Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has recorded Rs. 634.5 Mn profit before tax in the year ending 31st December 2014 as against Rs. 231.3 Mn in 2013 an increase of 174.3%. (subject to finalizing of Audit). The profit after tax was Rs. 374.6 Mn as against Rs. 158.1 Mn an increase of 137.1%.
"The new business model with diversification of product portfolio that we have been perfecting over the last two years to strengthen our balance sheet, gained fruition in the year 2014 enabling the Bank to post its highest ever profit after tax of 374.6 Mn" stated the Bank’s Chief Executive Officer/ GM, Nimal Mamaduwa in a press release.
The Bank’s interest income has grown up to Rs. 4.377 Bn in 2014 from Rs. 3.538 Bn an increase of 24%. The net interest income has risen to Rs. 1.843 Bn from Rs. 1.058 an increase of 74%. The fee based income has increased up to Rs. 211.4Mn from Rs. 189.9 Mn an increase of 11%. The Bank’s loan book has grown to 23.4 Bn from 19.7 Bn an increase of 18.6%. The deposit base stands at Rs. 24.5 Bn from Rs. 18.9 Mn an increase of 30%. The Bank was able to record a steady growth in our asset base with total assets of 34.4 Bn from 27.5 Bn marking a growth of 25% over the year 2014