In the financial statements for the six months ended June 30, 2019, DFCC Bank posted a profit before tax of 2,056 million rupees and profit after tax of 1,588 million rupees compared to profit before tax of 2,373 million rupees and profit after tax of 1,837 million rupees in the comparative period. After accounting for the one-off fair value loss on Commercial Bank of Ceylon shares transferred to the trading portfolio, the Bank reported a profit before tax of 1,205 million rupees and profit after tax of 737 million rupees in comparison to profit before tax of 1,843 million rupees and a profit after tax of 1,308 million rupees in the comparative period. DFCC recorded total operating income of 7,037 million rupees for the period, compared to 6,867 million rupees in the comparative period in 2018, a decline of five percent. Further, a growth of four percent was recorded in fees and commission income to 945 million rupees in a period of six months in 2019. Operating expenses increased from 3,175 million rupees to 3,523 million rupees compared to the corresponding period in 2018. The Bank’s impairment provision during the period was 476 million rupees, a reduction compared to 649 million rupees in the comparable period. DFCC’s NPL ratio moved up to 4.63 percent as at June 3o, 2019 from the 3.28 percent in December 2018. The Bank’s loan portfolio grew by 7,876 million rupees to 257,610 million rupees, a growth of three percent. DFCC’s deposit base experienced a growth of five percent recording an increase of 12,328 million rupees to 254,566 million rupees from 242,238 million rupees as at December 31, 2018. The Bank’s CASA ratio was 24.4 percent, an improvement of 30.5 percent as at June 30, 2019. Lakshman Silva, CEO, DFCC Bank said, “We thank our former Chairman Royle Jansz for his inspirational leadership and dynamism that contributed to the success and growth of DFCC Bank. I welcome J Durairatnam as the new Chairman of DFCC Bank.”
Sri
