DFCC Bank sees strong growth in last quarter
View(s):DFCC Bank has demonstrated resilience and continued its commitment to serving customers nationwide, delivering high-quality customer centric banking services amidst the ongoing revival of economic activity in the latest quarter ending March 31, 2024.
In a DFCC media statement, DFCC Bank PLC, the largest entity within the group, reported a Profit Before Tax (PBT) of Rs.4,733 million and a Profit After Tax (PAT) of Rs.3,134 million for the period ended 31 March 2024 compared with the previous period’s PBT of Rs.2,684 million and a PAT of Rs.1,749 million.
The group recorded a PBT of Rs.5,455 million and PAT of Rs.3,824 million for the period ended 31 March 2024, compared to Rs.3,001 million and Rs.2,062 million, respectively, in 2023.
The bank’s Return on Equity (ROE) improved to 10.82 per cent during the period under review from 12.19 per cent recorded for the year ended December 2023.
“Along with the improvement in liquidity conditions of the domestic money market in line with the relaxed monetary policy stance of the Central Bank, both deposit and lending interest rates have continued to adjust downwards since June 2023. The Central Bank underscored the need for a swift and complete pass-through of monetary easing measures to market interest rates, particularly lending rates, by the financial institutions, thereby accelerating the normalisation of market interest rates in the period ahead. Accordingly, the bank has recorded notable downward adjustments to lending and deposit rates to align with the monetary directions to ease monetary conditions for individuals and businesses adequately and swiftly, thereby supporting the envisaged rebound of the economy,” the statement said.
With the tariff reduction for remittances, fee income has reduced compared to Q1 2023, even though the bank has increased volumes.
The bank made adequate impairment provisions during the period by continuing to calibrate internal models to account for unseen risk factors in the future.
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