The DFCC Group reported a consolidated profit after tax of Rs. 1,373 million for the first quarter ended March 31, 2017, which is a growth of 42% over the Rs. 970 million in the comparable period of the previous year and a growth of 77% over the Rs. 777 million in the previous quarter.
The DFCC Group comprises DFCC Bank PLC and its subsidiaries - Lanka Industrial Estates Limited, DFCC Consulting (Pvt) Limited and Synapsys Limited, Acuity Partners (Pvt) Limited; the joint venture company and National Asset Management Limited; the associate company.
Following its amalgamation with DFCC Vardhana Bank, DFCC Bank is now a fully-fledged commercial bank that offers a range of products and services across customer segments with specialised expertise in development banking.
The Bank recorded a 65% growth in profit before tax to Rs. 1,692 million year on year from Rs 1,029 million and 45% growth in profit after tax to Rs 1,339 million from 926 million.
Due to timely repricing of assets and liabilities the interest margins improved to 3.6% from 3.3% during the previous quarter, which contributed towards augmenting net interest income.
Net interest income grew by 44% to Rs 2,581 million from Rs 1,788 million while net fee and commission income increased by 16% to Rs 343 million from Rs 296 million due to successful strategies adopted by the Bank in service delivery.
DFCC Bank continues to be one of the best capitalised banks in the country. The Bank’s Tier 1 and total capital adequacy ratios were 12.98% and 16.39% respectively as at 31 March 2017, which are well above the regulatory stipulated levels.