Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has achieved a pre-tax profit of Rs. 972 million for the year ending December 31, 2015. This is a 25 per cent increase over the previous year’s figure of Rs 777 million. The post-tax profit was Rs. 515 million compared to the Rs. 375 million achieved in 2014, an increase of 37 percent.
HDFC Bank CEO/General Manager Upali Hettiarachchi said: “HDFC Bank’s strong performance in 2015 is a result of the many initiatives undertaken by the management during the year and the commitment of our staff. The growth in the SME sector has also contributed to the overall results and the bank is further taking steps in widening its customer base by focusing on low and middle income segment.”
The bank’s interest income also rose from Rs. 4,378 million in 2014 to Rs. 4,659 million recording a growth of 6.41 per cent. The net interest income rose from Rs.1, 843 million to Rs. 2,120 million, an increase of 15 percent, while fee-based income rose from Rs.211 million to Rs 268 million an increase of 27 per cent.
Commenting on the performance during the year the HDFC Bank Chairman R.J. De Silva said: “I am very happy to note the performance of the bank and I believe the bank can remain a strong player in the Sri Lankan financial landscape. Prior to 2014, HDFC’s business model was almost entirely housing finance based, which exposed the Bank to extremely high financial and market risks. After the amendments to the HDFC Act, the Bank began diversifying the product portfolio beyond housing finance.