Dfcu Bank has announced a Shs127.6bn net profit for the year ending 2017, a development industry speculators attribute to their acquisition of Crane Bank which they acquired for free as many money matters experts put it.
Dfcu in 2016 made a paltry profit of Shs46bn and was rumored to be folding up its business at the time the central bank was chasing down Crane Bank. The public expected both bank to close up shop only for Bank of Uganda to quietly sell Crane Bank to Dfcu.
The bank’s financial statements released Thursday indicate that Dfcu registered an increase of nearly Shs100bn in interest income largely from loans and advances taken over from Crane Bank.
Bank of Uganda said Crane Bank was risk to the banking sector with no real value. Dfcu didn’t only takeover liabilities of Crane Bank but assets and customers many of which had been the reason Crane Bank was the fastest growing indigenous bank.