The DFCC Group recorded a consolidated profit after tax of Rs 637m for the three months ended June 30, 2015.
This compares with Rs 1,138m in the corresponding period of the previous year 2014.
The prior period included a one off adjustment due to a change to the impairment assessment process.
The Banking Business comprising the DFCC Bank (DFCC), a licensed specialized bank and its 99% owned subsidiary DFCC Vardhana Bank PLC (DVB), a licensed commercial bank contributed Rs 643m to profit after tax. The contribution from all other subsidiaries, joint venture and associate company collectively was Rs 1m. The Banking Business of the DFCC Group is undertaken by DFCC and DVB. Both banks function as one economic entity and as such it is appropriate to analyse the consolidated performance of the two banks as DFCC Banking Business (DBB).
A consolidated Income statement for DBB has been released to the Colombo Stock Exchange as supplementary financial information.
Since the financial year of DVB ends in December, the accounts of DVB are consolidated with a 3 month lag. DBB recorded a profit after tax (PAT) of Rs 643 m during the current quarter. The PAT for the previous comparable period included an adjustment arising from a change to the impairment assessment processes which contributed Rs 553 m to PAT.
www.dailynews.lk
This compares with Rs 1,138m in the corresponding period of the previous year 2014.
The prior period included a one off adjustment due to a change to the impairment assessment process.
The Banking Business comprising the DFCC Bank (DFCC), a licensed specialized bank and its 99% owned subsidiary DFCC Vardhana Bank PLC (DVB), a licensed commercial bank contributed Rs 643m to profit after tax. The contribution from all other subsidiaries, joint venture and associate company collectively was Rs 1m. The Banking Business of the DFCC Group is undertaken by DFCC and DVB. Both banks function as one economic entity and as such it is appropriate to analyse the consolidated performance of the two banks as DFCC Banking Business (DBB).
A consolidated Income statement for DBB has been released to the Colombo Stock Exchange as supplementary financial information.
Since the financial year of DVB ends in December, the accounts of DVB are consolidated with a 3 month lag. DBB recorded a profit after tax (PAT) of Rs 643 m during the current quarter. The PAT for the previous comparable period included an adjustment arising from a change to the impairment assessment processes which contributed Rs 553 m to PAT.
www.dailynews.lk
No comments:
Post a Comment