DFCC Vardhana records growth in 1Q profits

The fastest growing commercial bank in the country, DFCC Vardhana has recorded very impressive first quarter results for 2008 whilst facing challenging economic environment.

The earlier Merc Bank which was acquired by the parent company DFCC Bank and restructured under DFCC umbrella has been in operation for four years under the new brand Vardhana.

During the first quarter of 2008 DFCC Vardhana has reported a profit before tax of Rs. 97.49 million compared with the figure of Rs. 56.249 million recorded in the first quarter of 2007. The bank paid to the Government Rs. 55.71 million as corporate tax and VAT on financial services as against Rs 34.23 million paid in the comparable period of the previous year and consequently reporting a profit after tax of Rs 41.78 million which is a 89% growth from the 2007 results.

Managing Director of DFCC Vardhana Bank, L. G. Perera said the bank is continuing with its growth strategy focusing on capacity building in all areas even at the expense of short term profitability in order to achieve its vision of becoming a major force in the banking landscape of the country within the next five years.