May 20, 2017

DFCC Bank forges ahead with new initiatives

DFCC Bank is now forging ahead with new initiatives to reach greater milestones this year, CEO of the Bank Arjun Fernando said that DFCC has already planned its growth strategy in branch expansion has made it possible to penetrate markets across the country to be accessible to more customers.

During the first quarter of this year, the bank opened eight fully-fledged branches island-wide, he said.

The Bank has also set into motion an array of financially prudent measures, customised financial solutions, digitalisation initiatives, branch expansion and other deposit mobilisation schemes to position DFCC in the consumer banking landscape, he added.

For the first quarter ended 31 March 2017, the DFCC Group reported a consolidated profit after tax of Rs. 1.37 billion, which is a growth of 42% over Rs. 970 million in the comparable period of the previous year and a growth of 77% over the Rs. 777 million in the previous quarter.

The bank recorded a 65% growth in profit before tax to Rs. 1,692 million year-on-year from Rs. 1,029 million and 45% growth in profit after tax to Rs. 1,339 million from Rs. 926 million.

Following its amalgamation with DFCC Vardhana Bank, DFCC Bank is now a fully-fledged commercial bank that offers a range of products and services across customer segments with specialised expertise in development banking.