DFCC Bank records PAT of Rs.2 bn in Q1’23
View(s):DFCC Bank PLC, the largest entity within the group, reported a Profit Before Tax (PBT) of Rs.2,684 million and a Profit After Tax (PAT) of Rs.1,749 million for the quarter ended March 31, 2023.
This compares with a PBT of Rs.143 million and a PAT of Rs.366 million in the previous period in 2022.
The group recorded a PBT of Rs.3,001 million and PAT of Rs.2,062 million the quarter compared to Rs.326 million and Rs.527 million respectively in 2022.
The bank’s Net Interest Income (NII), increased by 75 per cent over Q1 of 2022 to reach Rs.8.34 billion by the quarter end of March 2023.
The impaired loan (stage 3) ratio has increased from 4.36 per cent in December 2022 to 4.80 per cent as of March 31, 2023, a continuation of the trend in the prevailing economic condition.
To address the current and potential future impacts of the current economic conditions on the lending portfolio, the bank made adequate impairment provisions during the period by introducing changes to internal models to account for unseen risk factors in the current highly uncertain and volatile environment.
With these provisions made to cover the additional risks in the economic environment, the impairment charge recorded an increase of 67 per cent against the comparative period and stood at Rs.4.69 billion for the quarter compared to Rs.2.81 billion in the comparable period.
The bank’s deposit base experienced a growth of 2.29 per cent, recording an increase of Rs.8,490 million to Rs. 378,805 million from Rs.370,314 million as at end December 2022.
Thimal Perera, Director/Chief Executive Officer, said: “We are confident that our robust growth strategy and prudent risk management practices will enable us to continue delivering sustainable value to our stakeholders in the long term, which bodes well for the overall economic situation of Sri Lanka.”
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