DFCC Vardhana Bank records impressive performance

DFCC Vardhana Bank PLC (DVB) recorded an impressive profit after tax of Rs. 336.30 million for the first quarter of the financial year of 2015, a 506.46% increase over the corresponding period of the previous year.

The bank's net interest income was recorded at Rs. 977 million, a 38.27% growth over the first quarter of the previous year. The bank's total operating income was Rs. 1.38 billion, a 43.54% increase over the first quarter of 2014.These excellent performances are a result of the pro-activeness of DVB's pricing of its asset and liability products in keeping with market conditions. Additionally, the strong growth that DVB recorded in its loan book in the latter half of 2014, has contributed significantly to boosting its profits in Q1, 2015.

The bank's success is also attributed to the effective management of operating costs which helped increase the bank's operating efficiencies, additionally its growth in total assets were recorded at Rs.107.88 billion.

The bank maintained its capital adequacy ratios, Tier I at 11.41% and Tier II at 12.22% which is well above the minimum regulatory 5% and 10%.