DFCC Vardhana Bank (DVB) PLC recently concluded the second listed debt issue in its 12-year history, on May 29th.
DVB’s debt issue was managed by Capital Alliance Partners Limited and Acuity Partners (Pvt). Limited. The structuring partner for the issue was DFCC Bank’s Funding and Capital Markets Division.
Commenting on the successful debenture issue, Lakshman Silva, CEO, DFCC Vardhana Bank stated, “The success of this debenture issue is a testament to the trust that the public has in DVB’s strength and stability as well as its capabilities as a leading commercial bank.
We are immensely grateful to all of our investors and partners, for helping us to raise the required funding through this issue. We will now be able to smoothen out any mismatches in regards to liabilities and asset maturity.”
The first debt issue was launched to list the bank in 2011 in accordance with regulations set by the Central Bank of Sri Lanka (CBSL). The most recent debt issue was an immense success and will play a crucial role in supporting the bank’s continued growth and progress. DFCC Bank PLC has majority ownership of DVB and owns 99.17 percent of the bank.
DFCC Vardhana Bank (DVB) ended 2014 on an excellent note by recording an impressive profit after tax of over Rs.1 billion and the bank’s total assets were valued at over Rs. 100 billion. The bank recorded a profit after tax of Rs. 1.12 billion for the year ending March 2014, which is an 80 percent growth over 2013. The financials have improved even further in Q1 this year, with DVB recording a stellar performance, with a profit after tax of Rs. 336 million and total assets valued at a sum of Rs. 107.8 billion.