DFCC Bank Group posts PAT of LKR 9.9 Bn

DFCC Bank demonstrated resilience and strength, achieving robust financial performance in 2024 with the Bank’s profit after tax increasing by 16% to LKR 8,353 Million, while earnings per share (EPS) rose by 12% to LKR 19.40 for the period ended  December 31,  2024.

DFCC Bank PLC, the largest entity within the Group, recorded a Profit Before Tax (PBT) of LKR 13,498 Mn and a Profit After Tax (PAT) of LKR 8,353 Mn for the year ended 31 December 2024, compared to a PBT of LKR 10,960 Mn and a PAT of LKR 7,220 Mn in the previous year.

At the Group level, PBT stood at LKR 13,820 Mn, with a PAT of LKR 9,932 Mn, including LKR 1,378 Mn from discontinued operations, as compared to PBT of LKR 11,369 Mn and PAT of LKR 8,659 Mn in 2023. The Bank’s Return on Equity (ROE) stood at 10.99% for the year, compared to 12.19% in 2023, while Return on Assets (ROA) before tax improved to 2.01%, up from 1.82% the previous year.

The Bank’s total tax expense, which includes Value Added Tax (VAT), Social Security Contribution Levy (SSCL), and Income Tax, amounted to LKR 9,562 Mn for the year ended 31 December 2024. The Bank disposed of a portion of its Sri Lankan government securities classified under FVOCI, resulting in a gain of LKR 2,877 Mn, underscoring the effectiveness of its strategic decisions.

Operating expenses for the year ended  December 31, 2024 increased to LKR 16,805 Mn, compared to LKR 12,366 Mn in 2023, primarily due to inflationary pressures and adjustments to staff benefits.  Despite challenges in the economy and the banking sector, DFCC Bank’s total assets increased by LKR 62.6 Bn, recording a 10% growth from

December 2023. Additionally, the Bank’s net loan portfolio grew by LKR 46 Bn to LKR 394 Bn, reflecting a 13% increase compared to LKR 349 Bn as at 31 December 2023, further contributing to asset growth.

DFCC Bank’s total liabilities increased by LKR 46 Bn, marking an 8% increase from December 2023. The Bank’s deposit base grew by 14%, rising by LKR 58 Bn to LKR 465 Bn, up from LKR 407 Bn as at  December 31, 2024. The Directors have approved the payment of a first and final dividend of LKR 6.00 per share. Director / Chief Executive Officer Thimal Perera said: “For the year ended 31 December 2024, DFCC Bank demonstrated remarkable resilience, achieving robust financial growth and stability. Group Net Operating Income rose by 30%, while impairment charges were reduced by 68%.  As a result, we delivered a record profit of LKR 9.9 billion for the first time.”

 Source:Daily News