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DFCC Bank posts LKR 10,960 Mn PBT in 2023

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Demonstrating resilience DFCC Bank PLC, the largest entity within the Group, reported a Profit Before Tax (PBT) of LKR 10,960 Mn and a Profit After Tax (PAT) of LKR 7,220 Mn for the year endedDecember 31, 2023 compared with the previous year’s PBT of LKR 2,439 Mn and a PAT of LKR 2,513 Mn.

The Group recorded a PBT of LKR 12,508 Mn and PAT of LKR 8,659 Mn for the year ended December 31, 2023 as compared to LKR 3,112 Mn and LKR 3,042 Mn, respectively, in 2022. All the member entities of the Group made positive contributions to this performance.

The Bank’s Return on Equity (ROE) improved to 12.19% during the year ended 31 December 2023 from 5.04% recorded for the year ended 31 December 2022.

The Bank’s Return on Assets (ROA) before tax for the year ended 31 December 2023 is 1.82% compared to 0.46% for the year ended 31 December 2022.

The Bank’s total tax expense, which includes Value Added Tax (VAT) and Social Security Contribution Levy (SSCL) on financial services and Income Tax is LKR 6,927 Mn for the year ended December 31, 2023.

As a result, the Bank’s tax expense as a percentage of operating profit for the year stood at 48.96%. DFCC declared a final dividend of LKR 5 per share, consisting of LKR 3 per share in cash and LKR 2 per share in the form of a scrip dividend for 2023. The Bank’s Net Interest Income (NII), which is its core business, increased by 18% to reach LKR 31 Bn by the end of 2023. The interest margin increased from 4.96% in December 2022 to 5.18% by December 2023.

The Bank’s net fee and commission income have increased by 36% to LKR 3,905 Mn for the year ended December 31, 2023, compared to LKR 2,877 Mn for the comparative period in 2022.

DFCC Bank’s total assets increased by LKR 74.6 Bn, recording a growth of 13% from December 2022. The Bank’s deposit base experienced a growth of 9.97% during the year, recording an increase of LKR 37 Bn to LKR 407 Bn, up from LKR 370 Bn as at December 31, 2022.

“In light of our robust financial performance in 2023, marked by substantial growth in total assets, deposit base, and profitability metrics, including a notable 187% increase in profit after tax, DFCC Bank remains steadfast in its commitment to prudent financial management and sustainable growth.”

The post DFCC Bank posts LKR 10,960 Mn PBT in 2023 appeared first on DailyNews.

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