The DFCC Bank has posted a profit after tax of Rs 3.2 billion for the group for the year ended March 31, 2014 in its Annual Report which was released this week. Disregarding a one-off tax refund of Rs 184 million included in the prior year profit after tax at the Bank and Group levels, the Group posted a commendable PAT of Rs 3,250 million under tough market conditions, marginally lower by 4% compared with Rs 3,390 million reported in the previous year. However total Group assets grew by 17% to Rs 177,333 million.
DFCC Bank, the premier development bank of the country, which approaches its sixtieth year, has over the years posted a consistent record of success by judiciously managing its business and expanding through a series of strategic acquisitions, alliances and partnerships. DFCC is one of the largest capitalised companies in the Colombo Stock Exchange valued at Rs 38,148 million. Its shares are widely sought and actively traded. Total income comprising of interest income and other income from the DFCC Banking Business (DBB) which includes DFCC Bank and its almost wholly owned subsidiary, by far the largest contributor to profits and asset growth of the Group, was Rs 20,214 million, an increase of 13.3% over Rs 17,837 million of the previous financial year. Interest income of DBB was up by 14.8% to Rs 18,467 million.
DFCC's new Chairman Royle Jansz said "DFCC's governing mandate has always been to provide long term financing to customers, which was unavailable to them elsewhere, to grow their business, not thinking solely about profitability, but of the benefit such businesses would bring to the economy of the country as a whole."
With regard to the proposed merger of NDB and DFCC, the CEO Arjun Fernando. states in his report "I prefer to view it as the next phase of DFCC's evolution where the Bank progresses to greater heights in a new form that is stronger, more dynamic and more enduring.
http://www.dailynews.lk
DFCC Bank, the premier development bank of the country, which approaches its sixtieth year, has over the years posted a consistent record of success by judiciously managing its business and expanding through a series of strategic acquisitions, alliances and partnerships. DFCC is one of the largest capitalised companies in the Colombo Stock Exchange valued at Rs 38,148 million. Its shares are widely sought and actively traded. Total income comprising of interest income and other income from the DFCC Banking Business (DBB) which includes DFCC Bank and its almost wholly owned subsidiary, by far the largest contributor to profits and asset growth of the Group, was Rs 20,214 million, an increase of 13.3% over Rs 17,837 million of the previous financial year. Interest income of DBB was up by 14.8% to Rs 18,467 million.
DFCC's new Chairman Royle Jansz said "DFCC's governing mandate has always been to provide long term financing to customers, which was unavailable to them elsewhere, to grow their business, not thinking solely about profitability, but of the benefit such businesses would bring to the economy of the country as a whole."
With regard to the proposed merger of NDB and DFCC, the CEO Arjun Fernando. states in his report "I prefer to view it as the next phase of DFCC's evolution where the Bank progresses to greater heights in a new form that is stronger, more dynamic and more enduring.
http://www.dailynews.lk
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