Dfcu has registered a 51% drop in profits in the first half of this year according to financial results for the period ended June 30.
Dfcu reported Shs18.7b in net profits, which is a 51% drop compared to Shs38.8b registered in the same period in 2021. Profits before tax dropped from Shs49.9b to Shs25.625b.
Total comprehensive income dropped to Shs20.21b from Shs43.226b.
The first half of 2022 also saw Dfcu’s assets reduce to Shs3.29 trillion compared to Shs3.35 trillion in the first half of 2021.
As a result of the drop, shareholders equity decreased from Shs636.23b to Shs614.24b.
Net asset value per share dropped from Shs850.42 to Shs821.03.
Loans advanced dropped from Shs1.6 trillion to Shs1.3 trillion, but customer deposits saw an upward trend from Shs2.3 trillion in 2021 to Shs2.4 trillion in 2022.
The bank’s figures indicate that despite a slump in profits, revenues increased from 177.33b in 2021 to Shs187.39b in 2022.
However, the report doesn’t indicate whether shareholders will receive dividends for the interim period.
