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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » DVB ends H1 of 2015 with 85% growth

DVB ends H1 of 2015 with 85% growth

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1DVB ends H1 of 2015 with 85% growth Empty DVB ends H1 of 2015 with 85% growth Thu Aug 13, 2015 8:25 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
DFCC Vardhana Bank PLC (DVB), the fastest growing commercial bank, reported a profit after tax of Rs. 635.5 million, for the first half year ended 30 June 2015 which is a growth of 85% over the corresponding period of 2014. In line with this, the basic earnings per share (EPS) too reached Rs. 2.24 during the current period compared to Rs 1.21 of the corresponding period of the previous year.

Net interest income recorded a growth of 28% over the previous period due to the reduction in interest expenses compared to the corresponding period in the previous year. A low interest rate operating environment brought about many challenges on asset re-pricing which was partly offset by reducing the cost of liabilities by re-pricing shorter tenor deposits and reducing the high cost deposits.

Net fees and commission income recorded a growth of 21% for the period under review driven mainly by fee income from trade facilities and remittance business. This was as a result of various initiatives taken by the bank to promote the fee-based income as the margins were shrinking due to the low interest rates in the market.

Commenting on the bank’s performance, Lakshman Silva, CEO of DFCC Vardhana Bank stated, " The impressive performance recorded by DVB is a result of the management’s decision to take proactive measures to address critical challenges based during the period & review. Credit must go to the dynamism of the staff for rallying around the call to aggressively look in to fee income increase, operational efficiencywhilstcontinuing their focus on the liability & asset growth.

The contribution from treasury was also significant with a growth rate of 56% compared to the corresponding period of 2014. The cumulative allowance for impairment for loans and receivables was maintained at a healthy level of 65% as a percentage of impaired loans and receivables as at 30 June 2015.

Due to stringent cost management, the bank was able to contain the overall operating cost increase which was recorded at22% over the corresponding period. The total assets of the bank increased by Rs 10.6 billion to reach Rs. 111.9 billion as at the end of June 2015. The loans and advances grew by Rs 6.9 billion during the first half year recording Rs 68.8 billion as at end of 30 June 2015.

Deposits from customers have increased by 2.7% during the first 6 months of the year recording Rs. 72.6 billion as at end of June 2015. The bank also issued rated, unsecured listed subordinated redeemable debentures and senior debentures to raise Rs. 2 billion and Rs. 3 billion respectively during the quarter ended 30 June 2015 which was well received by the market as it was oversubscribed on the opening day itself.
Courtesy: The Island 12 August 2015 

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