises,” reads a notice, adding that: “During this period you…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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The embattled dfcu bank has come out to dismiss claims that it has commenced closure of 22 branches countrywide which it has termed as fake news. On Sunday, the bank issued a statement and requested the public to ignore what it refers to as non-factual stories doing the rounds on social media, that the closure starts on October 14. “The Bank wishes to clarify that the purported notice in respect to branch closures is false and did not originate from dfcu Bank,” the notice reads in part. The clarification notice further explains that during the bank’s annual general meeting in June,…
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Yes, they are all men. They are powerful. They run 8 of Uganda’s largest banks and they are paid handsomely too. The 8 CEOs are each paid on average a…
43 Managing Directors and Executive Directors of 23 of Uganda’s 24 banks, earned an average of UGX61 million or a combined UGX2.6 billion per month. This adds up to a total of UGX31.5 billion a year, according to painstaking research by CEO East Africa Magazine. Also read: https://www.ceo.co.ug/2018-ugandas-19-banks-rake-in-ugx790bn-profit-5-banks-still-loss-making/ According to the research, Barclays Bank’s CEO Rakesh Jha is the highest paid, taking in UGX148.6 million in January 2019. Bank of Baroda’s Managing Director, Mr. Ashwini Kumar is the lowest paid- earning just UGX14.4 million, regardless of the fact that his bank is the 6th largest and 4th most profitable! POOR…
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Following several denials of leadership changes at dfcu Bank, the board today confirmed that the under-pressure long serving Juma Kisaame will be leaving the top helm of the bank. According…
