Growing Up

DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec. 31, 2002.
Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn

rnThe development financial institutions bottomline was benefited largely from higher profits from Commercial Bank and its other subsidiaries.rn

rnProfits from its associate company, Commercial Bank, were Rs. 258 mn, while other subsidiaries posted a 30 percent profit growth to Rs. 36 mn.rn

rnDFCC also gained by acting as financial advisor to Sri Lanka Telecoms initial public offering during the period. The sale of securities and fee income from SLT added an extra 40 percent to push other income up to Rs. 505 mn.rn

rnDuring the period, DFCC bought a further 12.5 percent of NAMAL (National Asset Management Limited) from ADB. The purchase price was at a discount to the net assets of NAMAL on the date of acquisition. rn

rnThe acquisition raises DFCCs