Over Rs.3 b post-tax profit for DFCC Bank in 2021

DFCC Bank PLC, the largest entity within the banking group, has reported a profit before tax ( PBT) of Rs. 4,326 million and a profit after tax ( PAT) of Rs. 3,222 million for the year ended 31 December 2021.

This compares with a PBT of Rs. 3,398 million and a PAT of Rs. 2,388 million in the previous year, the banking group said in a media release.

The DFCC Group comprises DFCC Bank PLC ( DFCC), and its subsidiaries – Lanka Industrial Estates Ltd, DFCC Consulting ( Pvt) Ltd and Synapsys Ltd, the joint venture company – Acuity Partners ( Pvt) Ltd and associate company – National Asset Management Ltd.

The group recorded a PBT of Rs. 4,859 million and a PAT of Rs. 3,665 million for the same year compared with Rs. 3,944 million and Rs. 2,847 million, respectively, in 2020.

Despite unprecedented challenges faced due to the pandemic resulting in volatility and economic slowdown, DFCC Bank said it continued its commitment to serving customers across the country, delivering high- quality uninterrupted banking services.

The bank staff at Head office and across branch network working continuously over the year has helped the bank to increase non-funded business. This effort was fruitful as it resulted in an increase in net fee and commission income to Rs. 2,596 million for the year ended 31 December 2021, up from Rs. 2,061 million in the comparative year.

Impairment provisions for the year was Rs. 4,485 million compared to Rs. 3,298 million in 2020. The NPL ratio increased from 5.56 per cent in December 2020 to 5.60 per cent in December 2021.

Bank CEO Thimal Perera said: “Ensuring that we run our business responsibly, delivering profit with purpose, DFCC Bank will always place our customers at the forefront of everything we do. As a customer centric, digitally enabled bank, we will continue to be a source of stability to our customers and deliver value through an unmatched, top- of- the- line customer experience.”