DFCC posts Rs. 3.5 bln post-tax profit
View(s):DFCC Bank in its Annual Report for 2012/13 released last week says it has done well on all fronts.
The consolidated profit after tax of the group increased 16 per cent to Rs. 3.5 billion. The contribution from the combined banking business of DFCC Bank (DFCC) and its subsidiary, DFCC Vardhana Bank (DVB) was up 19 per cent to Rs. 3.4 billion.
Commenting on the results, Chief Executive Nihal Fonseka said, “I am happy to say that DFCC delivered better results in many areas compared to 2011/12 and even more importantly was able to make progress on several key aspects of the strategic re-positioning which commenced in the previous year.”
DFCC Chairman, Rajan Brito noted in his message, “A key deliverable is return on investment. A shareholder of DFCC would have received a total of Rs. 57.50 in dividends for each share held over the ten-year period from 2003 to 2012, which works out to an average dividend of Rs. 5.75 per share per annum”.
The consolidated Group Equity increased from Rs. 32.9 billion (including minority interest) to Rs. 37.2 billion. Earnings per share increased to Rs. 13.04 from Rs. 1.19.
In this reporting year, DFCC made a transition to presenting integrated reports drawing on concepts from the International Integrated Reporting Framework. The aim was to report how strategy, governance, performance and prospects lead to the creation of value to all the bank’s stakeholders – shareholders, customers and business partners, employees, community and the Government.
Mr. Fonseka, a veteran banker, will relinquish office at the DFCC by the end of September 2013 after serving 14 years as Chief Executive. He noted in his conclusion that, “the transformation from a narrowly focused specialised bank to a financial services group, with growth of total assets from Rs. 24 billion to Rs. 151 billion and market capitalisation from Rs. 3.3 billion to Rs. 34.7 billion during my tenure could not have been achieved without the support of our valued customers from all over the country”.
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