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DFCU records records 25% decline in 2021 financial last year

DFCU Bank has recorded a 25% decline  in the past 12 months. The losses are alluded to in the prevailing covid-19 pandemic.

“The Board of Directors of dfcu Limited wishes to inform its shareholders and investors that the company’s financial statements for the year ended 31st December 2021 will indicate a decline in Net Profit exceeding 25%,” Dfcu said in a statement.

According to a the statement released yesterday, the bank said the decline was also occasioned by an increase in loan provisions made by the company as a result of the impact of Covid-19 on its business customers and the impairment of some loans and advances that formed part of the financial asset acquired by the company in the 2017.

Dfcu said the detailed financial statements of the company will be published within the statutory timeline.

“The company remains robust and adequately capitalized. The detailed financial statements of the company will be published within the statutory timeline. Shareholders and potential investors have been advised to exercise caution while trading in the company’s shares.” DFCU said 

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