“Disregarding a one-off tax refund of Rs. 184 million included in the prior year profit after tax at the bank and group levels, the group posted a PAT of Rs. 3.2 billion under tough market conditions, marginally lower by 4 per cent compared with Rs. 3.4 billion reported in the previous year. However total group assets grew by 17 per cent to Rs. 177.3 billion,” the bank said in a media release.
Total income comprising of interest income and other income from the DFCC Banking Business (DBB) which includes DFCC Bank and its almost wholly owned subsidiary, by far the largest contributor to profits and asset growth of the group, was Rs. 20,214 million, up by 13.3 per cent over the previous financial year. Interest income of DBB was up by 14.8 per cent to Rs. 18,467 million.
DFCC’s new Chairman Royle Jansz, noted in his message that, “DFCC’s governing mandate has always been to provide long term financing to customers, which was unavailable to them elsewhere, to grow their business, not thinking solely about profitability, but of the benefit such businesses would bring to the economy of the country as a whole. This strategy involved more risk than would normally be acceptable to commercial banks in the past, and has sometimes seen us burning our fingers, but has, in the vast majority, provided DFCC with many satisfied and lifelong customers”