Dfcu records growth in revenues, fall in profits
What you need to know:
According to the interim report for the first half of 2022, dfcu revenues increased to Shs187.39b from Shs177.33b, which signifies a healthier revenue position compared to the same period last year
Dfcu recorded a substantial increase in revenue for the six months ended June.
According to the interim report for the first half of 2022, dfcu revenues increased to Shs187.39b from Shs177.33b, which signifies healthier revenue position compared to the same period last year.
During the period, operating expenses remained flat at Shs85.1b while operating income before impairment improved to Shs100.69b from Shs86.63b.
Customer deposits increased from Shs2.3 trillion in the same period in 2021 to Shs2.4 trillion while loans and advances dropped to Shs1.3 trillion from Shs1.6 trillion in 2021.
Total comprehensive income dropped to Shs20.219b from Shs43.226b.
However, profits before tax dropped to Shs25.625b from Shs49.9b recorded in the same period in 2021, while net profit for the period stood at Shs18.7b compared to Shs38.8b.
During the period, dfuc’s total assets reduced to Shs3.29 trillion compared to Shs3.35 trillion in the first half of 2021 while borrowing increased to Shs28.35b up from Shs14.98b in the same period last year.
Recoveries on loans previously written off stood Shs433m compared to Shs778m in 2021.
Shareholders’ equity decreased to Shs614.24b from Shs636.23b while net asset value per share stood at Shs821.03 from Shs850.42.
The report does not indicate whether the directors have recommended interim dividends for the period.