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Sri Lanka’s DFCC Bank December net up 74-pct

Feb 23, 2017 12:25 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lanka’s DFCC Bank said December 2016 quarter group net profit rose 74 percent to Rs759 million from a year ago, owing to sharp gains in net interest and fee income at bank level although trading gains were lower.

Group interest income rose 3.3 percent to Rs7.2 billion, while interest expenses rose 9.6 percent to Rs4.5 billion, with net interest income falling 5.8 percent to Rs2.68 billion. The group’s net fee and commissions income fell and net gain from trading was sharply lower.

But at bank level, during the December quarter, net interest income increased 48 percent to Rs2,670 million from a year ago, while net fee and commissions income grew by 25 percent to Rs359 million. Net gain from trading fell to Rs25 million in the December quarter of 2016 from Rs92 million the year before.

“Total operating income grew 32 percent during the quarter under review,” the statement said. “A decline of 50 percent in impairment charges quarter to quarter helped further improve the net operating income.”

Quarterly earnings per share were Rs2.86. DFCC Bank shares were last traded at Rs123.70 each.

EPS for the year ended 31 December 2016 were Rs12.88 with annual group net profit at Rs3.4 billion.

“Major contributions for the group performance apart from DFCC Bank came from Acuity Partners (Pvt) Limited, Lindel and NAMAL,” a statement said.

The total assets of the DFCC Bank group grew by 18 percent and stood at Rs291,266 million as at 31 December 2016.

The statement said, after the amalgamation with DFCC Vardhana Bank, DFCC changed its financial year end from 31 March to 31 December, with the results for 2016 relating to the 01.01.2016 to 31.12.2016 period.

As the bank’s performance of the previous period comprised only a nine-month period, the results cannot be directly compared with that of the current year.
(COLOMBO, Feb 23, 2017)


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