Wednesday, November 29, 2023

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DFCC Bank posts robust Q3 2023 performance amidst economic defiance

Colombo (LNW): DFCC Bank has reported a strong performance for the third quarter of 2023, recording an Operating Profit Before Taxes on Financial Services of Rs. 10,693 million, Profit Before Income Tax (PBT) of Rs. 8,305 million, and a Profit After Tax (PAT) of Rs. 5,498 million.

This marks a significant improvement from the third quarter of 2022. The Bank’s Return on Equity (ROE) increased to 11.66 per cent, and Return on Assets (ROA) before tax for the period ended September 2023 is 1.76 per cent, compared to 0.46 per cent for the year ended December 2022.

The Net Interest Income (NII) increased by 26 per cent, reaching Rs. 23,655 million, and fee and commission income rose by 40 per cent to Rs. 2,848 million.

The impaired loan ratio increased to 6.13 per cent, and the Bank made impairment provisions to address additional risks in the economic environment.

Operating expenses increased to Rs. 8,370 million, primarily due to inflation. Other comprehensive income includes fair value gains on equity securities and fixed-income securities.

The Bank remains committed to providing high-quality, customer-centric banking services amid unprecedented challenges in the banking industry.

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