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| Sunday, 12 June 2005 |
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Business |  |
| News Business Features Editorial
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DFCC Bank records Rs. 1,051m profit after tax DFCC Bank has recorded Rs. 1,051 million profit after tax during the 2004 financial year which is a marginal decline compared to Rs. 1,085 million recorded the previous year. The Group profit was Rs. 1,350 million. Chairman Dr. Nihal Jinasena said in the Annual Report that the Rs. 1,350 million profit after tax of the group represented a 0.4% decline from the previous year, while the return on average shareholders' funds of 14%, though less than last year's level, is among the highest in the banking industry. The Board recommended the payment of a first and final dividend of 55% in respect of the financial year under review, thereby maintaining the dividend rate set in the previous financial year. Gross approvals of loan and leasing facilities during the year under review, totalled Rs. 12,073 million, a material decline compared to the Rs. 17,930 million in the previous year. Disbursements, which lag approvals, however, were around the previous year's level and amounted to Rs. 12,016 million, assisted by brought forward undisbursed approvals. The total portfolio of the Bank (net of provisions) grew by 14% to reach Rs. 28,527 million. DFCC Vardhana Bank contributed to the growth of customer advances at a Group level by significantly increasing its advances, albeit from a low base. The Small and Medium Enterprise (SME) sector, which is targeted by the branches, received 51% of the Bank's approvals of loans, leases and guarantees, thus reinforcing the Bank's long history of nurturing this sector. The Bank's contribution to this sector was recognised recently by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP). |
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