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DFCC Vardhana Bank (DVB) ended 2014 on an excellent note which saw the Bank passing the important threshold of Rs 1 bn in profits and Rs100 bn in total assets. The Bank recorded a profit after tax of Rs 1.12 bn for 2014 which is an 80% growth over 2013.
DVB’s achievement becomes more significant as 2014 was a difficult year due to challenging market conditions that prevailed throughout the year. The Banks NII grew by 7% to record Rs 3.3 b as at December 31, 2014. DVB did extremely well in fee income generation recording a 25% increase. Treasury operations too recorded a significant growth of 206% spurred by the two main business lines FX and fixed income securities. DVB consistently applied the revised impairment assessment methodology implemented during the second quarter throughout 2014. The yearend cumulative allowance for impairment for loans and advances was maintained at a healthy level of 64% of the impaired loans and advances of the Bank.
