![DFCC Bank Reports Strong Performance Amidst Heightened Economic Challenges](https://cdn.magzter.com/1650544436/1686214010/articles/zqjaHeVl41686220574104/DFCC-BANK-REPORTS-STRONG-PERFORMANCE-AMIDST-HEIGHTENED-ECONOMIC-CHALLENGES.jpg)
The Group recorded a PBT of 3,001 million rupees and PAT of 2,062 million rupees for the quarter that ended March 31, 2023, compared to 326 million rupees and 527 million rupees, respectively, in 2022. The Bank’s Return on Equity increased to 10.88 percent during the quarter ended March 31, 2023 from 5.04 percent recorded for the year ended December 31, 2022. The Return on Assets (ROA) before tax for the quarter ended March 31, 2023 is 1.63 percent compared to 0.46 percent for the year ended December 31, 2022. The Net Interest Income (NII) increased by 75 percent over Q1 of 2022 to reach 8.34 billion rupees by the quarter end of March 2023. The tight liquidity conditions in the domestic money market have resulted in rising market interest rates. As a result, the Bank’s deposit and lending products experienced a significant increase in interest rates during the period under review. While the higher interest rates may have continued to depress the lending portfolio, it led to an overall improvement in Net Interest income (NII). Strategically, the Bank increased the fixed-income investment portfolio, contributing significantly to increased interest income. In line with the increase in the AWPLR over the past 12 months, the interest margin increased from 3.80 percent in March 2022 to 5.93 percent by March 2023.
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
![DFCC Bank Marks Environment and Oceans Day with Dual Projects for Ecosystem Conservation](https://reseuro.magzter.com/100x125/articles/26840/1785010/GvIxrJwAh1722588871109/DFCC-BANK-MARKS-ENVIRONMENT-AND-OCEANS-DAY-WITH-DUAL-PROJECTS-FOR-ECOSYSTEM-CONSERVATION.jpg)
DFCC Bank Marks Environment and Oceans Day with Dual Projects for Ecosystem Conservation
DFCC Bank marked World Environment Day and World Oceans Day with a Mangrove Restoration Project at Waikkal and a Reforestation Project at Riverston in the Knuckles Mountain range. DFCC aims to be 'The Bank for Green Finance'' by 2030 and were the first in Sri Lanka to receive Green Climate Fund accreditation.
![NSB Felicitates Top Students of the Scholarship Exam with Hapan Scholarships](https://reseuro.magzter.com/100x125/articles/26840/1785010/JTuOM6kcp1722588781805/NSB-FELICITATES-TOP-STUDENTS-OF-THE-SCHOLARSHIP-EXAM-WITH-HAPAN-SCHOLARSHIPS.jpg)
NSB Felicitates Top Students of the Scholarship Exam with Hapan Scholarships
The National Savings Bank (NSB) felicitated the students who achieved the best marks in the island, in grade five Scholarship Examination 2023, with Hapan Scholarship Awards.
![NDB Certified in Latest ISO 27001:2022 for Information Security Management](https://reseuro.magzter.com/100x125/articles/26840/1785010/pdYGOhBaq1722588629405/NDB-CERTIFIED-IN-LATEST-ISO-270012022-FOR-INFORMATION-SECURITY-MANAGEMENT.jpg)
NDB Certified in Latest ISO 27001:2022 for Information Security Management
National Development Bank is the first Sri Lankan bank to be certified to the latest ISO 27001:2022 for its Information Security Management System (ISMS), reflecting its commitment to upholding global standards and protecting information assets.
![Vision Care Showcases Latest Eye Care Technologies](https://reseuro.magzter.com/100x125/articles/26840/1785010/G8qZ9LbDY1722588390102/VISION-CARE-SHOWCASES-LATEST-EYE-CARE-TECHNOLOGIES.jpg)
Vision Care Showcases Latest Eye Care Technologies
Vision Care introduced its latest technologies and procedures for eye care at the Mini Congress organized by the College of Ophthalmologists of Sri Lanka. The event concluded successfully, attracting many local and international consultant ophthalmologists, doctors, and professionals in the field.
![The True National Asset: The Youth, Not Failing State Enterprises](https://reseuro.magzter.com/100x125/articles/26840/1785010/OLpcndwmg1722584654097/THE-TRUE-NATIONAL-ASSET-THE-YOUTH-NOT-FAILING-STATE-ENTERPRISES.jpg)
The True National Asset: The Youth, Not Failing State Enterprises
President Ranil Wickremesinghe stated that restructuring lossmaking public institutions will enable the government to allocate more resources to education and healthcare.
![Each Apple worker now worth USD 22 million, 20 times more than Amazon's](https://reseuro.magzter.com/100x125/articles/26840/1785010/186hauBwB1722584437897/EACH-APPLE-WORKER-NOW-WORTH-USD-22-MILLION-20-TIMES-MORE-THAN-AMAZONS.jpg)
Each Apple worker now worth USD 22 million, 20 times more than Amazon's
Apple’s (AAPL) struggles in the initial months of 2024 have been swept away by a string of developments that helped the company reclaim the spot of the most valuable company in the world with a market capitalization of over USD 3.5 trillion.
![The Business Sector Saw More than Half a Billion M&A Deals in the Past Decade](https://reseuro.magzter.com/100x125/articles/26840/1785010/-_moqXWwF1722584356097/THE-BUSINESS-SECTOR-SAW-MORE-THAN-HALF-A-BILLION-MA-DEALS-IN-THE-PAST-DECADE.jpg)
The Business Sector Saw More than Half a Billion M&A Deals in the Past Decade
AIthough 2023 saw less than 40,000 mergers and acquisition (M&A) deals, considerably less than at the market peak in 2021, this figure still pushed the ten-year total to impressive highs.
![The Country needs a Political Culture that Prioritizes National Interests over Traditional Politics](https://reseuro.magzter.com/100x125/articles/26840/1785010/AF4M9wV9r1722583962665/THE-COUNTRY-NEEDS-A-POLITICAL-CULTURE-THAT-PRIORITIZES-NATIONAL-INTERESTS-OVER-TRADITIONAL-POLITICS.jpg)
The Country needs a Political Culture that Prioritizes National Interests over Traditional Politics
President Ranil Wickremesinghe emphasized the importance of a political culture that prioritizes the nation over traditional politics for the country’s advancement.
![From Modest Beginnings to Global Leadership: Tim Cook's Journey and Vision for Apple](https://reseuro.magzter.com/100x125/articles/26840/1785010/BM9KcErRm1722583615130/FROM-MODEST-BEGINNINGS-TO-GLOBAL-LEADERSHIP-TIM-COOKS-JOURNEY-AND-VISION-FOR-APPLE.jpg)
From Modest Beginnings to Global Leadership: Tim Cook's Journey and Vision for Apple
In an extraordinary interview, Apple CEO Tim Cook sits down with Dua Lipa for a revealing conversation about his life, leadership at the helm of the world's largest company, and his forward-thinking vision. This engaging dialogue offers a unique perspective on the daily responsibilities of a leader managing a USD 3 trillion enterprise, and explores Cook's personal history, core values, and ambitions for Apple's future.
![Japan Ready to Resume Suspended Official Development Assistance Projects](https://reseuro.magzter.com/100x125/articles/26840/1785010/uAXmCtRVF1722583527418/JAPAN-READY-TO-RESUME-SUSPENDED-OFFICIAL-DEVELOPMENT-ASSISTANCE-PROJECTS.jpg)
Japan Ready to Resume Suspended Official Development Assistance Projects
Dr. IZUMI Hiroto, the head of the Japanese delegation visiting Sri Lanka, lauded the successful completion of the country's debt restructuring process, noting that it has paved the way for the resumption of Japanese Official Development Assistance (ODA) projects.