dfcu Limited has recorded a remarkable financial performance for the year ended December 31, 2024, posting a 151% surge in profit after tax to Shs 72 billion, up from Shs 28 billion in 2023.
The announcement followed the release of audited financial results, marking one of the most significant annual gains in the Group’s history and highlighting a year of strategic transformation and resilience.
In a joint statement, Board Chairman Jimmy D. Mugerwa and Chief Executive Officer Charles Mudiwa attributed the record-breaking performance to the effective execution of the “Fired Up” strategy. This multi-phase growth plan focuses on digital innovation, sector-specific banking, operational efficiency, and a strengthened credit risk framework.
“Our strong financial results reflect a deliberate focus on sustainability, performance, and impact. 2024 was a transformative year, where we not only delivered on our numbers but also deepened our purpose-driven initiatives across Uganda,” said Mudiwa.
The year’s financial highlights include a substantial increase in earnings per share to Shs 96.35 from Shs 38.39, while dividends per share grew by 121% to Shs 20.09 from Shs 9.10. The bank’s total assets expanded to Shs 3.4 trillion from Shs 3.2 trillion, and loan losses dropped dramatically to Shs 12 billion from Shs 82.7 billion in 2023. Additionally, the Non-Performing Assets (NPA) ratio was nearly halved to 4.4% from 9.5% the previous year. dfcu also contributed Shs 100 billion in taxes, reinforcing its role as a key partner in Uganda’s national development.
As part of its 60th-anniversary celebrations, dfcu launched the “60 Acts of Kindness” campaign, investing Shs 79.2 million in community projects that benefited over 9,000 Ugandans. Through the dfcu Foundation (formerly the Agribusiness Development Centre), the bank empowered over 27,000 smallholder farmers and trained 402 agribusinesses, more than half of which were women-led, creating 2,112 jobs in the process.
dfcu also strengthened its support for women entrepreneurs through the Women in Business Program and the Advancing Women Entrepreneurs (AWE) Accelerator in partnership with MTN Uganda. These initiatives facilitated loans worth Shs 11.2 billion to 212 women-owned businesses across 30 districts.
In line with its commitment to digital transformation, dfcu upgraded its ATM and card management platforms in 2024, enhancing the banking experience with faster, more secure, and seamless services. “Digital transformation is at the heart of our strategy,” Mudiwa stated. “We are investing in platforms that anticipate the needs of tomorrow’s customer.”
Despite the global geopolitical and economic challenges of 2024, dfcu’s performance underscores its strong governance and strategic clarity. The bank’s asset base, capital ratios, and customer engagement indicators continue to show positive momentum as it moves into 2025.
“Over the last six decades, we’ve evolved from a development finance institution into one of Uganda’s leading commercial banks,” noted Mugerwa. “The next 60 years will be about innovation, inclusion, and impact.”
The Board of Directors has proposed a dividend of Shs 20.09 per share, pending approval at the upcoming Annual General Meeting. The date of the AGM will be announced separately.
