Following the acquisition of Crane Bank’s assets, the DFCU Bank has posted impressive figures for the first six months of 2017, with its balance sheet hitting Shs3.05 trillion, up from Shs1.8 trillion in December 2016.
The latest interim financial statement also shows the dfcu bank’s gross profit more than doubled in the first half of this year, totaling Shs151.670 billion up from Shs58.363 billion in December 2016.
The dfcu management says the acquisition of Crane Bank placed the dfcu Bank amongst the top three banks in the market in terms of total assets.
Further, they attribute the huge change in the balance sheet to the acquisition of some of Crane Bank assets like physical cash, balances, loans and advances, computer software, listed stocks, shares in private companies, land and furniture.
“In January 2017, our wholly owned subsidiary, dfcu Bank Limited, acquired certain assets and assumed certain liabilities of Crane Bank Limited (in receivership). This was a great opportunity for the Group which was carefully considered by the Board and found to be in line with our growth aspirations,” the interim statement released by the bank yesterday says.
The statement shows growth in customer numbers which rose by over 50%, as branch network rose from 43 to 67 with over 100 ATMs.
They add the acquisition also puts the Group firmly on the path to transforming from a niche bank to a universal bank. “Overall we expect the transaction to result in enhanced value to our shareholders through superior financial performance,” the directors said in a statement now I public domain.
Bank of Uganda, the regulator of commercial banks in the country, requires all the banks to release half year financial statements. Many banks in the country are releasing their financial performances this July.
Meanwhile, in 2017, dfcu will invest $20m in upgrading the Finacle Core Banking System.
