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DVB posts Rs 1b PAT

DFCC Vardhana Bank (DVB) ended 2014 recording an impressive profit after tax of Rs.1 billion and the bank's total assets were valued at Rs. 100 billion.

The bank recorded a profit after tax of Rs. 1.12 billion for the year ending 2014, which is an 80% growth over 2013.

DVB's achievement becomes more significant as 2014 was a difficult year due to challenging market conditions that prevailed throughout the year. The bank's net interest income grew by 7% to a record Rs.3.3 billion as at December 31, 2014.

DVB did extremely well in fee income generation recording a 25% increase. Treasury operations also recorded a significant growth of 206% spurred by the two main business lines FX and fixed income securities.

DVB consistently applied the revised impairment assessment methodology implemented during the second quarter throughout 2014.

The year-end cumulative allowance for impairment for loans and advances was maintained at a healthy level of 64% of the impaired loans and advances of the bank.

In a year where the demand for corporate investment and retail banking had diminished, DVB has done well to record a credit growth in 2014 of 21% compared to the previous year despite the pawning portfolio of the bank shrinking.

This commendable achievement took the bank's loans and receivables to other customers at the end of December 2014 to an all-time high of Rs. 65 billion.

The bank also recorded a significant growth of 26% in total assets to surpass the Rs. 100 billion mark in 2014 compared to Rs. 79.8 billion in 2013.

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