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Sri Lanka’s DFCC Bank net up in June quarter
ECONOMYNEXT – Sri Lanka’s DFCC Bank said profits rose to 766 million rupees in the June 2020 quarter from 183 million rupees a year earlier, with higher provisions offset by a transfer of shares in Commercial Bank out of its mark-to-market portfolio.
DFCC reported earnings of 2.59 rupees per share for the quarter.
In the six months to June the bank reported earnings of 5.93 rupees per share on total profits of 1.8 billion rupees which grew from 906 million a year earlier when 851 million rupees was provided for a fall in value of Commercial Bank shares.
In the June quarter interest income fell 7 percent to 10.0 billion rupees, interest expenses fell 7 percent to 2.9 billion rupees and net interest income also fell 7 percent to 2.9 billion rupees.
The bank provided 812 million rupees for loan losses, up from 469 million last year for the quarter and 1.5 billion rupees for the half year.
The bank had used Institute of Chartered Accountants guidelines in making provisions for loans on moratorium, as there was no reliable information on the impact of Covid-19 on its loans and the economic downturn.
“With the reopening of the economy and concessions offered to its clients, the Bank expects majority of the borrowers to service the facilities regularly after the moratorium periods,” Chief Executive Lakshman Silva told shareholders in the annual report.
The bank reported a non-peforming loan ratio of 4.95 percent, the same as December 2019.
Fee and commission income fell to 356 million rupees from 499 million a year earlier.
Other operating income made of dividends, forex gains was a positive 580 million rupees against a negative 1.1 billion rupees last year.
DFCC group gross assets grew 8 percent to 437 billion rupees in the six months to June. Net assets grew 3 percent to 50.5 billion rupees.
DFCC had a total capital adequacy of 15.3 percent, higher than the 12.5 percent required of which, Tier I was 11.39 percent, higher than the 7 percent required. (Colombo/Aug13/2020)
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ECONOMYNEXT – Sri Lanka’s DFCC Bank said profits rose to 766 million rupees in the June 2020 quarter from 183 million rupees a year earlier, with higher provisions offset by a transfer of shares in Commercial Bank out of its mark-to-market portfolio.
DFCC reported earnings of 2.59 rupees per share for the quarter.
In the six months to June the bank reported earnings of 5.93 rupees per share on total profits of 1.8 billion rupees which grew from 906 million a year earlier when 851 million rupees was provided for a fall in value of Commercial Bank shares.
In the June quarter interest income fell 7 percent to 10.0 billion rupees, interest expenses fell 7 percent to 2.9 billion rupees and net interest income also fell 7 percent to 2.9 billion rupees.
The bank provided 812 million rupees for loan losses, up from 469 million last year for the quarter and 1.5 billion rupees for the half year.
The bank had used Institute of Chartered Accountants guidelines in making provisions for loans on moratorium, as there was no reliable information on the impact of Covid-19 on its loans and the economic downturn.
“With the reopening of the economy and concessions offered to its clients, the Bank expects majority of the borrowers to service the facilities regularly after the moratorium periods,” Chief Executive Lakshman Silva told shareholders in the annual report.
The bank reported a non-peforming loan ratio of 4.95 percent, the same as December 2019.
Fee and commission income fell to 356 million rupees from 499 million a year earlier.
Other operating income made of dividends, forex gains was a positive 580 million rupees against a negative 1.1 billion rupees last year.
DFCC group gross assets grew 8 percent to 437 billion rupees in the six months to June. Net assets grew 3 percent to 50.5 billion rupees.
DFCC had a total capital adequacy of 15.3 percent, higher than the 12.5 percent required of which, Tier I was 11.39 percent, higher than the 7 percent required. (Colombo/Aug13/2020)
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