DFCC Bank turnover tops Rs. 3,642m

The DFCC Bank announced its results for the nine months ended December 31, 2007 yesterday.

The non-audited profit of the bank, its subsidiaries together with the share of associate companies profit before corporate tax and financial services VAT for the nine months ended 31 December 2007 (current period) was Rs 3,642 million, an increase of 19 pc over the Rs. 3,051 million in the previous comparable period (April to December 2006).

The financial services value added tax and income tax expense was Rs 1,924 million being 53 pc of this profit and the profit attributable to equity holders after minority interest was Rs.1659 million an increase of 21 pc over the comparable period.

The consolidated annualised return on equity was 14.7 pc a decrease from the 14.9 pc recorded in the comparable period.

Consolidated diluted earnings per share for the current period increased to Rs. 13.25 from Rs. 12.37 in the comparable period. The Bank's business model does not expose it to significant market risks and this risk was managed through appropriate pricing strategies.