According to the audited financial records for the year that ended on December 31, 2022, Dfcu Bank had a decline in operating income of Shs11.9 billion.
According to the results, the bank's net interest income fell by Shs4.8 billion while operating expenses increased by Shs299.4 billion during the course of the previous fiscal year, going from Shs179.6 billion to Shs299.4 billion.
"From Sh148.5 billion to Sh88.1 billion, the cost of credit loss on financial assets was decreased. From Shs10.4 billion to Shs34.8 billion, earnings before taxes increased dramatically "The numbers show. Also, it shows that earnings after tax increased from Sh13.2 billion to Sh30.6 billion throughout the year. Net interest income for the company fell by Sh4.5 billion in the fiscal year that ended in 2022.
The information also indicates that the group's total operational income decreased from Sh368.6 billion in 2021 to Sh356.9 billion, a decrease of Sh11.5 billion.
According to further information, the group's operating costs increased from Shs183.5 billion to Shs228.4 billion.
The board of directors of Dfcu Limited said in a statement that the business continues to make strategic, long-term investments in technology to improve its capacity to meet changing client expectations.
"To enhance the customer experience, the company made modifications to the agency banking channels, online, mobile, and core banking platform. The cost to serve customers has eventually decreased because to the new digital capabilities' greater operational efficiency and introduction of innovative working techniques "The board further said.
The board observed that DfCU continues to have an influence on the community via a number of initiatives in the fields of agriculture, women in business, and financial inclusion and gave environmental, social, and governance (ESG) programs additional weight (ESG).
The company expanded its support for agribusinesses in the areas of capacity building, the provision of finance, and value chain financing with the opening of the agribusiness development center.