By our reporter

DFCU bank has revealed that its profits dropped by Shs72 billion for the year that ended on 30 June.

According to the notes published along the financial results, the bank registered a profit of Shs41.3b in the year ended June 30 compared to Shs114b posted for the year ended December 31, 2017.

“The results show a profit after tax of Shs41.3b compared to Shs114.1b for the same period in 2017. The results for 2017 included a one off bargain purchase of Shs121.8b,” the notes read as quoted by Daily Monitor.
The bank also registered a drop in interest expenses by 17 per cent from Shs64.3b in 2017 to Shs53.4b in the period under review.

The drop was attributed to the repayment of the bridging facility ($50m loan from Arise BV to recapitalise the bank) and other obligations.

Meanwhile, customer deposits increased by 10 per cent from Shs1.8 trillion to Shs2 trillion during the period driven by the ongoing digitisation programme and increased customer confidence.

Boosted by the take-over of Crane Bank that brought more high net customers, the bank’s loan portfolio increased to Shs1.3 trillion, up from Shs 834.8bn.

The bank’s total assets increased to a record Shs3 trillion, up from Shs1.7 trillion in 2016.