Group Result

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Feb 14, 2014 (LBO) – Profits at Sri Lanka’s DFCC Bank group rose 3.8 percent from a year earlier to 791 million rupees in the December 2013 quarter helped by fair value gains and interest income, interim accounts showed. The firm reported earnings of 2.99 rupees per share for the quarter. For the nine months to December it reported earnings of 7.47 rupees per share, on total profits of 1.97 billion rupees down from 2.1 billion rupees a year earlier.

The nine month profits also included a value added tax reversal of 187 million rupees.

In the December quarter interest income rose 9.3 percent to 4.5 billion rupees, interest expense rose at a slower 7.9 percent to 2.6 billion rupees and net interest income rose 11.3 percent to 1.8 billion rupees.

The bank shows the cost of forex borrowings separately.

Loans grew from 98 billion rupees to 106 billion in the nine months to December.

Loan loss provisions rose to 288 million rupees from 145 million rupees a year earlier and financial investments rose to 39 billion rupees from 27 billion rupees a year earlier.

Gross assets rose to 170 billion rupees in December 2013 from 151 billion rupees in March. Net assets rose to 38.6 billion rupees from 36.7