DVB ends 1H, 2015 on excellent note

DFCC Vardhana Bank PLC (DVB) reported a profit after tax of Rs. 635.5 million, for the first half year ended June 30, 2015, a growth of 85% over the corresponding period of 2014. In line with this, the basic earnings per share (EPS) too reached Rs. 2.24 compared to Rs 1.21 of the corresponding period of the previous year.

Net interest income recorded a growth of 28% over the previous period due to the reduction in interest expenses compared to the corresponding period in the previous year. Net fees and commission income recorded a growth of 21% driven mainly by fee income from trade facilities and remittance business.

CEO, DFCC Vardhana Bank, Lakshman Silva said, "The impressive performance recorded by DVB is a result of the management's decision to take proactive measures to address critical challenges based during the period and review.

The contribution from treasury was also significant with a growth rate of 56% compared to the corresponding period of 2014."

"Deposits from customers have increased by 2.7% during the first six months of the year recording Rs. 72.6 billion as at end of June 2015. The bank also issued rated, unsecured listed subordinated redeemable debentures and senior debentures to raise Rs. 2 billion and Rs. 3 billion during the quarter ended June 30, 2015 which was well received by the market as it was oversubscribed on the opening day itself.

This will assist in improving the asset and liability mismatches and the Tier II capital of the bank," he said.