News

The announcement last week by dfcu Group, that the company had registered a 47% growth in profits, sparked activity on the company's share price, registering a 4.52 percent increase on March 1, the same day the Group officially released the results. Dfcu bank, one of Uganda's financial institutions, on March 1, announced that net profits had surged by 47 percent from Shs13.14 billion ($6.5 million) in 2008 to Shs19.28 billion ($8million) in 2009.This was a net result of the bank's good performance in key business fundamentals such as customer deposits, assets and revenue growth. Customer deposits grew by 36 % from Shs255 billion ($127 million) to Shs347 billion ($173.5 million) while lending grew by 15%, from Shs283 billion ($141.5 million) in 2008 to Shs326 billion ($163 million) in 2009.

There was also a 23 % growth in total assets, from Shs496 billion ($248 million) in 2008 to Shs612 billion ($306 million) in 2009. Shareholders' funds grew by 22 % from Shs63 billion ($31.5 million) to Shs76 billion ($38 million).Dfcu shares which opened trading at Shs620 (US cents 310), a price held since January 2010, closed the day at Shs648 (US cents 324) per share. The dfcu counter, one of the only three active counters that day, registered the biggest price share jump of the day. The other share price jumps were registered on the EABL (1.63 %), Jubilee Holdings (1.6 %), Stanbic (0.6%), Kenya Airways (0.6 %) and New Vision (0.2 %) counters. The All Share Index also climbed by 0.35 % from 813.4 to 816.2.