DFCC Bank continued to demonstrate positive momentum across businesses in 2017 as a rapidly growing commercial bank completing its second year after the amalgamation.
Despite a backdrop of higher taxes, volatile interest rates, tight margins and intensifying competition, the Bank closed the financial year ended 31st December 2017 with a profit before tax of LKR 5,792 million a growth of 31% and profit after tax of LKR 4,415 million a growth of 34% over the year ended 31st December 2016.Read more
An Extraordinary General Meeting was held recently for the purpose of obtaining the approval of the shareholders, by way of a Special Resolution, for the issuance of a maximum of 70,000,000 Listed Rated Unsecured Subordinated Redeemable Debentures of Rs 100/- each with a term of up to 7 years, complaint with BASEL III requirements.
DFCC Bank opened a new branch at Nivithigala thereby growing their network to 138 fully-fledged branches across the country. Centrally located at Ratnapura Road, Nivithigala, the newest branch will boast weekend banking on Saturdays from 1 am to 9 pm, offering convenience for residents in the area to access retail banking products and services even on weekends. The CEO of DFCC Bank, Lakshman Silva, performed the formal inauguration ritual on the momentous occasion and the branch opening was conducted in the customary manner in presence of senior management of DFCC Bank, the staff of the new Nivithigala branch and a warm gathering of loyal customers and well-wishers.
DFCC Bank became the first bank in Sri Lanka to partner with the National Eye Bank (NEB) in conducting a successful Eye Donation Campaign, which resulted in 300 donors comprising of DFCC staff and the general public pledging their eyes to the cause of alleviating corneal blindness.
Persevering in its mission to inculcate the savings habit amongst the nation’s population, DFCC Bank yet again introduces an exciting New Year campaign named ‘DFCC Season of Gifts’ for customers to secure their financial future by opening savings accounts with DFCC Bank.
With an eye on children’s academic future, the Bank offered cash vouchers of Rs. 2500/- plus stationary packs for Vardhana Junior kids savings accounts opened on the first two days in January.
Fitch Ratings have revised DFCC’s outlook for both its International and National Long Term Ratings to “Stable” from “Negative” while affirming the ratings at B+ and AA- respectively.
The rating agency said that this outlook revision reflects their view that adverse effects on the bank’s credit profile from increasing risks in the domestic operating environment previously expected have reduced.
DFCC's Viability Rating and the National Long-Term Rating capture its developing commercial banking franchise and still-high capitalisation levels relative to the peers.
DFCC Bank embarked on far-reaching tree planting sustainability measures during the current year which have been commended by Reforest Sri Lanka, with whom the Bank collaborated to plant endemic and native species of trees. A non-profit society committed to protect and extend the forest cover in Sri Lanka, Reforest Sri Lanka has specifically mentioned the extensive commitment of funds and volunteers that DFCC Bank has committed to this cause. This project was conducted as part of the commemorative staff tree-planting campaign launched this year to reforest key areas across the island, whilst giving back to society at large
S&P Global Ratings revised its credit rating outlook for DFCC Bank from negative to stable, while affirming 'B' long-term and 'B' short-term issuer credit ratings on the bank. In its assessment of DFCC's business position, the Bank is projected to maintain its satisfactory market position and business stability over the next 12-18 months.
The stable rating reflects the rating agency’s confidence in the financial institution’s ability to navigate operating conditions in Sri Lanka and maintain its financial profile in the coming months. At the same time, it has affirmed its 'B' long-term and 'B' short-term issuer credit ratings on DFCC Bank while affirming its senior unsecured debt ratings on the bank.
DFCC Bank agreed to take up the Joint Title Sponsorship of the 2017 Inter School Golf Tournament, conducted by the Royal Colombo Golf Club (RCGC). The MoU for sponsorship was recently signed between the DFCC Bank and the Royal Colombo Golf Club. DFCC Bank has been a proud sponsor of sporting events in Sri Lanka since its inception in 1955, and believes that sports brings people together, to work and grow together – core beliefs in DFCC Bank’s own philosophy for growth.
DFCC Bank held its ‘Rewarding Excellence’ Quarterly Human Resource (HR) Awards recently amidst a strong mood of fellowship and corporate pride. The event was attended by Members of the Board, senior management, awardees and staff members. The eagerly anticipated final award ceremony for the year was held at the DFCC Bank Head Office Auditorium on 23rd November 2017, to recognize and reward staff members who performed exceptionally well in the third quarter of the financial year. The Rewarding Excellence scheme was introduced to encourage and appreciate its employees who go the distance and perform above and beyond the call of duty. DFCC has earned a strong reputation for the quality of its people, having moulded some of the best banking professionals in the country. The Bank values not only their professional achievements but also outstanding effort in other areas of corporate life.
DFCC Bank, joined hands with the Fairway Galle Literary Festival 2018, as the event’s official banking partner. The partnership is part of the bank’s long-term commitment to supporting events that uplift the arts and literature in Sri Lanka whilst raising the profile of the island as a creative hub in the international arena. The sponsorship will also help to highlight the Bank’s growing presence in the southern region, one of its key areas for growth and expansion.
DFCC Bank secured USD 30 million in funding from BlueOrchard, a leading global impact investment manager, following an agreement signed between the management of both organizations. The funds will be used to increase the levels of lending that the bank offers SMEs, whilst strengthening its micro-finance portfolio.
With a proven a track record of nurturing small businesses from their early stages, DFCC Bank takes pride in being one of the premier banking institutions in the country that promotes and supports the operations of small and medium enterprises. The bank has also set up a special unit dedicated to Micro and Small Medium Enterprises (MSME) and endeavours to fulfil the unique requirements of these businesses by providing them with customized financial and banking solutions.
Expanding its reach across the country, DFCC Bank opened its second fully-fledged branch in Matara. The new branch will be known as DFCC Bank’s ‘Matara City Branch’.
The branch was ceremonially inaugurated by Lakshman Silva, CEO - DFCC Bank, together with senior management of DFCC Bank, the branch staff and a large gathering of loyal customers and local well-wishers.
DFCC Bank PLC launched “DFCC Premier Go”, the first ever premier banking app in the industry, exclusively for its Premier customers, at a special launch event held on November 2, 2017 at DFCC Bank’s Executive Lounge.
DFCC Premier Go is yet another revolutionary feature in DFCC Bank’s mobile banking platform, developed by Synapsys; DFCC’s Fintech subsidiary that has been at the forefront of digital innovations in the banking industry having developed products such as the Vardhana Virtual Wallet which was launched last year.
The unique feature of the Premier Go App is that it enables customers to contact their Relationship Manager at the click of a button via video conferencing. In the event that a face-to-face meeting is required, this App can assist with scheduling appointments with the Relationship Manager at a time convenient to the customer. They are also able to chat with the Relationship Manager and leave messages for follow-up after working hours, providing them with access to DFCC Banking services anytime and anywhere in the world.
DFCC Bank recorded growth across all its income segments, with a 31% increase in operating income year-on-year. The Bank’s net interest income rose by 32%, to LKR 8,228 Mn buoyed by improvements to the net interest margin from 3.3% in December 2016 to 3.6% by September 2017. In addition, the Bank’s net fee and commission income grew by 17% to LKR 1,110 Mn complemented by the growth in business volumes.Read more
The Kahawatta Branch played host to the second Vardhana Sahaya Hamuwa programme recently.
Guest speaker Mr. Dilhan De Silva, Senior Assistant Director of the Central Bank of Sri Lanka presented to over 50 potential clients who attended the programme.
Vardhana Sahaya Hamuwa is a specially designed programme targeting potential MSME clients, with a focus on educating them on how to become good entrepreneurs in their sectors.
DFCC REDS, in collaboration with the National Blood Centre, organised a blood donation campaign under the theme “Share a Little” on September 14th at the DFCC Bank Auditorium.
Staff members from the Head Office, Ramanayake Mawatha and other branches in Colombo volunteered to donate blood, resulting in 57 collections.
The REDS Committee 2017 wishes to thank each and everyone who supported in making this initiative a success.
DFCC Bank conducted an English Education programme as a pilot project in the Gampaha and Kalutara areas. Together with Winner International, an institution specialised in teaching Spoken English to youth, the Bank targeted youth between the ages of 16-22. The programmed aimed to teach them Spoken English and equip them with a basic knowledge of English required to enter the workforce.
Approcimately 45 youths participated in the course carried out at the Kalutara and Gampaha branches from April to August. 70% of the students who sat for the final assessment scored over 60 marks.
The Bank held a Graduation Ceremony on the 23rd of September at the DFCC Bank Auditorium in recognition of the achievements of the participants. The Bank plans to extend the programme to other areas across the country in the coming months.
DFCC Bank opened its newest branch in Morawaka at Isuru Towers, Deniyaya Road. The new branch was ceremoniously inaugurated by Mr. Lakshman Silva in the presence of bank staff and prominent civil society members from the area.
DFCC Bank organised a strategising session on September 9th at the Pegasus Reef Hotel, Wattala. The Bank’s senior staff participated in interactive discussions and focused strategy discussions for the Bank’s development in 2018-2020.
The workshop featured sessions conducted by two of the country’s financial leaders – Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka and former Deputy Governor, Dr. W. A. Wijewardena. Topics covered included the macroeconomic development plans of the Government, and the long-term economic and financial sector growth of the country.
The sessions helped the DFCC Bank team to focus on developing a future strategy for growth, expansion and consolidation in the short and medium term. The senior management is fully committed to implementing the ambitious growth plan across the Bank.
DFCC Bank participated in the Edex Job Fair held from 2nd - 3rd of September at the Sri Lanka Exhibition and Convention Centre. The event gathered companies and job seekers and connected top talent with top employers.
The DFCC stall was visited by over 500 dedicated and talented job seekers and school leavers, who were met with the opportunity to engage with staff and obtain career guidance.
The DFCC REDS Committee organised "REDS Engage 2017" on the 25th of August at the Auditorium. The annual event, attended by Chairman Mr. Royle Jansz, CEO and the senior management of the Bank, was organised to discuss ideas and suggestions presented by the REDS to improve the Bank’s operations and functions.
35 Executive Trainees and Management Trainees in teams of four presented their ideas in the areas of improving CASA, quality lending, review on Great Place to Work and value driven culture, and improving customer service.
The event also provided an opportunity for participants to engage with the senior mangement and colleagues across branches and departments.
The Bank hosted a Reception to welcome CEO Mr. Lakshman Silva at the Cinnamon Grand Hotel. The event was attended by the Bank’s long standing clients, business associates and other well wishers.
Mr. Royle Jansz proposed a toast to the continued success of DFCC’s customers, the Bank and to Mr. Lakshman Silva, and Mr. Silva pledged his commitment to steer the Bank to greater heights.
The ‘Sri Lanka Sustainable Banking Initiative (SBI) – Phase ll’ was launched at the HNB Auditorium on the 15thof August 2017.
18 banks signed the 11 Sustainable Banking Principles for Sri Lanka which were developed by a committee comprising of members of these banks in November 2015. DFCC Bank was amongst the signatories that also included Cargills Bank, Hatton National Bank, and National Development Bank.
Phase II, commencing in August 2017, will be focused on implementing the 11 principles by providing the necessary input and building capacity in terms of guidance documents, training, E-learning and case studies.
The SBI aims to create a platform where banks can work together on sustainability issues. The platform will be used to facilitate decision-making and coordinate efforts, and to increase efficiency and effectiveness while ensuring a level playing field.
Banks who are signatories to the initiative will receive the necessary inputs to implement the signed principles, and gain access to a tailor made E-Learning platform.
The primary benefit of the initiative is to contribute to sustainable development efforts for a beautiful, clean and green Sri Lanka.
Mr. Lakshman Silva lighting the traditional Oil Lamp
Ms. Manuela Marques - Senior Director (Customer Solutions) presenting a token to Mr. Lakshman Silva on his appointment as CEO.
Mr. Silva presenting Ms. Meike Goetze - Senior Environmental and Social Specialist, a token of appreciation
Over 10,000 buns were distributed by the staff of the Kandy Branch, with support from colleagues in other branches in the region, to the general public who came to watch the Kandy Perahera on the 3rd of August.
DFCC Bank participated in the Mercantile Chess Tournament held recently for the first time, and tied for sixth place in the teams category.
The Bank was represented by Chiranth Rajapakshe, Manouri Liyanage, Ovintha Gunathilake, Sandeepa Perera, Sanjeewa Subasinghe and Tikiri Thotamune.
The official DFCC Flag was revealed and hoisted for the first time on the 16th of August.
The mnemonic and the grey wings form a beautiful visual of a sunrise which depicts new beginnings, prosperity and growth with DFCC Bank.
DFCC Bank is the official banking partner for Gajaba Super Cross 2017. The event, celebrating its 16th successive year in 2017, is an annual racing championship conducted by the Gajaba Regiment of the Sri Lanka Army in collaboration with the Sri Lanka Autosports Drivers Association (SLADA) that will be held at the supercross track in Saliyapura, Anuradhapura.
The press conference was held recently and the cheque was presented to Major General Shavendra Silva, Adjutant General of the Sri Lanka Army by Mr. Thimal Perera, Deputy CEO, DFCC Bank.
DFCC Bank appointed Mr. Thimal Perera as its Deputy Chief Executive Officer on the 16th of August.
With more than two decades of experience in the financial services and banking sector locally and internationally, Mr. Perera most recently served as the Deputy General Manager of Hatton National Bank where he guided the retail and SME banking sector.
Mr. Perera has also previously worked with HSBC locally and internationally, the Commercial Bank of Qatar and Barclays Bank PLC in the United Arab Emirates.
DFCC Bank appointed Mr. Lakshman Silva as its 10th Chief Executive Officer on the 16th of August.
Mr. Silva has accumulated over 30 years of experience in the financial sector. Having commenced his professional career at the Department of Inland Revenue of Sri Lanka, he moved to the financial services industry and joined the DFCC Group in 1987. Mr. Silva previously served as DFCC Vardhana Bank’s Chief Executive Officer in 2010.
A musical event, the LMT Rhythm Show, was held in Dubai on the 4th of August, and was attended by the Sri Lankan labour community and the middle class working community in Dubai. The Sri Lanka Community Circle organised the event at Al Nasr Leisure Land which was attended by over 3,000 people. DFCC supported this initiative as the main sponsor.
DFCC Bank supported the Colombo International Tea Convention, which took place from the 8th to the 11th of August, as a Strategic Partner.
The event was attended by high level dignitaries and Government officials, over 100 foreign delegates, 500+ local participants, and approximately 44 speakers and moderators.
DFCC Bank, together with Synapsys, presented the revolutionary supplier settlement system that supports Sri Lanka’s well-established community of private tea manufacturers and tea leaf suppliers. With the supplier settlement system, supplier can have their revenues from their sales managed by a bank and be transferred directly into their bank account.
Here are some pictures from the event:
Mr. Lakshman Silva speaking at the panel discussion on Trade/ Finance
Mr. Dinesh Fernandopulle and Mr. Denver Lewis making a presentation on DFCC’s Role in the Tea Industry at the convention
The Bank recently held an on-boarding event was its Region 02 staff members at the Grand Monarch, Battaramulla, to educate them about the Bancassurance operation and products.
The event was attended by the staff of the Region 02 branch and members of the AIA managemen team.
A farewell party was held in honour of Mr. Arjun Fernando, who retired from the post of CEO on the 15th of August at the Hilton Colombo Residencies. Staff members from across the branch network were present to express their appreciation for his contribution to the Bank.
DFCC Bank recently held an awards ceremony to honour 2016's outstanding consumer banking achievers who supported the business. The awards honoured individuals and entire teams.
The bank also honoured the best customer service representatives, best volunteer, best sportsman and best award recipient from the quarterly recognition awards.
Winners of categories outside of consumer banking were selected from nominations sent in by staff members, after being evaluated by a cross-functional panel.
A cocktail reception was held after the ceremony to celebrate the achievements of over 70 award winners.
Here is the much awaited list of winners together with the picture highlights!
The DFCC Bank Trincomalee Branch successfully held the Vardhana Junior Scholarship seminar for Region 7 recenty at T/ Orr's Hill Vivekananda College. Over 650 students attended and were guided through a mock paper in preparation for the upcoming examination by an experienced panel of lecturers.
The team thanks everyone involved with the initiative for their hard work and time to make the initiative a success.
DFCC Bank formed a partnership with WebXPay to connect the bank’s customers to e-Commerce merchants, as part of its vision to enable a new paradigm in the e-Commerce-led growth of Sri Lanka.
DFCC Bank customers will be able to use their Vardhana Virtual Wallet as a payment option with WebXPay’s network of 600+ e-Commerce merchants, enabling them with more flexibility with their online payments for a wide range of goods and services, basic daily necessities, and opening up access to a wider market for e-Commerce merchants.Read More
In collaboration with ‘Reforest Sri Lanka’ and the Ministry of Highways, DFCC Bank held the seventh tree planting initiative to commemorate staff birthdays on 22nd July alongside the Colombo – Matara Highway, near the Kahathuduwa Interchange.
500 Karanda and Kumbuk trees were planted, out of which 380 were planted to commemorate staff birthdays celebrated in the months of April, May and June.
Winners of the Bancassurance General Award in the month of June were awarded trophies by Mr. Lakshman Silva.
Tharaka Wickramathunga (Premier Centre)
Congratulations to Chandramali Pragnarathna and Savanthi Kodagoda from Corporate Banking for winning the Bancassurance General Award Trophy for the month of July, achieving an income of Rs. 53,726.00.
Rachitha Priyankara from the Ampara branch came in 2nd achieving an income of Rs. 34,813.00.
The Financial Times recently reported on the DFCC Group’s excellent half year performance for 2017, with DFCC Bank’s rapid emergence as a full service commercial bank driving the Group’s strategic growth.Read more
Over 40 entrepreneurs attended the first Vardhana Sahaya Hamuwa programme held at the Balangoda branch recently as a customer acquisition initiative. In a session conducted by Mr. Dilhan De Silva, Assistant Director, Central Bank, the entrepreneurs were educated on business challenges and how to overcome them to sustain their business.
In recognition of DFCC Bank’s success in incorporating sustainability into its corporate strategy and business processes, the Bank was awarded a Certificate of Merit in the Outstanding Business Sustainability Achievement category at the Global Sustainable Finance Awards 2017 held in Karlsruhe, Germany.
Senaka Jayasinghe of the Sustainability Unit received the award on behalf of the Bank, and also conducted a presentation on Sustainability at DFCC Bank at the Global Sustainable Finance Conference on the 13th and 14th of July, which was attended by over 100 delegates from over 30 organisations across Asia, Africa and Europe.
DFCC Bank opened its newest fully-fledged branch in Tissamaharama on 20 July 2017. In recognition of the emerging economy of Southern Sri Lanka and its unique and diverse range of financial needs, the Bank will provide services to both commercial and personal banking customers in this historical and vibrant city.
Mr. Lakshman Silva opened the new branch in the presence of the Bank’s senior management, staff and customers. Tissamaharama residents now have access to convenient banking with spacious facilities, expert financial advice and the Bank’s innovative use of technology and mobile-based services. The Tissamaharama branch offers the complete range of DFCC Bank’s financial expertise to retail customers as well as corporate and SME customers.
The Human Resources and Bancassurance teams, in collaboration with AIA Insurance PLC, launched a special retirement scheme for DFCC staff.
Senior management from DFCC Bank and AIA PLC attended the launch ceremony held at the DFCC Bank Auditorium on the 7th of July. Staff members who opted for the scheme were presented their documents at the event.
The Rewarding Excellence ceremony for Q2 was held recently in recognition of exceptionally performing staff members, and was attended by members of the Board, senior management, awardees and staff members.
Families of award winners, in appreciation of the role they play in the lives of staff, were also invited to attend the ceremony.
The award winners were:
In recognition of their efforts to reduce Central Bank monthly processing fees for small note deposits.
In recognition of securing a major garment retailer in the country to register for the Vardhana Virtual Wallet.
In recognition of their efforts and sacrificing their personal time and resources to assist the bank with administrative matters.
In recognition of his active involvement in detecting and preventing the Bank from being used for money laundering purposes.
Congratulations and well done!
The Flood Relief team donated flood relief items to the Lankagama Junior Model School located off Deniyaya. Situated in a remote area, the school has 162 students from Grades 1-13, most of them from under-privileged families. The branch manager and staff of Deniyaya together with the Regional Manager – R3 visited the school and donated Rs. 1,250/- DSI vouchers, schools bags and uniforms to all 162 students on the 5th of July.
The Flood Relief team identified the needs of six schools affected by the recent floods and, with fund contributions from staff, donated shoe vouchers, school bags, uniforms and exercise books to 360 students at Mihindu Vidyalaya in Ratnapura and shoe vouchers to 181 students at Gamini Central College, Kalawana. Branch managers and staff of respective branches visited the schools to hand over the donations.
162 students of the Lankagama Junior Model School in Deniyaya will receive further donations, and the Bank will assist four schools in Deniyaya, Matara and Kalutara by providing books for their libraries, Duplo-machines, printers and furniture, all of which were damaged by the floods.
The DFCC REDS recently held their annual outbound training in Kalutara. 38 Executive Trainees and Management Trainees who recently joined the Bank participated in activities such as Aerial Roping, Raft Sailing, Kayaking, and a Yoga and Relaxation session.
The event provided an opportunity for the new recruits to interact with their colleagues and get to know each other better, while also building trust, teamwork, leadership skills and goal motivation.
An evening of fellowship for Stockbrokers was recently organised by the Margin Trading Team at the Premier Centre Lounge, in recognition of their patronage, and strengthening the Bank’s relationship with them.
Around 25 guests from five broking houses and members of DFCC’s senior management attended the event.
The Vardhana Junior Scholarship seminars commenced recently at the Welipillewa Primary School in Ganemulla, with over 300 students coached in preparation for the upcoming examination. A workshop for their parents was also conducted by specialist lecturers who shared knowledge on preparing children for the exam, parenting tips and more.
The Bank rolled out the initiative to more locations including Bandarawela, Matara, Tangalle, Kandy, Dambulla, Kurunegala and Kaduruwela.
DFCC Bank, in collaboration with the Zonal Education Offices, recently organised scholarship seminars in areas across the country aimed at students who will be sitting for the scholarship examination. The Bank will also enlist the assistance of the Past Teachers and Principals Association to maintain strict standards to enhance the overall seminar content.
A minimum of 300 students are expected to attend per seminar, and the programme will be held from 8.30 a.m. to 1.00 p.m. on specified days at the identified locations. Special workshops for parents will also be held simultaneously at the same location to help their children prepare for the examination.
DFCC Bank relaunched Vardhana Junior, strengthening its position as one of the leading minor savings products in the country by the addition of special features such as an exciting array of valuable gifts to inspire children to save for their future.
As a special offer for Grade 5 scholarship students, the Bank will award account holding students Rs.150 for every mark scored above 150 marks at the Grade 5 examinations.
DFCC Bank will also award parents who deposit a minimum of Rs. 10,000 for the year upon reaching the Rs. 50,000 tier with a stationery pack or a pair of shoes.
The Sustainability Unit of DFCC Bank recently held a Tree Planting campaign at the 'Korathota Sumangala Vidyalaya' in Athurugiriya. With a majority of its students coming from under-privileged familes, the 'Korathota Sumangala Vidyalaya' is a school that requires a lot of assistance. The school premises are kept clean and organised through the efforts of its Principal and staff, utilising the limited funds available to them.
DFCC Bank planted 100 fruit trees of different varieties alongside the school’s play ground with a ceremony attended by the Principal and staff, parents and students of Grades seven and eight.
Vardhana Double Winner is an unique personal loan product that offers double the benefits.
The key feature of this product is that customers can apply for a loan facility of up to 20 times their gross salary, at an attractive interest rate.
In addition, customers can obtain a cash advance of up to 90% of their salary to reap the maximum benefits from the loan.
Furthermore, on obtaining the loan, customers will also be eligible for other perks such as a complimentary debit card, eBanking services, the Vardhana Virtual Wallet and a credit card with the joining fee waived off.
DFCC Bank has re-launched Vardhana Sahanaya to help people affected by adverse weather conditions rebuild their lives in the aftermath.
The loans offered include Personal, Housing, Education and Business Loans. Going beyond providing short-term relief, the Bank is focusing its efforts on facilitating a long-term rebuilding initiative by providing individuals and enterprises affected by the floods with low-cost personal and business loans.
Individual salaried earners who have been affected by the floods will be eligible for personal loans to rebuild their damaged properties.
More information can be sought by calling the Bank hotline or visiting the nearest DFCC Branch.
DFCC Bank and Synapsys along with their partner Oracle, recently launched the Oracle Planning and Budgeting Cloud Service.
In doing so, DFCC became the first bank in the ASEAN region to implement cloud-based planning and budgeting services and the first bank in Sri Lanka to implement a product on the Oracle Cloud.
The technology will improve overall budgeting performance, refine responses to market volatility and support key operational areas of IT and Finance. It will similarly eliminate costs on hardware, tech support and upgrades.
The team that spearheaded the project from DFCC, Synapsys and Oracle
DFCC Bank recently signed a Memorandum of Understanding (MoU) with Diesel and Motor Engineering PLC (DIMO), to facilitate the leasing of TATA vehicles at an affordable price, to customers across its Branch network.
The MoU was signed by the CEOs of both organisations, at a gathering that took place at the DFCC Head Office.
DIMO is the sole authorised agent for TATA light and intermediate commercial vehicles in Sri Lanka.
Through the leasing partnership, customers can expect to benefit from discounts on selected TATA lorries, pick-ups, heavy duty trucks and buses.
L-R Sampath Kumarasinghe - DGM - TATA commercial vehicle sales, Madu Singh - Country Manager - TATA Motors, Nalinda Kurukulasooriya - GM - TATA commercial vehicle sales, Vijitha Bandara - Director DIMO, Gahanath Pandithage - Group CEO DIMO together with the DFCC team; Arjun Fernando, Lakshman Silva, Gillian Edwards, Bhathiya Alahakoon and Rasika Senaratna
The sixth tree planting initiative to commemorate staff birthdays which was scheduled for 27th May in Kottawa was postponed due to adverse weather. The date will be re-scheduled once the prevailing weather conditions improve.
The table below records the initiatives undertaken so far:
|Place held||Date held||Trees planted||Trees for Staff|
|1. Aranayake||28 January||960||160|
|2. Kaduwela||4 February||1,000||100|
|3. Jaffna||17 February||1,000||-|
|4. Duplication Road, Colombo 3 and 4||19 March||30||30|
|5. Thalawila||25 March||1,000||105|
DFCC Bank’s Roshan Fernando and Rajitha Hettiarachchchi were selected to represent Sri Lanka at the upcoming Basketball Tournaments of the South Asian Games and International Tour Champ respectively.
Also, Christie Mariathasan of DFCC Bank has been appointed by the Sri Lanka Basketball Federation as the Country Representative / Director 3X3 Development for the 3X3 Basketball Game in Sri Lanka.
The recent adverse weather conditions brought about significant hardship to the population of Sri Lanka. Many people were displaced due to the heavy rains. Thousands lost their homes and livelihoods. Many of the employees of DFCC Bank were affected as well.
DFCC Bank further initiated a three-pronged emergency relief plan focused on assisting staff, clients and the general public who have been affected.
The Akuressa Branch of the Bank, in collaboration with the Akuresse Base Hospital, also organised a medical camp at its premises to provide medical assistance for people in the local area.
The Sustainability Unit of DFCC Bank launched an e-waste collection system on the 1st of June. This was one of several initiatives launched by the Bank to commemorate World Environment Day.
The programme was initially launched at the Head Office and Nawala Branch. An e-waste bin was placed permanently at these locations for staff to conveniently dispose of related waste.
Large items that do not fit the bin can be brought to the notice of the Sustainability Unit via e-mail.
DFCC Bank participated in the Build SL - Expo 2017 exhibition recently. This is the largest Housing and Construction Exhibition in Sri Lanka. The event was held from the 26th to the 28th of May at the BMICH.
The Bank participated with the objective of promoting its range of Sandella Housing Loans.
The product being offered comes along with a complimentary fire insurance policy.
The initiative was successful, with a significant number of leads being generated.
The Corporate Banking team held their Annual Trade Cocktail at the DFCC Auditorium last Friday. This was to recognise and thank long-standing customers for their patronage of the Bank.
The Bank prides itself on sustaining close relationships with all its customers, and this event was one of many in which we further rekindle our associations.
The DFCC Annual Awards ceremony which was held recently at the BMICH, recognised the many and varied contributions that DFCC staff made throughout the year.
A full list of award winners is provided below:
All DFCC Staff members have now been provided with DFCC Bank reusable shopping Bags.
If it is assumed that each employee of the Bank uses 12 polythene bags per week for their shopping; switching to these reusable bags will save approximately 84,000 bags from going into landfills each month. This comes to a total of one million bags being saved in a year!
DFCC Bank hopes that all individuals will adopt the concept of using reusable bags.
A team of employees at the Piliyandala Branch of DFCC Bank went out of their way to aid an customer.
This was in helping the customer clear the title of the property he was bringing forward as collateral. This was a long-unresolved issue for the customer, and he was immensely grateful for the entire team’s efforts in helping him rectify the situation.
A solid working relationship has in addition been secured between the client and the Bank.
CGI Federal Inc has moved their account from a foreign bank to DFCC as of 26th April 2017, to aid in their collection of US Visa fees.
Founded in 1976, CGI is one of the largest IT and business process service providers in the world.
Commenting on this initiative, Mr. Lakshman Silva said, ‘We are honoured to have been chosen by such a large global organisation as their exclusive partner for US Visa fee collections. We are committed to delivering a superior level of service to everyone that walks into our Branches to execute their Visa payments’.
DFCC Bank has partnered with ThePapare.com to disseminate knowledge in the form of articles about rugby, in order to reach students and alumni who are interested in the sport.
The Schools Rugby League is an eagerly-awaited annual event. This year, the school rugby season has been more intense than ever, with all participating teams competing strongly.
DFCC has successfully disseminated in-depth news and analysis of the rugby season through its Know and Grow campaign by interviewing past players, coaches and educating sports enthusiasts and the public at large about the League and the Tournament.
For the first quarter ended 31 March 2017, the DFCC Group reported a consolidated profit after tax (PAT) of LKR 1,373 million, which is a growth of 42% over the LKR 970 million recorded for the equivalent period last year.
The Bank recorded a 65% growth in profit before tax (PBT) and a 45% growth in profit after tax (PAT).
Due to the timely repricing of its assets and liabilities, the interest margins of the Bank improved to 3.6% from 3.3% during the previous quarter, which contributed towards augmenting the net interest income.
The Bank launched the ‘Mobile Teller’ application, a digital banking service, in collaboration with SYNAPSYS.
This doorstep banking service is conducted by a staff representative, who accepts cash deposits in real time via a mobile device. This offers customers the option of executing cash deposits at a location of their choice situated within 10 kilometres of a Branch that offers the service.
The service is simple to use and does not require any registration. The user will need to inform the Bank of the requirement at a prearranged time.
The DFCC annual Avurudu Pola was held recently with much fanfare. This utilised both the Bank’s Auditorium and external premises at a church.
Stalls were erected with vendors selling items ranging from clothes, jewelry, and books to delicacies and pet-related items. The most popular stall was the stall selling isso wade (batter-fried prawn cakes); which encountered some impressive queues!
DFCC Community Projects recently wrapped up its one-week drive in collecting newspapers and selling the items for a worthy cause. The proceeds of the collection, along with contributions from the Bank, will go towards issuing each of the Bank’s employees with a durable and eco-friendly shopping bag. This will contribute to lessening the Bank’s dependence on plastic shopping bags.
The Bank would further like to thank all Branches and departments who actively took part in this initiative, which will contribute towards reducing the carbon footprint of the Bank as well.
DFCC Bank recently took part in the career fair held by the University of Colombo. This was with the intention of looking for high-potential candidates for recruitment and also to provide guidance to graduates in terms of career advice and interview preparation tips.
The event was a marked success.The DFCC stall saw a significant turnout, with a long list of potential candidates who wished to be interviewed by our panelists.
The Rewarding Excellence Ceremony for the first quarter of DFCC Bank’s operations was conducted in April 2017. The event was held under the patronage of members of the Board, senior management, and members of the staff.
The Chairman of DFCC Bank, Mr. Royle Jansz, thanked all laureates for their contributions and wished them continued success ahead. The CEO of DFCC Bank, Mr. Arjun Fernando, echoed these sentiments and felicitated the HR team of the Bank for their efforts in motivating staff and organising the Awards ceremony.
The awards handed out were as follows:
In line with its strategy to rapidly expand and reach all corners of the island, DFCC Bank inaugurated two new branches at Ambalantota and Wattegama. The branches were declared open by Mr. Lakshman Silva, in the presence of senior representatives and staff from the Bank and representatives from the local community.
DFCC’s new Ambalantota branch is located at No. 94, Main Street, Ambalantota and the Wattegama branch is located at No. 136, Kandy Road, Wattegama.
At the ADFIAP awards awards night held in Macau, DFCC Bank won an award under the SME development category for setting up a specialised unit for the development of MSME’s.
Besides being a founder member of the association, DFCC has been winning awards every year for its outstanding efforts.
The Bank also offers additional business development services such as by conducting workshops and training programmes on topics like entrepreneur development, capacity building and record keeping.
In addition, DFCC Bank was recognised for being a charter member of the ADFIAP since October 1976, at the event.
Mr. Arjun Fernando receiving the Award.
The AIA Bancassurance Achievers Awards Ceremony was held on the 24th of March at Cinnamon Lakeside, Colombo. This was to recognise the best Branch performers in 2016.The Kotahena branch of DFCC Bank was awarded the top spot, with the Galle and Batticaloa Branches ranking at second and third place respectively.
In a recent article by the Financial Times, DFCC Bank’s Annual Report 2016 was signalled out for its excellence in reporting, with the Bank’s direct, succinct approach receiving much praise.
The article equally commended our commitment to utilising multiple channels of information to communicate with stakeholders. In doing so, DFCC Bank ensures that the best medium is being used to address the intended audience.
Read More »
DFCC Bank PLC’s 61st Annual General Meeting was held on 30th March 2017 at Cinnamon Lakeside, Colombo.
Over 200 shareholders attended the event and the resolutions proposed by the Board of Directors were unanimously approved.
The shareholders especially commended the Bank’s performance in the preceding year as well as the concept, look and feel of the Annual Report for the corresponding period.
‘Congratulations on a very innovative concept for the Annual Report. I thought it was very unique to portray DFCC’s Journey on the cover page of the book’, commented one attendee.
‘Congratulations on doing an annual report that is very concise and easy to carry around in comparison to traditional annual reports’, added another participant.
A felicitation party was held to congratulate and recognise members of the DFCC team who had gone beyond their recognised roles to participate in clubs and committees, train and interview candidates and represent the Bank at various miscellaneous activities conducted throughout the year.
The party was conducted at the DFCC Head Office premises with the attendance of the Board of Directors and Senior Management.
It was a memorable evening with good food and music featuring a live band.
Photo opportunities were also arranged for the various committees and teams. The DFCC theme song was sung in English, Sinhala and Tamil.
We, at DFCC Bank, are indebted to the staff members who contribute immensely in making DFCC Bank a ‘Great Place to Work’, and thank them profoundly for their continued support and efforts.
The Bank’s CSR Committee was formed with the objective of nurturing a working culture that honours social responsibility.
The Committee continually encourages staff members to take part in their initiatives. Together, they are instrumental in transforming and uplifting communities for the benefit of all.
The Committee is formed of Tikiri Thotamune, Shanya Pandithakoralage, Senaka Jayasinghe, Pradeepan Sivalingam, Sareeka Gunatunga, Gayathri Sivayoganathan and Rachitha Dayaratne.
In December 2016, the Committee obtained toys, books and stationery for the children at Learning Tree Montessori in Mount Lavinia; which educates children from disadvantaged backgrounds. The school functions on donations made by sponsors and the public, and greatly appreciated the items that were gifted to them.
The Committee is actively looking for other charities that require help and support.
To further spread the Christmas spirit, the DFCC Toastmasters organised an evening of Christmas carols on our premises on the 19th of December. This was an inaugural event, and showed widespread participation; to include the Chairman and members of the Board. The choir sang a variety of Christmas classics, and the event concluded with a sing-along that saw the participation of all.
Mr. Arjun Fernando, CEO DFCC Bank receiving the award from Hon. Minister Ravi Karunanayake. Also in the picture are Hon. Minister Sagala Ratnayaka and Hon. Minister Nimal Siripala De Silva
Business Today TOP 30 recently recognised the top corporate performers in Sri Lanka for the financial year 2015-2016. The award ceremony was held at Hilton Colombo under the patronage of the Prime Minister. Also present were other distinguished guests of the business world, diplomats, politicians and policy makers of Sri Lanka.
Business Today has annually recognised and awarded top corporate performers in the country since 1998 for their invaluable contribution towards strengthening the country’s economy.
DFCC Bank was once again ranked in the TOP 30 at number 21, reiterating the Bank’s remarkable standing in the corporate sector of Sri Lanka. Mr. Arjun Fernando received the award from the Hon. Finance Minister at the event.
The Business Today TOP 30 was based on the published information of companies listed in the Colombo Stock Exchange for the financial year ending December 31st 2015 and March 31st 2016, and was selected with assistance from KPMG Sri Lanka.
DFCC Bank’s innovative mobile application, the Vardhana Virtual Wallet, has been upgraded to extend its use to non DFCC Bank customers as well. Thus, any individual with a registered local mobile number, who is a resident of Sri Lanka and aged 18 or above can now avail themselves of the free service by completing a one-time registration at any DFCC branch or service point.
The user can then top up funds at select merchant outlets, or receive funds from existing application users. The application can then be used to purchase goods and services, pay utility bills and execute monetary transfers: anytime and anywhere.
The application can further enable users to manage and organise their finances efficiently, as their bank accounts are linked to the application. This assures a new level of financial freedom and flexibility.
DFCC Vardhana Virtual Wallet, the first of its kind in the country’s banking industry, further encourages individual users and merchants to move away from the traditional use of physical cash, for advanced ease and convenience.
DFCC Bank PLC issued debentures to raise LKR 4 billion, with an option to go up to LKR 7 billion, in the event of an over-subscription. The purpose of this issue is to strengthen the Tier II capital of the Bank while supporting its lending operations in the Corporate, Business and SME sectors. In addition, it will mitigate the Bank’s interest rate risk by reducing mismatches in the maturity of assets and liabilities.
The debentures are rated A+ (lka) by Fitch Ratings Lanka Ltd and is attractively structured with tenures of five and seven years, carrying fixed annual coupons of 12.15% and 12.75% respectively.The subordinated, redeemable and unsecured debentures will be listed in the Colombo Stock Exchange where the minimum subscription is LKR 10,000.
The issue was opened for subscription on the 02nd of November 2016.
The issue is structured by DFCC Bank’s Treasury and Resource Mobilisation Unit and managed by Capital Alliance Partners Limited and Acuity Partners (Pvt) Ltd.
The DFCC REDS CSR project for 2016 was held at Abakolaweva Primary School in Tangalle.
The main school building was renovated under this project. The entire roof of the building was replaced and the whole structure was painted.
The project was successfully completed and the building was handed over on 09th October 2016 with the participation of the school principal, the zonal educational director, the DFCC Reds committee and Mrs. Namali Sirithunga, the DFCC Hambantota branch manager.
REDS wishes to thank everyone for the tremendous support they executed in purchasing raffle draw tickets and making monetary donations. Their contribution assured the immense success of this project and helped secure the future of numerous deserving schoolchildren.
An art competition was held to celebrate Children’s Day on the 8th of October. The competition was spread across the regional offices located in Wellawatte, Nawala, Kandy, Jaffna, Kaduruwela, Matara and Negombo, and was based on the theme of Growth.
There was significant participation across all regions. Children ranging from ages 6 to 12 took part in the events. Overall, over 150 children took part, and this was a great opportunity for the Bank to engage with local communities.
The top three winners were judged by the senior management in each region. In some instances, prominent people from the community were involved in the judging process as well.
The top prize winners were gifted a Vardhana Junior Account with deposits of Rs 10,000, 5,000 and 2,500 respectively. Participants also received gift packs and certificates of participation.
DFCC Bank signed a memorandum of understanding (MoU) with Sathosa Motors at the DFCC head office. This will facilitate the leasing of ISUZU branded vehicles for DFCC’s customers, allowing customers the opportunity to purchase a vehicle of good quality at a lower cost. Sathosa Motors is the sole authorised agent in Sri Lanka for ISUZU commercial vehicles. ISUZU is regarded as the foremost Japanese brand for commercial vehicles in the world.
Mr. Arjun Fernando, the CEO of DFCC Bank commented: ‘We are pleased to sign an MoU with Sathosa Motors as this arrangement enables us to offer multiple benefits to our customers, as well as helping us in expanding our leasing portfolio. DFCC Bank is committed to meeting the aspirations of our customers by entering into such fulfilling relationships’.
Mr. Tilak Gunasekara, the Managing Director/ CEO of Sathosa Motors, added: ‘We are delighted to enter into a partnership with DFCC Bank, and hence offer attractive discounts and benefits for our mutual customers’.
On the strength of its credentials and sound track record over a period of six decades, DFCC has been fruitful in raising funds for its developments in the Middle East.
An US Dollar loan facility over the term of three years was thus secured by DFCC Bank from the National Bank of Ras Al Khaimah (RAKBANK), of the United Arab Emirates (UAE). Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE, acted as the sole financial advisor to the transaction.
Through the growth of all sectors, DFCC is now a technologically-enhanced modern commercial bank that supports a broad and diversified clientèle. This added capital will further ensure the long term expansion plans of the Bank of its offshore banking unit (FCBU).
This long-term funding opportunity is also a welcoming sign for the local banking industry of Sri Lanka, as it reinforces faith in industry prospects and the general trajectory of the national economy.
DFCC Bank tied up with the Export Development Board (EDB) as the Exclusive Banking Partner for the World Export Development Forum (WEDF) which was held in Colombo on the 12th and 13th of October.
WEDF is an unique global conference and Business-to-Business (B2B) matchmaking platform dedicated to supporting trade-led development.
This forum brought together over 600 business leaders, policy-makers, heads of trade, investment support institutions and international trade development officials to address international competitiveness for developing countries.
It took place at the BMICH and was held under the theme: Connect, Compete and Change.
DFCC Bank held its inaugural Customer Service Week celebration in October 2016. The Bank utilised this opportunity to further foster its core value of always being customer-centric across the Bank.
The theme of the event was Service Champions, as DFCC realises that delivering cutting-edge services is only possible with a team of dedicated professionals working together as one.
DFCC has always, over the decades, built strong relationships with its ever-growing customer base and remains wholly committed to providing them with innovative and responsible financial solutions to drive sustainable growth.
The celebrations ended with a customer service forum featuring guest speeches from Mrs. Sandra de Soysa, the Group Chief Customer Service Officer of Dialog Axiata and Mr. Manesh Fernando, the General Manager of Hilton Colombo: two chief specialists in the field of customer service.
DFCC Bank was proud to be the Official Banking Partner for Shape South Asia 2016.
Under the theme of Shaping Identities, the event was hosted by the Global Shapers Colombo Hub who will utilise Colombo and Sri Lanka as a backdrop to explore the role that successful millennials would play in shaping their communities to drive positive changes.
The Global Shapers Community is a worldwide network of hubs developed and led by promising young leaders and entrepreneurs. Participants from across South Asia attended the landmark event.
These efforts are directly reflected in DFCC’s mission to drive self-reliance and sustainability in small, medium and large-scale businesses by offering access to finance and value added services. DFCC aspires to reach to youth in society by presenting to them a wide portfolio of products and services, to include its latest offering: Vardhana Virtual Wallet.
With the objective of providing people from all walks of life, with an effective savings solution that is flexible and offers long-term financial security, DFCC launched the Vardhana Xtreme Saver account recently. The account offers attractive interest rates between 6% - 9% which varies based on the monthly account balances. This enables individuals, corporates and institutions to earn higher interest rates.
The Vardhana Xtreme Saver account can be opened with a minimum deposit of Rs. 5,000 and interest is calculated daily and credited monthly. Customers can enjoy a higher return even with a minimum balance of Rs 1000 and enjoy unlimited withdrawals free of charge from over 3,500 DFCC Bank or LankaPay ATM’s across the country. Moreover, customers can get concessionary interest rates on advances of up to 90% on their savings.
DFCC recently expanded its premier centre network to Negombo. Situated at 454, Main Street, Negombo, this service centre will offer premier customers banking services in the comfort of a modern environment. The services include individually tailored banking solutions, 24/7 exclusive access to Prabhu / Premier Call Centre, e-banking facilities, wealth management services and safety locker facilities amongst many others.
An outbound training was organised by DFCC REDS on 25th and 26th of June at Leading Edge/ Hustlers Paintball recreation facility in Hanwella. A group of 28 newly recruited ETs and ARMs participated in this training, which included fun activities such as rock crossing/ hiking, paintball shooting, raft building, raft launching on the Kelani River and many other activities. These were specially put together to help amplify trust, teamwork, goal motivation and build leadership skills of the participants. The outing also provided an ideal opportunity for the new recruits to interact with their colleagues and build friendships.
A long term assignment conducted by ‘Great Place to Work’, is underway at DFCC Bank. It is based on the Bank’s current culture and introducing new people practices to support the Bank's core value system. Phase two of the project commenced last week, with the first People Practice Workshop conducted for an inter-departmental group of senior staff and HR process owners. The objective of the session was to educate both management and HR about the new people practices that would need to be inculcated into DFCC’s culture. The program content was developed after a series of focus group discussions between the ‘Great Place to Work’ consultants and sample groups of staff members from diverse cadres of the Bank. Going forward, a series of workshops will be carried out across the Bank in order to create a uniform, vibrant and productive work culture.
DFCC Bank recently organised an Iftar Ceremony in Qatar, with the aim of promoting LMT amongst the migrant workers. The event which was organised for the first time by a Sri Lankan Bank was well received. Cash prices were awarded to the winners (residing in Sri Lanka) of the draw which was held during the event. The awards were given to the winners recently at the DFCC Head Office, by the CEO and DCEO of DFCC Bank.
DFCC bank joined hands with the Sri Lanka Export Development Board (EDB) to become the exclusive partner of the World Export Development Forum (WEDF).
The forum plays a vital role in the flourishing of businesses with regards to value chains, sustainable trade and international levels of competitiveness.
The flagship event of the International Trade Centre, co-hosted by the EDB, will focus on how Sri Lankan SMEs and corporates can better navigate an evolving global trade landscape.
The global forum ‘Connect, Compete and Change’ will take place at the BMICH, featuring an array of speakers from the public and private sectors. It will include workshops, industry-specific presentations, a round-table discussion, a gala night and a supplementary exhibition.
For over 60 years, DFCC bank has been at the forefront of contributing to economic development in Sri Lanka. The bank is proud to connect with EDB as the exclusive banking partner of this prestigious event, in line with efforts to drive economic growth in Sri Lanka.
DFCC Bank launched ‘Vardhana Salary Booster,’ especially designed for professionals. Accordingly, salaried individuals who meet the minimum criteria, have access to a host of exclusive benefits and privileges. These include, overdraft facilities upto 90% of two months’ salary, concessionary interest rates for ‘Vardhana Nenasa’ education loans and ‘Vardhana Sandella’ housing loans and special benefits when opening a ‘Vardhana Junior’ savings accounts. In addition to a free debit card, access is given to the ‘Vardhana Virtual Wallet’ and e-banking facilities. The credit card joining fees are waived off as well.
DFCC Bank was awarded a Certificate of Merit in the Outstanding Sustainable Project Financing category, at the Karlsruhe awards ceremony held recently. This award was given for financing a biomass based Combined Heat and Power Plant in Mirigama, Gampaha, with a capacity of 4MW. The power plant utilise biomass (wood chips from Gliricidia) as its fuel source.
The Project Company, K.M.R.I. – S.M.G. Asset Company (Pvt) Ltd., is to supply 17.3 GWh of electricity to the National Grid under a 20-year Power Purchase Agreement with the Ceylon Electricity Board (CEB), and 90,000 tonnes of steam to a Desiccated Coconut plant of the Silvermill Group (one of the project promoters and a shareholder), under a Steam Supply Agreement, annually.
The plant which will operate for 325 days a year, co-generates electricity and supply steam to the Silvermill Factory during 250 days of the year and 100% electricity at 4MW during the balance 75 days.
DFCC Bank organised the Market Opening Ceremony on 1st of June at the Colombo Stock Exchange (CSE) to mark the first day of trading for the month.
Whilst being proud of all they have delivered to the shareholders for over 60 years, DFCC Bank has further strengthened and continued to grow, raising the bar in service delivery and rapidly expanding its digital reach and footprint across the country. The Bank remains committed to maximising shareholder value in a sustainable manner by providing innovative financial solutions, drawing on the synergies of its other businesses within the group.
The Bank has offered value through its shares and thereby played an important role in sparking interest in the market, especially among retail investors around the country. The Bank’s shares have since developed into an attractive stock for investors and continue to attract interest both locally and internationally.
This form of Market Opening Ceremonies are conducted by the CSE to serve as a platform to generate exposure for listed companies as they celebrate important milestones in the capital market.
DFCC Bank hosted cocktails for members of the Sri Lanka Shippers’ Council at the DFCC Auditorium. The event was held in honour of the Council’s Diamond Jubilee which was celebrated in March this year.
A special plaque was presented to the Chairman of the Sri Lanka Shippers’ Council, Mr. Sean Van Dort at the event by Mr. Arjun Fernando.
Having played a pivotal role in economic development over the past 60 years, DFCC Bank has close associations with the Shipping and Export Industries. An event of this nature helps to build stronger business relationships.
DFCC Bank’s latest fully-fledged branch was opened at No. 63/1, Kalutara Road, Bandaragama on 2nd June.
The branch offers end-to-end financial solutions for all business and retail customers. This includes project financing, SME financing and retail banking services such as current and savings accounts, fixed deposits, loans, pawning services, leasing facilities, NRFC/RFC accounts, credit cards and money transfer options via Western Union. In addition, DFCC’s Lanka Money Transfer service is made available to the customers.
With its expertise in SME financing, the Bank expects to play a key role uplifting the business sector in Bandaragama. These services are complemented by the online banking facility, a 24/7 call centre and access to over 3,500 ATMs through DFCC’s own and partner ATM networks facilitating unlimited withdrawals at zero cost.
In line with DFCC bank’s long-standing commitment to respecting both the environment and society, a tree-planting campaign was launched to commemorate World Environment Day.
In collaboration with Reforest Lanka, a non-profit organization dedicated to protecting Sri Lanka’s forests, volunteers from DFCC bank planted thirty na trees at the Keththarama Temple premises. Members of the temple clergy were also present during this event.
A similar ceremony was inaugurated at the DFCC Head Office, where five karanda trees were planted on the front lawn of the premises, under the direction of the bank’s senior executives.
DFCC takes pride in being a socially responsible bank with concern for the environment always at its heart. Following the commendable success of the afore-mentioned initiatives, the bank foresees an increase in the implementation of similar programmes nation-wide with the support of its branch network.
DFCC strives to ensure that all its members are ecologically conscious, and committed to upholding values of conservation and sustainability.
The first Vardhana Wallet Merchants Evening was held at the DFCC Bank Executive Lounge on the 11th of April 2016. The aim was to formally welcome the Merchants on board as DFCC’s strategic partners and further strengthen connections through fellowship.
Vardhana Virtual Wallet, which is a virtual replacement of a physical wallet, enables DFCC to be at the forefront in paving the way for a cashless society. This also affirms DFCC’s potential for stronger growth through innovation and driving financial inclusion in Sri Lanka.
In keeping with its commitment to deliver a superior customer service experience, DFCC Bank recently joined the LankaPay Common ATM switch (CAS) operated by Lanka Clear Ltd., which is Sri Lanka’s largest ATM network.
This alliance provides the Bank’s Debit, ATM and KDU Vcash cardholders the convenience of withdrawing cash and carrying out balance inquiries through LankaPay member banks, free of charge from over 3,000 ATMs island-wide. In addition, there is no restriction on the number of withdrawals and balance inquiries that cardholders can perform through CAS connected ATMs. However, the daily ATM and POS limits applicable to the cards would apply.
Mr. Arjun Fernando – CEO, DFCC Bank exchanges the agreement with Channa de Silva – CEO/ General Manager, Lanka Clear. Also present (L-R): Gemunu Gunasumana – AVP Card Operations, DFCC Bank, Denver Lewis –VP Services, DFCC Bank, Achintha Hewanayake - Chief Technology & Services Officer, DFCC Bank, Lakshman Silva – DCEO, DFCC Bank, Harsha Wanigatunga - DGM IT & Operations, Lanka Clear and Isuru Jayaweera – Senior Manager, Lanka Clear
The DFCC Bank website was re-designed and re-launched with the objective of enhancing the navigation experience and creating a more cohesive experience across digital channels.
From the layout pattern to the dynamic content loading and seamless context transitions, the website embraces today’s multi-device media consumption. It also adapts to the size of the window – be it mobile, tablet, laptop or desktop PC.
The new investor relations section also includes a ‘Perennial Compendium’ featuring the Bank’s latest news, enabling stakeholders to stay up-to-date with the new developments. This website highlights the forward thinking brand personality of the Bank. Further value additions are set to follow including mirroring the site in Sinhala and Tamil, processing applications online and a 24/7 chat support.
A special Avurudu promotion themed ‘Thaagi Kadai - Wadi Poliyai’ was launched to drive CASA during the festive season upto the 4th of May. Both new and existing customers are offered attractive gifts and special benefits on their deposits to the Savings or Fixed Deposit accounts. It also carries a 10.5% rate of interest on an one-year Fixed Deposit. In addition, new Savings Deposits over Rs.10,000 are entitled to a range of gifts including gift vouchers and DFCC branded household items from Singer Sri Lanka.
It was not the best of times, nor was it the worst of times, but it will be remembered as one of the most momentous of times for DFCC Bank PLC. This paraphrasing of the opening lines of ‘A Tale of Two Cities’ by Charles Dickens aptly summarises the events of year 2015.
While posting a mixed bag of financial results, the much-anticipated formalisation of the operational merger between DFCC Bank PLC and its subsidiary DFCC Vardhana Bank became effective on 1 October 2015 through an amalgamation of the two banks. The transition was smooth and seamless and the surviving entity is DFCC Bank PLC (“Bank”).
We trace our origins to the establishment of Development Finance Corporation of Ceylon (DFCC) in October 1955 with a mandate to spearhead development financing in a newly independent nation. DFCC, which later became known as DFCC Bank and finally DFCC Bank PLC, evolved and grew with the times to celebrate its Diamond Anniversary in October 2015, which also coincided with the amalgamation. A happy augury indeed!
Our relationship with DFCC Vardhana Bank dates back to 2003 when we acquired a 94% equity stake in a fledgling commercial bank – then known as MERC Bank – to complement our development banking business.
We now bring together the best of two banks – a unique blending of a 60-year heritage in development banking skills with the dynamism of one of the fastest growing commercial banks in the country. New thinking is pervading the internal mindset and a paradigm shift is taking place in customer experience. Novel electronic delivery channels such as Lanka Money Transfer and Supplier Settlement Service, a digital Mobile Wallet that fosters financial inclusion and the rebranding and relaunch of DFCC Bank’s brand are some visible examples of the innovations and change that are taking place.
We are embarking on an ambitious five-year strategic plan that will position the Bank in the upper quartile of the local banking industry. It will be underpinned by diversifying our distribution channels, increasing the use of digital media and building further on our cautious expansion into foreign markets.
Well poised to take advantage of the new era of opportunity, we will ensure that the Bank will grow with you, for we have always been a bank that grew with our customers, rather than because of them.
Let’s keep growing!
See: Our strategic direction in our Annual report 2015.
DFCC Bank PLC, Sri Lanka’s pioneering development bank, is renowned for being a national icon that has played a pivotal role in the development of Small and Medium Enterprises (SMEs) in the country.
The bank has a track record of having sustained these businesses in their operations in becoming some of the largest and most successful corporations of today, and its contribution has always been holistic, extending well beyond the mere financing of activities.
After 60 years of development and growth, DFCC recently amalgamated with its commercial banking subsidiary, DFCC Vardhana Bank, transforming itself to raise the bar of service delivery, to further enhance the bank’s value proposition to this sector.
The Government of Sri Lanka has identified the Small and Medium Enterprise sector in its policies as being an important strategic highlight. The Chief Executive Officer of DFCC Bank PLC, Mr. Arjun Fernando, has clearly detailed how the bank has supported such enterprises in the past and how it is further positioned to support such initiatives in 2016 and beyond.
For the first time in Sri Lanka, DFCC Bank conducted a children’s savings promotion for the New Year. This was to motivate parents to open savings accounts for their children on this special day.
The Bank pledged to pay an additional Rs. 1,000/= for every children’s saving account opened for children below 18 years on this day. The aim of the campaign was to encourage parents to consciously save for their children.
As a responsible commercial bank in the country, DFCC felt this was a timely requirement to educate parents on the value of saving for their children. In addition, DFCC is also committed to educating children on the value of saving in line with the government’s vision. Offering high interest rates and a range of other benefits including gifts and educational support, DFCC Bank’s Vardhana Junior and Vardhana Junior Plus savings accounts, ensures that the future leaders of the country step into their adulthood with a sound financial backing.
Coinciding with the 60th Anniversary Celebrations of the Bank in the North, DFCC Bank provided assistance to two healthcare institutions in Jaffna and Vavuniya. The Bank provided essential equipments to cater to the needs of patients.
Accordingly, 30 wheelchairs were donated to the Jaffna Teaching Hospital and 200 seats for the OPD Unit in the Vavuniya General Hospital. These initiatives have enhanced the quality of service extended to the needy patients. The equipment was handed over to Dr.Sathiamoorthy, Director of the Jaffna Teaching Hospital and Dr .K. Akilendiran, Director General of the Vavuniya General Hospital.
The project was spearheaded by the Regional Manager and the Branch Managers of the Jaffna and Vavuniya branches.
Although Bank’s CSR is mainly focused on Education, Entrepreneurship, Environment and Emergency Relief, enabling growth and development in every area is also of utmost importance to DFCC. Therefore, community development is an integral part of the Bank’s core value system and it aims to be a model corporate citizen creating long term social value for the communities in which it operates.
DFCC was awarded Gold in the Financial Institution Category at the 2015 Annual Report Awards organized by the Institute of Charted Accountants of Sri Lanka. The bank has made notable wins of this kind in the past as well.
During the financial year in focus, DFCC made radical changes in their approach to its annual report. It was formulated to communicate the relevant information concisely without compromising on the content and the compliance related disclosures. In doing so, the Annual Report was more user-friendly for the shareholders. More importantly DFCC also minimised the paper used for its Report this year.
The Annual Report was also made available in the form of a concise report in print, an online report and a condensed ‘annual snapshot’. These formats made the annual reports available to a larger readership and attracted a broad spectrum of current and potential stakeholders.
The bank’s stakeholders responded favourably to the Report and its success can be attributed to Smart Media (Pvt) Ltd, our Annual Report partner. The company intelligently conveyed the vision of DFCC.
DFCC PLC expanded its operations in Weligama, with the opening of a new branch. Weligama town has developed into a thriving centre for trade and business in the south of Sri Lanka. The new branch located at No. 354/45, Samaraweera Place was ceremonially opened by Arjun Fernando, CEO of DFCC Bank, Lakshman Silva, DCEO of DFCC Bank as well as several senior banking officials, staff members and members of the local community.
The branch will offer tremendous convenience and a comprehensive service to all business and retail customers in the area. It operates as a fully-fledged branch offering all types of banking transaction including foreign currency products. The new branch is equipped with an ATM and is linked to all other DFCC Bank branches.
Mr. Saravanapavan Raveendra and his team in the Northern region provided assistance to families affected by floods in the Vatharavarai Village. The village was severely affected and many people were displaced due to the flash floods caused by heavy rains.
Acting on the request of the Divisional Secretariat, the team distributed packets of biscuits and mosquito coils for about 100 affected families. This was a great comfort to the families as most were without food, especially the children.
The relief team extends their appreciation to the Marketing team for the support given. These initiatives make a difference to the communities whilst portraying the Bank as one that truly cares for the community!
DFCC Bank was ranked 17th in the ‘Top 25’ list of Business Today for the financial year 2014/15, based on the financial performance. This is the 6th consecutive year that DFCC has made the list.
Based on the published information of companies listed in the Colombo Stock Exchange, the companies are ranked based on financial criteria. These include, Share Turnover, Revenue, Profit after Tax, Return on Equity, Earnings per Share, Market Capitalization and Value Addition.
DFCC’s financial indicators recorded an increase, year on year in the year reviewed for the latest ranking. Group profit after tax soared 38% to LKR 4.4 billion and operating income before VAT and NBT swelled by 33% to LKR 6.1 billion. Accordingly, Earnings per Share grew by 38% to LKR 16.46 whilst, Group assets surpassed the LKR 200 billion mark recording LKR 211 billion from LKR 175 billion the previous comparable year.
DFCC Bank PLC made another remarkable move through its approval of a project loan to Saga Solar (Pvt) Ltd. The bank is renowned as a pioneer in financing renewable energy. Yet, this is the first time the bank financed a project of this kind.
The project initiated by Saga Solar (Pvt) Ltd is a revolutionary initiative undertaken by a team of experts in the solar energy sector. The team includes a group of brilliant investors and professionals. DFCC will also be completely committed towards the project. The Bank will oversee the project from start to finish.
In the green energy category, solar energy has great potential. However this project will be the first large commercial solar project with grid connectivity.
The Bank financed similar projects such as Sri Lanka’s first ever privately-owned grid-connected mini-hydro power plant in 1994. DFCC also became the pioneer financier for the private sector wind power projects in the country when it partly financed the first wind power project in 2010.
The Bank which celebrated its Diamond Jubilee very recently aspires to be a part of projects of this kind in the future.
On the 1st of October 2015, Sri Lanka’s banking and financial sector made a landmark development with the amalgamation of DFCC Bank and DFCC Vardhana Bank.
The new entity is a full-service bank which offers a wide range of products and services such as development commercial banking, development banking and personal financial services. The two banks which share a common vision, mission and ethos have also introduced a new logo which symbolizes simplicity and ease of access to all its customers.
Subsequent to the amalgamation, the entity will have approximately 1500 employees, 137 branches island-wide and a combined asset base of Rs 210 billion as at March 2015.
The merger is in keeping with the national objectives of the country as it showcases the country as a vibrant economy and an attractive destination for investment.
DFCC Bank PLC will carve a new financial future for Sri Lanka and its future. It will also prove to be a banking leader of international standing.
At the Annual General Meeting held on the 28th of August, the amalgamation proposal for DFCC Bank PLC and DFCC Vardhana Bank PLC was unanimously approved by the shareholders of the two companies.
DFCC Bank PLC will make an offer to purchase the shares of the minority shareholders of DFCC Vardhana Bank PLC at a price of Rs 52/- for every one ordinary voting share held.The amalgamation of the two complementary businesses will offer integrated financial solutions to a range of clients through 137 branches situated island-wide. This remarkable milestone will be achieved the very same year DFCC celebrates its Diamond Jubilee. The merger will build on 60 years of expertise and will deliver value and convenience to all its stakeholders. The future of the Bank is well mapped out and will bring together the best in talent and practice.
The second listed debenture issue of DVB, which concluded on 29 May 2015 was a resounding success. Following on the success of its first debenture issue in 2011, both senior and subordinated debt categories were oversubscribed within hours of opening to the public.
The issue was an industry milestone, being the first listed issue with two types of debt rankings. Both senior and subordinated debt categories had a tenor of 5 years with a bullet capital repayment. With an AA- Fitch Rating, the senior debt carried an annual interest coupon of 9.10% whilst the subordinated debt was rated A+ with an annual interest coupon of 9.40%.
This debenture issue supported the growth process of DVB whilst the subordinated debt component boosted the Tier II capital ratio of the Bank in accordance with Basel ll guidelines.
The Issue was managed by Capital Alliance Partners Limited and Acuity Partners (Pvt) Limited, and structured by DFCC Bank’s Funding and Capital Markets Division.
DFCC Website, www.DFCC.lk won a merit award at the Best Website Awards in the Corporate, Banking and Insurance website category and in the Tamil website category. Organised by the LK Domain Registry, the Best Sri Lankan Website Awards (BestWeb.lk) recognize high quality Sri Lankan websites in a variety of different categories. This year over 600 websites competed with MAS Holding securing the top spot in the category followed by Union Assurance and Sampath Bank in the second and third places.
The DFCC website was re-launched in September 2012 supplemented with Sinhala and Tamil websites integrating the services of both banks to provide a fully-fledged online service.
DFCC Bank PLC was chosen to be a project partner of the German Development Cooperation (GIZ) along with Hatton National Bank, Sri Lanka Energy Manager’s Association (SLEMA) and the regional Chambers of Commerce in guiding Small and Medium Enterprises (SMEs) to employ energy efficient processes.
The project included workshops in Anuradhapura and Jaffna where approximately 30 SME’s in each region were trained including DFCC customers. Similar workshops were held in other parts of the country as well.
Both local and international experts followed an integrated approach to ensure SME’s receive the necessary support at each step of the investment. This project was in line with our developmental role and was facilitated by Branch Banking and DFCC Consulting. Officials from GIZ commended our staff for the excellence in which the workshops were organised.
Financial Statements for the quarter ended 30 June 2015.