It's a 506.46% increase over the same period of the previous year. The bank's net interest income was recorded at Rs. 977 million, a 38.27% growth over the first quarter of the previous year.The bank's total operating income was Rs. 1.38 billion, a 43.54% increase over the first quarter of 2014.
These performances are a result of the pro-activeness of DVB's pricing of its asset and liability products in keeping with market conditions. Additionally, the strong growth that DVB recorded in itsloan book in the latter half of 2014, has contributed significantly to boosting its profits in Q1 of 2015.
The bank's success is also attributed to the effective management of operating costs which helped increase the bank's operating efficiencies, additionally its growth in total assets were recorded at Rs.107.88 billion.
Due to the bank's high performance and increased stability, the earnings per share for the first quarter of 2015improved to Rs. 1.18, from Rs 0.20 reported for the same period of the previous year.Additionally return on equity increased to 15.21% from 13.38% while the return on assets for the period under review was 1.30%, indicating a strong financial performance in Q1.
The bank managed to maintain its capital adequacy ratios, Tier I at 11.41% and Tier II at 12.22% which is well above the minimum regulatory requirements of 5% and 10% respectively.
DFCC Vardhana Bank CEO Lakshman Silva "Our growth in the first quarter of the financial year ending in 2015has helped us secure our position as the fastest growing commercial bank in the country. By offering competitively priced products and services, and by providing our customers with added value through exceptional standards of customer service,we have been able to achieve consistent growth and significant results."
Courtesy: Daily News 21 May 2015