DFCC Bank group profit after tax up 80% to Rs. 400m in 3 months

The non-audited group profit after tax, attributable to equity holders of DFCC Bank, for the three months ended June 30, 2006 (current period) was Rs 400 million, an increase of 80 pc over the Rs 222 million in the corresponding period (April to June 2005).

The financial year of the associate company, Commercial Bank of Ceylon Limited (CBC) and two subsidiaries, DFCC Stockbrokers (Pvt) Limited and DFCC Vardhana Bank Limited (DVB) ends on December 31. Thus the first quarter results for the period April 1, 2006 to June 30, 2006 includes the results of these companies for the period January 1, 2006 to March 31, 2006.

The significant increase in the profit after tax of CBC is partly due to the mark to market gain relating to trading securities on March 31, 2006. CBC reported an unrealised gain of Rs 667 million for the first quarter endedMarch 31, 2006.

The profit after tax of the Bank for the current period was Rs 218 million, an 86 pc increase over Rs 117 million in the corresponding period.

The profit before Value Added Tax and Income Tax expense was Rs 513 million in the current period, an increase of 135 per cent over Rs 218 million in the corresponding period.