Business Times

DFCC Bank profits rise

The DFCC Bank Group posted net profit of Rs.2.6 billion for the financial year ended 31 March 2009, up from profits of Rs.2.06 billion the previous year. The Group’s audited income statements released this week to the Colombo Stock Exchange shows a decrease in income for the year to Rs.12.9 billion from Rs.13.2 billion in 2009.

Interest income on loans and advances and other interest earning assets declined to Rs.11.7 billion from Rs.11.9 billion for the year under review. Provisions for bad and doubtful debts and loans written off decreased to Rs.441 million from Rs.668 million in 2009. According to the business segmental information, the total income from lending, financial leasing and venture capital declined. Total income increased in the investing in equity and commercial banking segments.

The Bank noted that it swapped US dollars raised from a medium term foreign borrowing and the foreign exchange risk was covered by entering into forward purchase contracts. The cost of the premium paid on the forward contracts is charged to foreign exchange income.

he Bank further noted that it has agreed to invest up to Rs.500 million in
a joint venture in the ordinary shares of Acuity Partners (Pvt) Limited. Of
the Rs.500 million investment in Acuity, Rs.350 million was advanced in the
form of a loan as at the balance sheet date.

The Group increased its profit for the quarter ended 31 March 2010 to Rs.731
million from quarterly profits of Rs.430 million last year.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Controversy over costs and revenue of IIFA
BOI funds transfer to Treasury, agreements being reviewed
Asiri Hospitals eyeing Bangladesh
e-Sri Lankans assist in building a unique global chip
Dankotuwa directors meet on Wednesday on liquidation issue
Motorcycle prices soon up by Rs. 6000
ODEL raises capital, expands
Economic lessons from Mahathir
Lessons from the Maldives
Sri Lanka's satellite: Lost in space?
Debating CEPA or destroying the debaters?
South Asia does well in post-financial crisis recovery
DCSL annual profit down 30%, quarterly profit down 49%
Sri Lanka among the safest places in the world - PM
Ampara farmers rejuvenated by rehabilitated irrigation canal
Lankan Minister predicts booming economy for Sri Lanka with north-east contribution
Kilinochchi businessmen limited credit due to lack of collateral
John Keells celebrates World Environment Day
DFCC Bank profits rise
Tax reduction will cause problems to the state
CEOs want HR to demonstrate high enthusiasm for the business
Mahathir Mohamad makes his mark in Sri Lanka
Dankotuwa eyes domestic market for future growth
Ceylon Guardian Group reports Rs.1.6 mln profit
CB's loans more than Rs 3 billion to the North
Sri Lanka Insurance launches door-to-door service
CILT enters the CCC umbrella
CMA panel discussion on “Sustainable Business”
Finlay’s Estates gets Rainforest Certification
CSE responds to SEC on LOLC's stockbroker licence
Drilling starts next year on 3 oil wells
Hemas will see FMCG, leisure and power sectors boost profits
CBSL appoints sovereign rating committee
Struggling real estate, property development to return as key investment avenues
NCE targets US$20 billion in exports by 2020
Full service virtual ad agency triadhot.com launched globally
LOLC profits up as cost of sales falls
ADB provides US$ 212.8 mln for North-East development
‘We believe, We achieve, We win’ - new theme for SLIM
Dialog TV partners Orange Electric for customer education drive
CMA Accounting Summit - Regional Heads meet in Colombo
Derivatives demystified

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution