DFCU Bank is Solid

DFCU Bank is Solid

The management of DFCU Bank has clarified that the bank is financially solid.

In a clarification issued on October 29, 2016, Bowmans, the bank’s lawyers, also said that contrary to our earlier reports over the weekend, there has not been a run on the bank’s deposits.

Below is the Bank’s full statement

Reference is made to your publication made on the 29th day of October 2016 on pages 1 and 4 of the volume 16 No. 134 under the heading, “Bank Run Bites as DFCU, Cairo Banks Near Takeover”.

The said story was not factual in as far as it alleged that DFCU Bank Limited is under-capitalized and has suffered a run.

It was also not correct that the Norwegian and Brit-ish investors have pulled out of the Bank.

We would like to correct the record as follows:

DFCU Bank Limited is well capitalized with capital of UGX 238,000,000,000 (Two Hundred Thirty Eight Billion Uganda Shillings) as at 30th June 2016, nearly ten times over the mini-mum capital requirement of UGX25, 000, 000,000 (Twenty Five Billion Uganda Shillings).

DFCU Bank Limited has not suffered a run. It is a strong financial institution whose deposits have grown by over 5% in the last 4 weeks; and

The 6 months financial statements show that the bank holds adequate liquidity to meet all its obligations as and when they fall due.

Owing to what is stated above therefore, DFCU Bank Limited is safe and sound.