dfcu Limited releases consolidated interim Financial Results


 

dfcu Limited has released its 2017 consolidated interim financial results- showing a 69.4% growth in balance sheet from UGX 1.8 trillion in December 2016 to UGX 3.05 trillion as at June 30, 2017.
This financial position its subsidiary, dfcu Bank, among the top 3 banks in Uganda, and squarely sets the Group on the path to transforming dfcu from a niche bank to a Universal bank.
dfcu Bank's Managing Director, Juma Kisaame adddresses stakeholders during the release of dfcu Limited's release of its consolidated interim financial results as of June 30, 2017.JPG
The performance is largely attributed to the January 2017 acquisition of Crane Bank assets and assumption of liabilities by dfcu Bank that presented numerous opportunities in line with dfcu’s growth aspirations.
Highlights of our financial position as at June 30, 2017 include: 47.3% growth in total income from UGX 173 billion to UGX 255 billion. It is important to note that this includes a bargain purchase resulting from the fair valuation of the net assets acquired and the deferred obligation.A significant 62% increase in customer deposits to UGX 1.838 trillionA Profit Before Tax position of over UGX 151 billion in comparison to UGX 30 billion over the same period in 2016. A 55.5% growth in the loan book to UGX 1.31 trillion
This positive performance comes against the backdrop of the dfcu Limited Rights Issue whose terms and conditions will be published upon receipt of regulatory approvals.

dfcu Bank increases support to St. John’s Ambulance Uganda’s emergency medical services.


 

As part of its Responsibility & Sustainability program, dfcu Bank Uganda has today renewed its support of emergency medical services- announcing an increment in its financial contribution to St. John’s ambulance Uganda. The announcement was made during a press briefing at the St. John’s ambulance services offices on Buganda Road.

Addressing journalists at the event, dfcu Bank’s Head of Brand Marketing Communication, Jude Kansiime said the renewed commitment was the Bank’s way of increasing its support to what is a dire situation.

dfcu Bank_s Head of Brand Marketing Communication, Jude Kansiime (C) hands over fuel cards to Christine Kasirye, the National Executive Secretary, St. John_s Ambulance during the eve

dfcu Bank has been supporting the services offered by St. John’s Ambulance for the last 5 years. This support has been in the form of monthly fuel, which is a key need if an organization wishes to provide timely emergency medical services. Today, dfcu Bank is glad and honored to announce that we will both continue with and increase our contribution to this crucial service.”

 

“As part of the emergency support pillar under our Sustainability strategy,  I am pleased to announce that dfcu Bank will double our monthly contribution to St. John’s Ambulance Uganda- which will allow them to operate a second ambulance and in turn provide urgently needed emergency medical services to those in need,” Kansiime added.

 

“Lack of sufficient emergency services is one of the leading causes of death in Uganda. Less than 10% of patients are transferred to hospitals and clinics by ambulances, which results in tragedies that could have been prevented. This is why our commitment to St. John’s Ambulance is important to us as an institution- we see it as a way to give back and improve the quality of life in the communities in which we operate,” he continued.

Christine Kasirye, the National Executive Secretary, St. John’s Ambulance commended dfcu Bank for their continued and unwavering reinforcement to its operations.

“Over the last 5 years, dfcu Bank has proved itself a dedicated and stable partner to the work that we do. One of the key elements needed for the successful provision of emergency medical services is timely arrival to the scene of the emergency and thereafter to a hospital or clinic. The monthly fuel contributions from dfcu Bank have helped us save countless lives,” Ms. Kasirye said.

dfcu Bank_s Head of Brand Marketing Communication, Jude Kansiime (L) hands over a dummy cheque to Christine Kasirye, the National Executive Secretary, St. John_s Ambulance after maki

“By providing fuel for a second ambulance, dfcu Bank is giving us the ability and means to reach more patients, provide urgent medical aid and as a result, save more lives. On behalf of St. John’s Ambulance, I extend our gratitude to the management of dfcu Bank for their pro-active support of emergency medical services,” Ms. Kasirye concluded.

 

With the increased funding, dfcu Bank’s contribution to St. John’s Ambulance will add up to UGX 24,000,000/- per year.

dfcu Bank to support renovation of Pece stadium for 2017 edition of East African Secondary School Games


 

 

dfcu Bank handed over 1,000 bags of cement valued at over UGX 30 million that will go towards the rehabilitation of Pece War Memorial Stadium in preparation for the 2017 edition of the East African Secondary School Games. The handover, which was made to representatives of Gulu District took place at Pece War Memorial Stadium.

Over 1,000 schools are expected to take part in the 16th edition of the East African Secondary School Games and will be hosted by St Joseph College, Layibi and Sacred Heart Girls School. The students are expected to take part in a variety of indoor and outdoor games including football, rugby, netball, basketball, volleyball, handball, hockey, chess, swimming and badminton.

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Speaking at the handover ceremony, the dfcu Bank Northern Regional Manager Christopher Kinyera said the contribution to the renovation of the stadium was a display of the Bank’s commitment to the development of the communities in which it operates.

 

dfcu Bank holds the growth of our communities in high regard- we believe that we have a responsibility to help our society make socio-economic advancements that in turn, benefit us all,” Kinyera said.

 

“This contribution is going to help with the renovation of Pece Stadium where these regional games will take place, and we are honored to be part of this because we understand the power of sports in Uganda.

We are aware that the people of Gulu are passionate about sports- partnered with their great hospitality, we are confident that this is the perfect venue for an activity of this magnitude. We are excited to be a part of this,” he concluded. The games are scheduled for August this year

Battle For Cash with DFCU Bank


 

dfcu Bank, in partnership with NTV Uganda and Price Waterhouse Coopers (PwC) launched a nationwide campaign targeted at driving a savings and investment culture in Uganda. The campaign, which will run – in part as a TV show competition dubbed ‘Battle for Cash’ was launched at the Kampala Serena Hotel with the media fraternity having the first hands-on experience.

Compared to the countries in the region, Uganda has the lowest savings to GDP ratio, which is at 13.48 per cent of GDP with majority of the population being un-banked. According to the Uganda Bureau of Statistics, only 12% of the population have bank accounts while research shows that Ugandans save less than 5% of their monthly earnings as compared to other East African countries (Kenya 23%; Tanzania 13% Rwanda 18%).

 

The low savings rates are largely a result of traditional banking remaining out of reach for most due to factors like; inadequate financial services; financial illiteracy; physical distance from banking institutions and high minimum deposit and balance requirements, limiting access to banking services. But banks have taken huge strides in addressing these shortcomings by recognizing the potential and are introducing resourceful methods of bringing them back into the formal economy by introducing several innovative products and services.

 

As part of several efforts to promote a savings culture in Uganda, dfcu Bank introduced the Investment Clubs program in 2007 providing a conducive platform to foster group savings. The dfcu Bank program has since grown with over 10,000 Investment Clubs that cut across all segments including students, the professionals, women, youths holding a savings turnover of over UGX 400 billion.

dfcu Bank, Battle for Cash Campaign judges, Joseph Kasaija, Ann Kyohairwe and Adam Sengoba, address the media during the campaign launch at Serena Hotel.

The Judges that will adjudicate Battle For Cash

It is against this background that dfcu Bank has collaborated with NTV and PwC to start a competition to encourage its customers to grow their savings portfolio. The ‘Battle for Cash,’ challenge will provide a free platform to Investment Clubs to show case their success stories over a period of six (6) months. Additionally clubs who are able to present innovative investment ideas and demonstrate the ability to consistently pool savings towards the realization of their objective for a minimum period of six months will be eligible to enter the competition. They will have the opportunity to show case their ideas and investment projects on NTV Uganda.

 

According to the dfcu Bank Executive Director and Chief of Business William Sekabembe, two special categories of women and youth have been included. Clubs with 100% composition of these special groups will apply to enter the competition and into a special category for Women Clubs & Youth increasing their chances of winning. “We are putting a lot of emphasis on these two categories because we believe they play a major role in the development of communities and Uganda as a whole,” he added.

dfcu Bank Executive Director and Chief of Business, William Sekabembe giving a speech during the launch of Battle for Cash campaign at Serena Hotel.

William Sekabambe Chief of business at DFCU

An amount totaling up to UGX 100 million in prize money has been set aside for the best Investment Clubs. Additionally, one delegate from each of the 20 selected clubs that will enter the competition will be sponsored to attend a study tour in Nairobi to share experiences, network, and widen their knowledge and contacts. This as the top seven (7) clubs will receive free advisory services for a period of one (1) year.

Lady Luck hits Soroti & Pallisa


 

 

Through the Anglican Church Deaconry, dfcu Bank Uganda handed over food relief to people in the Pallisa and Soroti communities. The food donation was to 1000 families in the Teso Sub region specifically in the areas of Gweri Sub County (Soroti) and Kasodo Village (Pallisa).

According to Micheal Mwesigwa, the Head of Sales dfcu Bank the food items included 5000Kgs of polished maize flour plus 2000kgs of beans enabling each family to take home 5kgs of posho and 2kgs of beans.

dfcu staff members and community leaders handover food to people in Soroti

“One of the focus areas under the dfcu Bank responsibility and sustainability programme is the response to relief needs of the community. This is just one of the ways we are identifying with and reaching out to the Teso community during their time of need.” he said.

The venerable Reverend Daniel Etatai the Arch Deacon of Pallisa commended dfcu Bank for the support and pledged to exercise maximum integrity and transparency when distributing the items to vulnerable groups.

As a result of widespread drought, parts of Northern Uganda have been experiencing famine leaving people in many communities with little or nothing to eat. People are welcoming all the help they can get to feed their families.

dfcu staff and community leaders handover food to people in Soroti 2

“We are grateful for such a thoughtful act from dfcu Bank. The food we have been given will be used to feed our children. We hope we can get more help from other people,” said one of the recipients of the aid.

 

Dfcu Bank set to hold business clinics for SME clients


dfcu Bank, in partnership with Enterprise Uganda,announced at a press conference that it will hold 12 business clinics for its Small and Medium Enterprise (SME) customers.

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The announcement was made during a press briefing which also doubled as the first training session at Mackinnon Suites.

The clinics will be held over the course of the next six months and will centre on growing the skillsets of the beneficiaries.

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They will also focus on the five functional areas of a business; Marketing, Finance, Human
Resource, Strategic planning and Operations.

The announcement comes a week after dfcu Bank was unveiled as the main sponsor of the 2017 Top mid-sized Companies’ Survey.
Speaking at the press briefing, the dfcu Bank Managing Director, Juma Kisaame said the
Business Clinics were part of the Bank’s strategy to empower the SME business community.
“Using the M-S-F Model, Enterprise Uganda will provide both practical and theoretical training
to our SME clients. These training sessions will cater to 35-40 people per session and will cover various aspects related to operating a successful business operation. For the next six months, we will mobilize our customers to attend two training sessions each month- and our expectation is that they will be better equipped to manage their businesses,” Kisaame said.

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Kisaame emphasized the Bank’s commitment to the Ugandan market saying, “dfcu Bank is
firmly dedicated to offering tailor-made solutions to our clients with the belief that in turn, they
will help them grow both their personal and business investments. The Business Clinics will cover a range of topics including marketing, branding, human resource management and
several more, which we believe will offer invaluable learnings to business owners and managers.”
Kisaame concluded by saying all participants in the clinics would be required to create action
plans- which would be used during the advisory sessions scheduled to take place a month after the completion of the clinics.

Hillary Ndugutse wins the 2017 Netherlands Business Golf Cup


Golfer Hillary Ndugutse emerged winner of the 2017 Netherlands Business Golf Cup at the par 72 Kitante Golf Course in Kampala. Ndugutse, a seasoned golfer and businessperson registered a score of 41 points to win this year’s Netherlands Business Golf Cup. 

Results from the Tournament and the participants that teed off

The Netherlands Business Golf Cup is an annual golf tournament that is sponsored by dfcu Bank in partnership with the Dutch Embassy, KLM airlines, VIVO energy, Unilever and Shares (U) Ltd. The tournament brings together members of Uganda’s business community in both the public and private sector to provide a networking opportunity with Dutch affiliated businesses.

After a grueling 18-hole thriller, Ndugutse emerged as the unrivalled champion to lift his first Netherlands Business Golf Cup trophy. Over 200 participants teed off at this year’s Netherlands Business Golf Cup on a sunny Saturday morning at the Kitante Golf Club. Golfers networked with their competitors from various business backgrounds as they played 18 holes on one of Uganda’s toughest golf courses as well as. 

Golfer Hillary Ndugutse receiving his goodies

Later in the evening, businessmen and women were treated to a dinner and awards ceremony at the Uganda Golf Club, to recognize the outstanding players of the tournament.
Speaking at the awards ceremony, dfcu’s Chief Transformation Officer, Paul van Apeldoorn reiterated the need to have more networking opportunities for the Ugandan business community to provide opportunities for investments in and out of Uganda. 

“With initiatives such as the Netherlands Business Golf Cup we hope to expand our business opportunities not only in Uganda but beyond borders. We take advantage of such moments to use the great sport of golf to network on and off the green.” He said. 

There was joy as the day’s champion was awarded for his outstanding stroke and drive that enabled him to win the 2017 Netherlands Business Golf Cup.

“Winning this year’s Netherlands Business Golf Cup is a great achievement to me. I worked on my stroke and managed to steady the ship all the way to the last hole. I am thankful for the tournament sponsors and will surely be back next year to defend my trophy.” Ndugutse said.

Other outstanding players included; Candy Mpanga who emerged winner in the women’s category.