DFCC Bank steady amidst turbulence
View(s):DFCC Bank, in a demanding banking landscape, demonstrated resilience and strength, achieving robust financial performance in 2024, it said in a media release.
The bank’s Profit Before Tax (PBT) of Rs.13,498 million and a Profit After Tax (PAT) of Rs.8,353 million in 2024 as compared to a PBT of Rs.10,960 million and a PAT of Rs.7,220 million in the previous year.
At the group level, PBT stood at Rs13,820 million, with a PAT of Rs.9,932 million, including Rs.1,378 million from discontinued operations, as compared to a PBT of Rs.11,369 million and PAT of Rs.8,659 million in 2023.
The bank’s total tax expense, which includes Value Added Tax (VAT), Social Security Contribution Levy (SSCL), and Income Tax, amounted to Rs.9,562 million. As a result, the bank’s tax expense as a percentage of operating profit for the year stood at 53.37 per cent.
Both deposit and lending interest rates continued to decline throughout the year, in line with improving liquidity conditions in the domestic money market and the Central Bank’s relaxed monetary policy stance. The ongoing downward adjustments in lending interest rates are expected to further transmit the benefits of policy easing.
The bank disposed of a portion of its Sri Lankan government securities resulting in a gain of Rs.2,877 million, underscoring the effectiveness of its strategic decisions.
Bank CEO Thimal Perera, said in the statement, that the bank demonstrated remarkable resilience, achieving robust financial growth and stability. Group Net Operating Income rose by 30 per cent, while impairment charges were reduced by 68 per cent.
“Our impaired loan (Stage 3) ratio improved from 7.03 per cent in December 2023 to 5.65 per cent by end December 2024, reflecting the bank’s proactive recovery efforts and significant portfolio growth, supported by positive macroeconomic trends,” he said.
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