Prudent Balance Sheet Management at DFCC Bank
View(s):DFCC Bank, during the period under review, continued to record a strong financial performance, reflecting the entity’s growth and stability amid the ongoing economic recovery. Market lending interest rates continued to decline in line with the current accommodative monetary policy stance, with the expectation that credit expansion to the private sector is expected to continue, supported by lower market lending interest rates, the bank said in a media release.
DFCC Bank PLC, the largest entity within the Group, reported a Profit Before Tax (PBT) of Rs. 9,559 million and a Profit After Tax (PAT) of Rs. 6,013 million for the period ended September 30, 2024 compared with the previous period’s PBT of Rs. 8,305 million and a PAT of Rs. 5,498 million. The group recorded a PBT of Rs. 9,909 million and PAT of Rs. 7,128 million for the review period as compared to Rs. 8,681 million and Rs. 7,064 million, respectively, in 2023.
The bank’s total tax expense, which includes Value Added Tax (VAT) and Social Security Contribution Levy (SSCL) on financial services and Income Tax, is Rs. 6,550 million for
the review period. As a result, the bank’s tax expense as a percentage of operating profit for the period stood at 52.14 per cent.
The bank’s Director/CEO Thimal Perera said in Q3 2024, the bank continued to demonstrate resilience and growth amidst a dynamic market, achieving strong asset growth and maintaining financial stability. “With a 22 per cent increase in Group Net Operating Income and a substantial 69 per cent reduction in impairment charges, we have successfully managed to maintain the bank’s profitability by effectively managing impairments and optimising our interest income and fee income strategy,” he said adding that the focus remains on enhancing customer experience through digital solutions, contributing to a stronger fee and commission income.
This quarter’s major milestone was the issuance of Sri Lanka’s first listed and rated Green Bond, underscoring our commitment to sustainability and the trust our stakeholders place in us.
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