 DFCC Group Chairman J.M.S. Brito |
From a business perspective there is cause for optimism. The upturn was manifest in the last quarter of the financial year and the newly found confidence was marked by the unprecedented surge in equity prices on the Colombo Stock Exchange,” said DFCC Group Chairman J.M.S. Brito said in his statement to shareholders.
“At the same time, DFCC’s project finance pipeline has strengthened considerably across the board in sectors such as manufacturing, food and beverage, tourism and telecommunication,” he said.
The economic recovery which began in the latter part of the year with improved business confidence did not have an immediate impact on the growth of the Bank’s credit portfolio due to the lead time required for project formulation and the time lag between approval and disbursement.
The total credit portfolio of the Bank stood at Rs 37,562 million, down 10 percent from Rs 41,858 million a year ago.
DFCC Bank continued to raise its stake in environmentally friendly projects by being at the forefront of landmark initiatives. One of them was the first private grid connected wind power project in Sri Lanka to be commissioned in Kalpitiya.
The project supported by DFCC Bank received a syndicated loan of Rs 1,100 million and is expected to add 28GWh annually to the national grid. Another initiative was the first private hydropower project on the Mahaweli system. In January, the Bank sold its entire shareholding in Lanka Ventures PLC (LVL) to Acuity Partners, a joint venture company equally owned by DFCC Bank and Hatton National Bank PLC.
This transaction yielded a profit of Rs 284 million and after tax added Rs 142 million to consolidated profit.
source - www.dailymews.lk
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