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.

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