Anjana SAMARASINGHE
The DFCC Group has recorded its best ever consolidated profit after tax of Rs 5171 million in the financial year 2010 and 2011 boosted by the capital gain derived by divesting part of the equity stake in Commercial Bank of Ceylon.
DFCC Group Chief Executive Nihal Fonseka said after eliminating gains from disposals of subsidiaries and associates, DFCC recorded a profit after tax of Rs 1776 million.
“It is an increase of 19.6 percent over the comparable profits of the previous year. Likewise, the combined profit after tax of DFCC Banking Business (DBB) after normalizing for one-off gains was Rs 1990 million an increase of 15 percent over the previous year.”, he said.
Non performing credit exposure of DBB reduced from Rs 5682 million to Rs 4474 million during the year and the ratio improved from 10 percent to 6.6 percent.
The net interest income of DBB was Rs 5031 million for the year and this is a six percent increase over the previous year. Other income of DBB was Rs 1720 million in the year an increase of 13 percent. Non interest expense in relation to operating income was 37.5 percent during the period.
Acuity Partners made a significant contribution of Rs 129 million to the profit after tax of the DFCC group a four folded increase over the previous year.
The collective contribution to the group profit after tax by Lanka Industrial Estates Limited, Synapsys Limited, DFCC consulting and National Asset Management Limited was Rs 65 million in the year.
In addition to an interim dividend of Rs 7 per share, the directors have recommended a final dividend of Rs 3 per share, which will amount to an aggregate payment of Rs 2649 million.
source - www.dailynews.lk
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