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dfcu Bank announces 2018 financial results

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Mathias Katamba CEO dfcu Bank while announcing the 2018 financial results.

Mathias Katamba CEO dfcu Bank while announcing the 2018 financial results.

By Our Reporter

dfcu Bank has released its financial results for 2018, showing a 5% growth in loans and advances while maintaining customer deposits at Ugx 1.9 trillion despite a turbulence following Crane Bank takeover.

The customer stability was attributed to the bank’s strategy to grow the current and savings deposits that are a more cost-effective source of funding.

Announcing the results at a press briefing held at dfcu head offices on Wednesday, Mathias Katamba, the CEO dfcu Bank, said, “We managed to post a 5% growth without a reduction in deposits despite the sustained negative publicity and direct assault on the bank last year. This demonstrates a vote of confidence by the customers in the bank.”

Other highlights of bank’s financial results include:

• Overall interest expense reduced by 20% from UGX 131.6 billion to UGX 104.8 billion showing improved efficiency in the liability mix.

• Total assets reduced by 5% from UGX 3.1 trillion to UGX 2.9 trillion due to repayment of borrowed funds and subordinated debt. This led to a 39% reduction in our interest expense from UGX 44 billion to UGX 27 billion.

• Non funded income in terms of fees and commissions grew by 29% from UGX 40 billion to 51 billion.

• dfcu Limited posted total comprehensive income of UGX 60.8 billion.

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MultiChoice Uganda premieres two short films

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By Staff Writer

Multi choice Uganda last week on Friday premiered two short films.  The two films, “Promise” and “Ensulo” were premiered at the multi choice head offices in Kololo. Each of the one hour films were created in Kenya and will be showing on DSTV, Pearl Magic channel 161.

According to Joan Semanda, PR and communications MultiChoice said the premier of the two short films were in line with both DSTV and GO TV showing support for the Uganda film industry. “WE also encourage young students with passion in film making as either film directors or actors to pursue career as we are here to support them.”

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Ugandan cosmetic line, Minama launches new skin care product

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By Our Reporter

Ugandan beauty and cosmetics brand, Minama has released a new skin care product on the market.

The brand’s C.E.O Afsana Pey S.K has announced the release of its Minama skin oil, which goes on the market today, in Uganda and across the continent.

“Minama skin glow oil has really helped many of our clients and myself, particularly for ailments like Acne, blemishes, black spots, scars etc. It also clears your skin and leaves it glowing with that beautiful shine,” she explains.

When asked what was her motivation for setting up the skin care line, Afsana explains that she suffered with skin issues for a long time, and being as there weren’t many solutions available on the market, she decided to start up her own skin care line, whose many other products include lotions, soaps, creams and other cosmetics.

“I know first-hand how bad skin can affect you, especially your confidence, so I started the line to help others and myself. We have more products launching in December, and we can’t wait for all our clients, old and new to get their hands on this skin oil,” she concludes.



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Vivo Energy donates 15 million shillings worth of school materials to Kiswa Primary School

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By Staff Writer

Vivo Energy Uganda, the company that distributes and markets Shell branded fuels and lubricants in Uganda, has today visited Kiswa Primary School in Bugolobi, Kampala and donated school materials and sanitary towels worth Fifteen million Uganda shillings to enhance its Schools’ Education Support programme.

The donation was handed over by Vivo Energy Uganda Managing Director, Mr. Gilbert Assi in the presence of the school community, Vivo Energy Group Chairman, Mr. John Daly, Non-Executive Director, Ms. Hixonia Nyasulu, Executive Vice President for East and Southern Africa, Mr. Hans Paulsen and staff. 

Kampala Capital City Authority’s Director of Education and Social Services, Miss Juliet Nambi Namuddu was the guest of honour at the colourful function that was also attended by the Mayor of Nakawa Division, Hon. Ronald Bamwezo under whose jurisdiction the school is located.

Speaking at the school visit, Mr. Gilbert Assi remarked that education is one of Vivo Energy’s priority areas of community investment.

“We believe in empowering the future generation of leaders by giving them opportunities to learn. We hope that the support that we have given to this school today will in turn lead to improved literacy, better grades and overall improvement of the school’s performance.”

He added, “Vivo Energy Uganda’s Schools’ Road Safety Education programmes have in the past five years trained pupils in over 120 primary schools as road safety ambassadors. Kiswa Primary School was one of the first schools that we approached at the time. We are pleased that this relationship has progressed to the point where we are confident in the abilities of the children to support fellow children to observe safe road practices. We focus on children as the future drivers in order to inculcate in them a culture of road safety at a young age. Children can also be effective in influencing their parents’ behaviour and through these efforts, we would like to win them over first as a way to reach their parents.”

Ms. Aisha Bagaya Ntege, the Head Teacher of Kiswa Primary School commended Vivo Energy Uganda for identifying the school’s challenges and supporting the administration to address them.

“Our school population consists of over 2000 children, drawn from the less fortunate communities near and far from our location. We try our best to manage the existing challenges such as limited learning resources, nutrition, absenteeism of female students due to poor management of menstruation and more. I am delighted that companies such as Vivo Energy Uganda have a heart for the communities around them and reach out to support education. We appreciate this gesture.”

KCCA Director of Education and Social Services, Ms. Juliet Nambi Namuddu expressed her appreciation to Vivo Energy Uganda for supporting education in Uganda: “On behalf of KCCA, that manages public schools in the city, we commend Vivo Energy Uganda for continually partnering with us to make education experience for the children less of a challenge. We encourage like-minded organisations to join us in a similar initiative.”

Adding, “It is a sad reality that one out of 10 African girls skip school or drop out of school entirely due to lack of menstrual products and proper access to proper sanitation according to United Nations Children’s Fund. However, this hindrance to the education of female students is now a priority for the KCCA and for the Ministry of Education.”

Vivo Energy Group Chairman John Daly and Non-Executive Director, Ms. Hixonia Nyasulu are currently in the country on a business familiarization tour of Vivo Energy Uganda.

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