DFCC Bank Archives

April 18, 2024

DFCC Bank, a pioneering financial institution that empowers women through financial inclusion, proudly supported the prestigious WCIC Prathibhabhisheka Women Entrepreneur Awards 2023 as the Diamond Sponsor and Banking Partner recently. This partnership underscores DFCC Bank’s unwavering commitment to nurturing entrepreneurship and innovation, particularly the pivotal role of women in Sri Lanka’s economic landscape. The Awards Ceremony was successfully held recently amidst plenty of glitz and glamour, providing a platform of recognition for inspirational women entrepreneurs in Sri Lanka and across the SAARC region.

The Women’s Chamber of Industry and Commerce (WCIC) is the apex body supporting and representing women entrepreneurs and professional businesswomen in Sri Lanka. The WCIC Prathibasheka Awards, organised by the Women’s Chamber of Industry and Commerce (WCIC), aims to recognise and celebrate the achievements of outstanding Female entrepreneurs in Sri Lanka. DFCC Bank’s ALOKA association as the Banking Partner further strengthened the event’s credibility and provided valuable support to the nominees and winners. DFCC Bank’s support for the event went beyond financial assistance and included knowledge sharing with the nominees and winners, enabling them to obtain professional advice and access bespoke financial solutions. This initiative embodies DFCC Bank’s commitment to fostering an inclusive business ecosystem conducive to sustainable growth. The event also served as a powerful platform for networking, creating invaluable opportunities for future collaborations and business ventures, thus reinforcing the bank’s dedication to sustainable development and economic prosperity in Sri Lanka.

Commenting on the partnership, the CEO of DFCC Bank, Thimal Perera, said, “Our partnership with the WCIC Prathibhabhisheka Awards symbolises our deep-rooted commitment towards empowering women entrepreneurs across Sri Lanka. As we celebrate the remarkable women recognised on this platform, we are reminded of the essential role women play in our economy and society. Our support for initiatives such as this reflects our belief in the need for a more inclusive, sustainable future where every woman has the opportunity to achieve her potential. This need is also reflected across our service propositions and broader efforts to facilitate financial independence and prosperity among women. On behalf of DFCC Bank, I take this opportunity to congratulate all the winners of WCIC Prathibhabhisheka and appreciate all women who are striving to make a real difference.”

By aligning with the WCIC Prathibhabhisheka Awards, DFCC Bank celebrated the exceptional talents and achievements of women entrepreneurs across various sectors and spotlighted the importance of diversity and inclusion in propelling economic advancement. This is further reflected in DFCC Bank’s empowering, female-centric banking proposition, DFCC Aloka, which continues to promote financial literacy and inclusivity among women. Tailored to cater to the unique needs of women at different stages of life, DFCC Aloka is an ideal solution for every woman’s journey towards financial independence and prosperity.

April 2, 2024

DFCC Bank’s commitment to excellence in employment practices has been duly recognised in 2024, as it secured the prestigious title of being among the AICPA & CIMA Top 20 Employers. Standing proudly at the 4th position among employers of AICPA and CIMA members, DFCC Bank’s achievement underscores its dedication to fostering a supportive and conducive work environment. Asanga Uduwela, the Chief Operating Officer at DFCC Bank, accepted the accolade on behalf of DFCC. The ceremony, which coincided with the CIMA President’s Reception, witnessed the esteemed presence of CIMA President Sarah Ghosh, further accentuating the occasion’s significance. DFCC Bank’s workforce reflects its commitment to diversity and professionalism. It boasts a team comprising individuals from various backgrounds, among them are many CIMA-qualified financial professionals.

March 29, 2024

DFCC Bank emerged triumphant as the Overall Winner – Gold at the recently concluded CPM Best Management Practices Company Awards 2024, presented by the Institute of Chartered Professional Managers of Sri Lanka (CPM). In addition to the top spot, DFCC Bank was also adjudged the Winner of the Banking Sector – Private Category and received the Excellence Award for Best Management Practice in recognition of the Bank’s networkwide paperless drive, implemented in line with its Strategic Sustainability Framework. The awards were received on behalf of DFCC Bank by a team comprised of Asanga Uduwela – Chief Operating Officer; Nilmini Gunaratne – Vice President, Head of Marketing and Sustainability; and Nalin Karunatilleke – Vice President of Sustainability.

These prestigious awards reflect DFCC Bank’s commitment to driving positive social and environmental change through its objective of emerging as a carbon-neutral bank by 2030. One key contributor to this goal is the Bank’s focus on resource efficiency through paperless operations. Accordingly, DFCC Bank aims to achieve 100% paperless operations internally by 2024 and 50% externally by 2025.

Commenting on the recognition, Nilmini Gunaratne – Vice President and head of Marketing and Sustainability at DFCC Bank, said, “We were the first Bank in Sri Lanka to establish a formal sustainability strategy and framework across the organisation, which included a 10-year plan. We are also the first and only Sri Lankan entity to receive accreditation from the Green Climate Fund (GCF). We remain unwavering in our conviction that maintaining a triple-bottom-line focus on people, the planet, and profits ensures our long-term sustainability growth and profitability. Hence, we accept these accolades with pride, which underscore our efforts to continue to make “Sustainability a way of life” at DFCC. We take this opportunity to thank the CPM for this recognition and reaffirm our commitment towards furthering sustainable banking and development in the future.”

The Bank’s initiatives regarding paper reduction, spearheaded by its Task Force on Paper Reduction, were the highlight of the presentation. These included business process improvements, internal paperless certifications, use of Google Drive cloud solutions and workflows, e-Statements and green channels, e-versions of marketing materials, and e-pay slips, highlighted across three categories for the awards.

The presentation at the 11th CPM conference highlighted DFCC Bank’s reengineering processes and encouragement of paperless business operations. Under this programme, it has introduced a comprehensive internal paperless certification programme, aiming for an 85% reduction in paper usage across departments. Additionally, the Bank has implemented a digital onboarding system for account opening, enabling customers to complete the process without physical paperwork while also accepting digital signatures for transactions internally and in most external communications, further decreasing paper usage.

DFCC Bank’s active promotion of green products and channels to reduce paper usage and enhance the banking experience was also highlighted. These initiatives include the ongoing conversion of passbooks to e-statements, with e-statements becoming the default account statement type. The recent adoption of digital onboarding using the EKYC process is further expected to reduce paperwork significantly. Notable digital products such as DFCC Virtual Wallet, DFCC Online banking, and DFCC Galaxy – a Virtual Bank Branch in the Metaverse, alongside e-versions of marketing materials, were also demonstrated to contribute to a sustainable and efficient banking model while improving user experiences.

Another area that received attention was DFCC Bank’s efforts to reduce unnecessary printing, for which software has been installed on all printers/copiers to monitor and track individual printouts and photocopies, and these measures have resulted in behavioural changes. The Bank has also discontinued printing several documents, encouraging branches and departments to save soft copies in shared cloud drives. Electronic submission of papers to the board and management committees has also become standard practice, effectively minimising paper consumption and waste. These initiatives, together, yield positive environmental and social outcomes, aligning with DFCC Bank’s commitment to sustainability.

In addition to the quantifiable benefits, DFCC’s approach to sustainability has significant positive impacts on the Bank and the broader Sri Lankan economy. Accordingly, these efforts enhance customer convenience and satisfaction, drive business growth, and generate a competitive advantage while cementing the Bank’s image as a green brand. For employees, these initiatives are helping to increase motivation, job satisfaction, and convenience, positively impacting their productivity and well-being. Furthermore, regarding contributions to the economy, DFCC Bank’s commitment to sustainability promotes the growth of green and sustainable businesses while saving foreign exchange on the import of paper. These efforts, thus, underscore the tangible environmental and social benefits of DFCC Bank’s proactive efforts toward a sustainable, paperless future.

March 11, 2024

Understanding its customers’ unique and diverse needs, DFCC Bank has introduced various repayment options for DFCC Housing Loans, with credit approvals within just 3 days, offering maximum flexibility and convenience. DFCC Housing Loans also provides the most attractive interest rates in the market while offering a series of flexible structured repayment plans.

DFCC Housing Loans are ideal for those looking to purchase a residential bare land or existing house or apartment, whether completed or still under construction. They are also ideally suited for those looking to construct a residential home on already-owned land, purchase land, construct a house, or reimburse the purchase cost. The flexibility offered by DFCC Bank also allows you to transfer existing loans from other banks into a much more favourable and seamless arrangement with DFCC Housing Loans.

Aasiri Iddamalgoda, Senior Vice President of Retail Banking and SME at DFCC Bank, said, “We understand the significance of homeownership and the financial journey it takes to get there. Having your own home is one of life’s key milestones, and we want to assist our customers, as their financial partner, in achieving that aspiration. That is why our structured housing loans are designed to offer maximum flexibility and convenience, providing customers with diverse repayment options tailored to their needs. This way, it is possible to choose what is most convenient for you and make your dream of homeownership a reality.”

DFCC Home Loans presents a range of repayment options to accommodate diverse financial circumstances and preferences.

The first option entails stepped-up repayments with equal instalments. During the initial 3 years, customers are required to repay only 10% of the loan equity, followed by increments to 30% in years 3 to 6 and 60% in years 6 to 10.

The second option is tailored for fixed-income earners and professionals exclusively, provides a five-year grace period of 5 years, followed by equal capital or structured repayments aligned with the customer’s repayment capacity. This option extends to a maximum loan tenor of 20 years, with predicted future income after 5 years.

The third option offers an alternative approach, with annual principal payments due as a lump-sum payment at the end of each year, though monthly interest payments will continue to apply. This option is available for a maximum loan tenor of 10 years.

And the final option presents the opportunity for equal monthly capital repayments, with 50% of the capital remaining to be repaid as a lump-sum payment at the end of the loan tenor. This option provides a further allowance to roll over the 50% remaining capital repayment for an additional 5 years at the end of the loan tenure, should it be required.

Individuals eligible for the structured DFCC Home Loans include salaried employees with a salary above LKR 100,000/- and with at least 1 year of employment, self-employed professionals earning at least LKR 100,000/- per month and having proof of income for 1 year, and self-employed individuals with at least 03 years of audited financial statements to show a minimum monthly income of LKR 100,000/-.

Make your inquiries or apply for a DFCC Home Loan today; call DFCC Bank 24/7 on 0112442076 or visit your nearest DFCC Bank branch to get started towards your dream home today!

March 6, 2024

The International Institute of Health Sciences (IIHS), the country’s leading institute for health education, recently announced a landmark partnership with the DFCC Bank through which IIHS students will be provided with loans at attractive rates as low as 16.5% with many other benefits. The IIHS is specialised in offering nursing-related educational qualifications, and affiliated with Coventry University in the United Kingdom (UK). The partnership was officially entered into on 01^st February 2024 at an event attended by representatives from both parties. The IIHS was represented by its Co-founder and Chief Executive Officer (CEO) Dr. Kithsiri Edirisinghe, and Mr. Anton Arumugam – Offshore Banking, Remittances and Business Development represented the DFCC Bank.

Being a promising opportunity for students, this collaboration will enable students to pursue quality education in the health sector with the support of a reputed financial institution. The combination of attractive loan terms and the prospect of earning a globally recognised degree in Sri Lanka will also enhance education options for aspiring medical professionals. Most importantly, this programme will be of great significant benefit for students, particularly in the current economic climate. The benefits of this collaboration include up to 100% funding of the course fee, an extended repayment period of up to seven years with an initial grace period of up to 18 months during which only interest payments are required to be made, and a doorstep service for maximum convenience. The partnership comes in the wake of IIHS preparing for a fresh intake of students for its various degree programmes, including BSc (Hons) degrees in Nursing, which can be completed in Sri Lanka.

Commenting on the occasion, Dr. Edirisinghe said: “Qualified nursing and other health sector professionals are now in high demand, both locally and internationally. Thus, our degree programme, which is affiliated with Coventry University, UK is an ideal choice, particularly for those interested in building a career in nursing. This focused loan scheme provides an attractive opportunity for students looking to finance their education and achieve their aspirations.” Discussing the benefits for students, Mr. Arumugam said: “We are incredibly pleased to partner with IIHS, the pioneers in health education in Sri Lanka. There are many aspiring young individuals looking to build their skills in search of building a stable career in this industry. IIHS is an exceptional route for them, and we are very happy to be able to introduce such an attractive educational loan programme for Sri Lankan students.”

February 26, 2024

DFCC Bank, the Bank for Everyone, has announced a new landmark partnership with the International Institute of Health Sciences (IIHS), Sri Lanka’s leading institute for health education, which specialises in nursing and is affiliated with Coventry University, London. Under the new partnership, DFCC Bank will provide students of IIHS with educational loans at attractive rates together with many other unique benefits.

These benefits include up to 100% course fee funding, an extended repayment period of up to 7 years and doorstep service for maximum convenience. This attractive proposition from DFCC Bank comes at an opportune moment as IIHS prepares for a fresh intake of students for its various programmes, which include globally accepted BSc (Hons) degrees in Nursing, which can be completed in Sri Lanka.

The partnership was signed with representatives from both parties present at a special ceremony to mark the occasion. Representing DFCC Bank was Anton Arumugam, Senior Vice President for Offshore Banking, Remittances and Business Development, and IIHS was represented by Dr. Kithsiri Edirisinghe, CEO/Co–Founder.

Discussing student benefits, Anton Arumugam, Senior Vice President for Offshore Banking, Remittances, and Business Development at DFCC Bank, said, “We are incredibly pleased to partner with IIHS, a giant in health education in Sri Lanka. Many aspiring young individuals want to build their skills to build a stable career in this industry. IIHS is an exceptional route for them, and we are pleased to be able to present such an attractive educational loan programme for Sri Lankan students. With a globally recognised degree that can be attained in Sri Lanka, an excellent opportunity for prospective students.”

Dr Kithsiri Edirisinghe, CEO /Co–Founder at IIHS, added, “DFCC Bank, being a true leader not just in banking but also in social development and promoting education, makes for a partner on which we can rely. Qualified nursing and other health sector professionals are in high demand in Sri Lanka and abroad. Thus, our degree programme, which is affiliated with Coventry University in London, is an ideal choice, particularly for those interested in building a career in nursing. This focused loan scheme provides an attractive opportunity for students looking to finance their education and achieve their aspirations.”

Accordingly, this collaboration between DFCC Bank and IIHS is a promising opportunity for students in Sri Lanka to pursue quality education in the health sector with the support of a reputable financial institution. The attractive loan terms and the prospect of earning a globally recognised degree right here in Sri Lanka will enhance the education options available for aspiring medical professionals.

February 21, 2024

Group Total operating income up by 29% to LKR 41Bn
Group tax expense for the year was LKR 7Bn
Impairment charge of LKR 14Bn reflective of present economic stresses
Group Profit After Tax LKR 8.65Bn

In a demanding banking landscape, DFCC Bank demonstrated resilience amidst significant local economic disruptions. Proactive policy adjustments facilitated a notable reduction in historically high-interest rates aimed at bolstering economic growth and stabilising inflation. These adjustments, initiated in June 2023, envisaged a substantial and widespread decrease in lending rates across markets, aligning with the overarching goal of monetary easing. Complementing this effort, DFCC Bank promptly aligned with directives, reducing lending and deposit rates to ensure the effective transmission of monetary policy benefits to businesses and individuals. Moreover, the Bank strategically augmented profitability by optimising its investment portfolio, notably through increased holdings in high-yield government securities. These measures enabled the Bank to maintain profitability whilst providing much needed concessions to our valued customers during these challenging times.

The following commentary relates to the unaudited Financial Statements for the period ended 31 December 2023, presented in accordance with Sri Lanka Accounting Standard 34 (LKAS 34) on “Interim Financial Statements”.

Financial Performance

Profitability

DFCC Bank PLC, the largest entity within the Group, reported a Profit Before Tax (PBT) of LKR 10,960 Mn and a Profit After Tax (PAT) of LKR 7,220 Mn for the year ended 31 December 2023 compared with the previous year’s PBT of LKR 2,439 Mn and a PAT of LKR 2,513 Mn. The Group recorded a PBT of LKR 12,508 Mn and PAT of LKR 8,659 Mn for the year ended 31 December 2023 as compared to LKR 3,112 Mn and LKR 3,042 Mn, respectively, in 2022. All the member entities of the Group made positive contributions to this performance. The Bank’s Return on Equity (ROE) improved to 12.19% during the year ended 31 December 2023 from 5.04% recorded for the year ended 31 December 2022. The Bank’s Return on Assets (ROA) before tax for the year ended 31 December 2023 is 1.82% compared to 0.46% for the year ended 31 December 2022. The Bank’s total tax expense, which includes Value Added Tax (VAT) and Social Security Contribution Levy (SSCL) on financial services and Income Tax is LKR 6,927 Mn for the year ended 31 December 2023. As a result, the Bank’s tax expense as a percentage of operating profit for the year stood at 48.96%.

DFCC declared a final dividend of LKR 5.00 per share, consisting of LKR 3.00 per share in cash and LKR 2.00 per share in the form of a scrip dividend for 2023.

Net Interest Income

The tight liquidity conditions in the domestic money market have resulted in continuously rising market interest rates in early 2023. While the higher interest rates have depressed the lending portfolio, strategically, the Bank increased its investment portfolio in high yield government securities, which led to an overall improvement in Net Interest income (NII). However, with the market guidance provided by the Central Bank, along with improvement in liquidity conditions of the domestic money market in line with the relaxed monetary policy stance of the Central Bank, both deposit and lending interest rates have continued to adjust downwards. Accordingly, the Bank has reduced both lending and deposit rates to align with the monetary directions to ease monetary conditions for individuals and businesses adequately and swiftly, thereby supporting the envisaged rebound of the economy. While lower interest rates may have resulted in reduced interest income and expenses, in nominal terms, Net Interest Income (NII) has continued to improve as a metric during the period under review as a result of the Bank’s strategy of investing in high-yield government securities.

Strategically, the Bank thus increased its fixed-income investment portfolio, contributing significantly to increased interest income and The Bank’s Net Interest Income (NII), which is its core business, increased by 18% to reach LKR 31 Bn by the end of 2023. The interest margin increased from 4.96% in December 2022 to 5.18% by December 2023.

Fee and Commission Income

The Bank’s dynamic strategies and the efforts of its dedicated teams led to increased remittances, trade-related commissions, and other fee income lines, which contributed to the increase in non-funded business during the period. Fee income generated by credit cards also increased significantly, in line with the volume of the transactions. Accordingly, net fee and commission income have increased by 36% to LKR 3,905 Mn for the year ended 31 December 2023, compared to LKR 2,877 Mn for the comparative period in 2022.

Impairment Charge on Loans and Other Losses

The impaired loan (stage 3) ratio increased from 4.36% in December 2022 to 7.03% as of 31 December 2023, continuing the prevalent trend amidst the present economic conditions. However, the positive developments in the macroeconomic environment coupled with the Bank’s concerted efforts in recoveries resulted in reducing the impairment charge for the year 2023 compared to the year 2022. To address the current and potential future impacts of the present economic conditions on the lending portfolio, the Bank made adequate impairment provisions during the year by continuing to calibrate internal models to account for unseen risk factors in the future, including additional provisions made for the Bank’s exposure to risk elevated sectors.

The Bank has used significant judgment using the information available at the reporting date to estimate the recoverable value of foreign currency-denominated investment securities issued by the Government of Sri Lanka. Accordingly, an impairment charge has been recognised to maintain a provision cover of 50% on the above investments.

Accordingly, with these provisions to address the additional risks in the economic environment, the impairment charge recorded at LKR 13,985 Mn for the year ended 31 December 2023, compared to LKR 17,041 Mn in the comparable period.

Operating Expenses

Operating expenses for the year ended 31 December 2023 increased to LKR 11,720 Mn compared with LKR 10,117 Mn during the corresponding period in 2022, primarily due to the increase in inflation. However, the Bank has taken numerous cost control measures within the Bank, resulting in operating expenses being curtailed and managed at these levels. The Bank achieved a healthy 29.41% cost/income ratio in 2023 compared to 32.79% in 2022.

Other Comprehensive Income (OCI)

Changes in the fair value of investments in equity securities and fixed-income securities (treasury bills and bonds) and movement in hedging reserves are recorded through other comprehensive income. Due to the application of hedge accounting, the impact on the total equity of the Bank due to exchange rate fluctuation was minimised. A fair value gain of LKR 7,016 Mn was recorded on account of equity securities outstanding as at 31 December 2023. The increase in the share price of Commercial Bank of Ceylon PLC during the period was the main contributor to the reported fair value gain in equity securities. The favourable movement in treasury bills and bond yields also resulted in a fair value gain of LKR 5,932 Mn during the year.

Business Growth

Assets

Despite the challenges faced by the economy and the banking sector, DFCC Bank’s total assets increased by LKR 74.6 Bn, recording a growth of 13% from December 2022. Aligning the Bank’s growth strategy to the present economic climate by increasing investment in fixed-income securities, combined with positive fair value movement in both fixed-income securities and equity securities, has contributed to a 113% increase in investment in financial assets at fair value through other comprehensive income as of 31 December 2023 compared to the balance as of 31 December 2022. With increased provision for expected credit losses, appreciation of the Sri Lanka Rupee compared to 31 December 2022 and considerable economic challenges, the net loan portfolio has recorded LKR 349 Bn as at 31 December 2023, which is 6% lower than the balance as at 31 December 2022.

Liabilities

The Bank’s deposit base experienced a growth of 9.97% during the year, recording an increase of LKR 37 Bn to LKR 407 Bn, up from LKR 370 Bn as at 31 December 2022. This resulted in recording an improved loan-to-deposit ratio of 96.92%. Further, the CASA ratio was 23.79% as at 31 December 2023. The Bank’s funding costs were also contained using medium to long-term concessionary credit lines, primarily used to grow the lending portfolio and provide much needed concessionary funding to our customers. Considering these concessionary term borrowings, the CASA ratio further improved to 33.57%, and the loans-to-deposit ratio improved to 84.47% as at 31 December 2023.

Equity and Compliance with Capital Requirements

DFCC Bank’s total equity increased to LKR 68 Bn as at 31 December 2023, supported by favourable movements in the equity portfolio and fixed income security portfolio classified as fair value through other comprehensive income, and positive movements in the hedging reserve, together with the recorded profit after tax of LKR 7.2 Bn. Accordingly, Tier 1 and Total Capital ratios improved to 11.490% and 13.511%, by 31 December 2023, compared to 10.085% and 13.148%, respectively, as at 31 December 2022. The Bank’s Net Stable Funding Ratio (NSFR) was 124.60%, and Liquidity Coverage Ratio (LCR) – all currency – was 597.47% as at 31 December 2023, compared to 126.55% and 202.34%, respectively, as at 31 December 2022. All these ratios were thus maintained well above the minimum regulatory requirement.

CEO’s Statement

“In light of our robust financial performance in 2023, marked by substantial growth in total assets, deposit base, and profitability metrics, including a notable 187% increase in profit after tax, DFCC Bank remains steadfast in its commitment to prudent financial management and sustainable growth. Our strategic investments in high-yield government securities and focused efforts on fee income generation have bolstered our net interest income and non-funded business lines. Despite prevailing economic challenges, we have maintained resilient credit quality and fortified our capital position, as evidenced by improved equity ratios and compliance with regulatory requirements. Our dedication to innovation and customer-centric values continues to be recognised, reaffirming DFCC Bank’s position as a leader in the banking sector. Looking ahead, we remain focused on driving inclusive growth, fostering sustainability, and delivering value to all stakeholders.

A significant milestone this year was our accreditation by the Green Climate Fund (GCF), making DFCC Bank the first entity in Sri Lanka to receive such recognition. We are also honoured to receive prestigious accolades such as the ‘Euromoney Cash Management- Market Leader Award 2023 and the Merit Award for the ‘Green Brand of the Year’ at SLIM Brand Excellence.’ These recognitions underscore our unwavering dedication to sustainability, innovation, and customer-centric values. As we continue to revamp our Corporate and Retail banking digital platforms and implement concessionary lending schemes to support our customers during challenging times, we remain committed to serving as the Bank for Everyone, supporting sustainable and social entrepreneurship and driving positive change in the communities we operate and serve.”

January 9, 2024

Sri Lanka’s pioneer in green finance, DFCC Bank, has been honoured with the Merit Award for Green Brand of the Year at the prestigious SLIM Brand Excellence Awards 2023. This esteemed accolade underscores DFCC Bank’s unwavering commitment to sustainable practices and its pivotal role in fostering a green economy in Sri Lanka. The award also recognises the Bank’s three-decade-long journey towards environmental stewardship and social responsibility.

Thimal Perera, CEO at DFCC Bank PLC, expressed his pride in the Bank’s recent achievement at the SLIM Brand Excellence Awards 2023 saying, “This achievement reflects our enduring commitment to sustainability and responsible banking. We are honoured to win an award as a Green Brand of the Year, a title that underscores our dedication to creating a positive impact on the environment and society. Driven by our Sustainability Strategy 2030, we aim to achieve ambitious goals across several KPIs, encapsulated by cross-cutting themes such as education, entrepreneurship, environment, emergency relief, elderly care, and exercise. The Bank envisions a resilient business model that integrates green finance, sustainable entrepreneurship, and digital enablement, with the aim of becoming a leading contributor towards sustainability and being the Bank for Green Finance.”

DFCC Bank’s proactive approach has also led to its accreditation by the Green Climate Fund (GCF) in July 2023, further solidifying its position as a leading institution dedicated to climate action and being the first and only institution in Sri Lanka to have achieved this milestone. GCF is the world’s largest fund for climate action, and accreditation empowers DFCC Bank to access concessionary funding to enable the financing of climate mitigation and adaptation projects costing up to USD 250 million per project across Sri Lanka. Having undergone the rigorous process to secure GCF accreditation, DFCC Bank has joined the ranks of esteemed institutions worldwide that are at the forefront of combating climate change and building a sustainable future.

DFCC Bank has been a trailblazer in financing renewable energy projects and catalysing sustainable green transformation in Sri Lanka. Since 1988, the Bank has supported numerous such projects, including solar PV assembly plants and hydro, wind, solar, biomass and waste-to-energy power generation projects.; The Bank also implemented two programmes supported by the World Bank and the Global Environment Facility, widely hailed for their transformational impact on the renewable energy landscape in Sri Lanka.

Additionally, through its financing activities, the Bank also positively influences entrepreneurs and customers to make greener choices and incentivise sustainable development and lifestyles.

One of the pivotal components of DFCC Bank’s green journey is its commitment to being a carbon-neutral bank by implementing resource-efficient operations and fostering a paperless environment. The Bank has proactively redesigned key business processes and facilities to minimise its environmental footprint, including initiatives to encourage energy efficiency and paperless operations and introduce sustainable procurement guidelines, along with renewable energy initiatives such as installing rooftop solar systems on its buildings. This has also inspired DFCC Bank to design and roll out a slew of internationally acclaimed digital banking services complimented by an omnichannel customer experience.

DFCC Bank’s green initiatives extend beyond its internal operations to encompass a comprehensive approach to external engagements. The Bank actively supports and encourages its customers and suppliers to adopt environmentally friendly green practices. Introducing green products and services, such as Green Deposits, underscores DFCC Bank’s commitment to inducing positive environmental behaviour within its ecosystem.

Accordingly, DFCC Bank’s emergence as a Green Brand of the Year reflects its robust environmental and social impact initiatives. The Bank’s journey from green financing to becoming a carbon-neutral institution demonstrates its dedication to positively impacting the environment, society, and the broader economy. DFCC bank’s commitment to the UN Sustainable Development Goals (SDGs) is evident in its efforts to support climate change mitigation, promote financial inclusion, and contribute to a green economy.

January 4, 2024

DFCC Bank has recently secured the prestigious award for Best Banking Process at the Global Banking and Finance Review for its implementation of eKYC (electronic-know-your-customer) technology. This award underscores the Bank’s unwavering commitment to digital innovation, security, and operational efficiency, particularly in eKYC. This sets the stage for seamless and secure 100% digital customer onboarding, removing the need for physical branch visits and enabling superior digital enablement and service delivery.

This prestigious accolade recognises DFCC Bank’s adept utilisation of advanced digital technologies to swiftly, seamlessly, and accurately digitally verify and authenticate customer identities – both during new customer onboarding and existing customer identity verification. This accomplishment reinforces the Bank’s compliance with regulatory standards while delivering a seamless and exceptionally convenient onboarding experience for its customers, allowing DFCC Bank to provide innovative, secure, modern, and customer-centric services in the digital era.

Recognising the imperative for convenience, particularly for Sri Lankans living and working overseas, DFCC Bank introduced its groundbreaking eKYC (electronic-know-your-customer) technology. The Bank’s recent achievement of the Best Banking Process award at the Global Banking and Finance Review underscores its commitment to digital innovation and operational efficiency. This accolade is especially significant as it acknowledges the Bank’s dedication to providing seamless and secure 100% digital customer onboarding, eliminating the necessity for physical branch visits. The service caters to the needs of the global Sri Lankan community, enabling them to open accounts in Sri Lanka effortlessly. Expressing pride at this achievement, Thimal Perera, CEO at DFCC Bank PLC, said, “This award recognises our relentless pursuit of tech-driven digital service delivery and financial inclusivity. Beyond revolutionising our processes, initiatives like eKYC and others are redefining the essence of customer convenience in the digital age. Thus, we are proud to be at the forefront of innovation, ensuring our customers enjoy a banking experience that is secure, efficient, and tailored to their contemporary needs. We are pleased to invite anyone, anywhere in the world, to open a DFCC Bank account wherever they like, at any time convenient to them.”

In response to the evolving technological landscape and the preferences of a digital native generation, DFCC Bank has strategically embraced eKYC for savings account openings. This move was fueled by its desire to empower new customers, enabling them to bank from anywhere at any time. Through the adoption of eKYC, DFCC Bank has eliminated the need for physical branch visits, allowing individuals, including teens, with a valid NIC/EIC to be effortlessly onboarded using this revolutionary technology.

This technology makes banking incredibly convenient for customers in Sri Lanka and DFCC Bank’s growing base of expatriate customers residing abroad, facilitating opening accounts in LKR and other foreign currencies. The entire process is characterised by its paperless nature, and customers benefit from live agent assistance, ensuring a smooth and secure onboarding experience.

The technology underpinning eKYC at DFCC Bank also incorporates various other useful security features such as OTP-verified save and apply later functionality, video verification with live detection, and an AML-compliant account approval process. Upon completion, this comprehensive digital transformation has streamlined customer onboarding and allows instant activation of additional digital banking and related services, such as debit cards.

Thus, this groundbreaking implementation of technology across critical processes addresses challenges in customer onboarding and heralds a new era of convenience for DFCC Bank’s customers, aligning with the Bank’s overarching sustainability strategy. Thanks to eKYC, customers no longer need to endure the inconveniences of branch visits, saving valuable time and contributing to a more sustainable and eco-friendly banking experience. Beyond its practical benefits, this initiative also cements DFCC Bank’s position as a leader in digital enablement and service delivery in financial services, aligning seamlessly with the demands of the modern banking landscape.

December 22, 2023

Stocked with the season’s best deals, DFCC Bank is thrilled to usher in festivity with a spectacular array of exclusive offers for its valued credit and debit cardholders.

Underscoring the commitment to customer satisfaction, DFCC Bank is set to exceed expectations by offering unparalleled savings of up to 75% across 400+ partner merchant outlets, catering to diverse needs and preferences. Uniquely committed to providing real value to its customers, DFCC Bank cardholders enjoy CashBack ranging from 1% to 3%, depending on their chosen card products for every spend. The CashBack will be credited to any DFCC Bank account of the cardholder’s choice, providing real value in cash and receiving interest when credited to a savings account, making it a double reward.

These market-leading rewards and new experiences are a true testament to providing value to customers in every step of their banking relationship. With “Customer-Centricity” being a core value, DFCC bank is going above and beyond to actively support its customers by providing maximum financial flexibility and savings this season. The Bank is making a positive difference by expanding its exclusive merchant partnerships for seasonal offers based on the desires and wishes of cardholders.

To this end, DFCC Bank also offers 0% Easy Payment Plans in collaboration with partner merchant outlets. Additionally, the Bank provides convenient options such as Loan on Card and Balance Transfer facilities, further demonstrating the Bank’s commitment to empowering its customers with flexible financial solutions.

Commenting on the exclusive year-end offers, Denver Lewis, Vice President/Head of Card Centre at DFCC Bank said, “The festive season is a time for family, friends and leisure. We have compiled extensive, diverse offers to delight our cardholders and invite them to seize the opportunity and

make the most of it. As the year draws to a close, DFCC Bank stands firm in supporting its customers, making the festive season joyful and rewarding. While thanking all our customers for their loyal patronage this year, we wish to extend the warmest season’s greetings.”

DFCC Bank Mastercard and Visa credit cards are issued under various schemes, providing tailored features and benefits for the Bank’s diverse customer segments. A bank committed to women’s empowerment, DFCC also provides the women-centric DFCC Aloka Credit and Debit Cards with special

privileges, benefits, and features tailored for women. So enjoy the seasonal festivities like never before with your DFCC Credit and Debit Card! Visit the Banks Corporate website, www.dfcc.lk, to view the offers.

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