Uganda's dfcu Bank projects half‑year loss over costly Crane Bank lawsuit

dfcu Limited, one of Uganda’s leading banks, warned shareholders that its unaudited results for the six months to 30 June 2026 will show a loss, reversing the profit reported for the same period in 2025. The loss is attributed to rising legal expenses in a London High Court case that challenges dfcu’s 2017 acquisition of assets from the collapsed Crane Bank.

Crane Bank and former shareholders, led by businessman Dr Sudhir Ruparelia, filed the lawsuit in 2020, alleging that the Bank of Uganda’s 2016 takeover of Crane Bank was unlawful and that the subsequent sale of assets to dfcu was severely undervalued. The claimants are seeking more than £170 million (about Shs 825 billion) in damages. Recent rulings by Deputy High Court Judge Paul Stanley KC have rejected dfcu’s attempts to amend its defence and to treat PwC forensic reports as proven facts, keeping the reports in evidence but not as conclusive proof.

Despite the expected loss, dfcu said its core banking operations remain stable and continue to grow. The legal bill is described as an exceptional, one‑off cost rather than an indication of broader operational issues. The full trial is scheduled for later in the year.