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DFCC Group records Rs 3.5 b PAT

The DFCC Group recorded a consolidated profit after tax of Rs. 3,594 million for the nine months ended December 31, 2014 compared with Rs. 2,028m in the corresponding period of the previous year.

The contribution from Banking Business (DBB) comprising the DFCC Bank (DFCC), a licensed specialised bank and its 99% owned subsidiary DFCC Vardhana Bank PLC (DVB), a licensed commercial bank is as follows.

Apart from DBB which contributed Rs. 3,390 million to profit after tax, the investment banking joint venture, Acuity Partners (Pvt) Limited (APL) contributed Rs. 141m (Rs. 82m in the corresponding period) while the subsidiary Lanka Industrial Estates Ltd, contributed Rs. 102m (Rs. 92m in the corresponding period). The contribution from the other subsidiaries and associate company collectively was Rs. 18 million in the current period (loss of Rs. 12m in the corresponding period).

The DBB recorded Rs. 4,926m as operating profit before taxes, an increase of 56% over the corresponding period. Profit after tax (both VAT on financial services and income tax) was Rs. 3,390m, an increase of 74% over Rs. 1,949m in the corresponding period.

DBB recorded a credit growth of 14% during the period.

The Net Interest Income (NII) of DBB for the period, however, decreased by 16% from Rs. 5,970 million to Rs. 4,989 million.

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