DFCC Vardhana Bank to mark 10th anniversary in 2013 with strategic growth

DFCC Vardhana Bank (DVB) has sets it sight on an exceptional year in 2013, as Sri Lanka fastest growing bank marks its tenth year in operations.

Buoyed by the results and accomplishments this year, DVB expects 2013 to be a stellar year that will capitalise on the extensive infrastructure upgrade and geographical expansion undertaken during this year. The bank expects 2013 to be a watershed year in the history of the institution, not only for completing a decade of service to the nation, but also for coming into the forefront of the country’s banking sector through innovation and pursuit of excellence.

Lakshman Silva, CEO, DFCC Vardhana Bank, stated: “Customer convenience has always been the driving force behind DVB’s products and services and once again we have proved this claim by expanding our branch network to 129 branches/service centres. This year has been particularly dynamic for the bank, during which we expanded horizontally and vertically – extending our influence financially, operationally, sustainably and geographically. We are proud to launch our first Premier Banking Centre that is set to redefine premier banking in the island and take it to a new level. While expanding this geographically, we also enhanced identified services at some of our existing Branches. One such initiative the exclusive Priority Banking outlet in Panadura is already gaining repute for the privileged banking services offered.

Financial credentials and profitability levels

Demonstrating its sound financial credentials and rising profitability levels, DVB’s profits for the nine months up to September 2012 raised by 27.86 per cent a turnover growth of 73.51 per cent over the corresponding period in the previous year. This aggressive growth was derived from higher business volumes and provision reversals. The bank reported earnings of Rs. 1.59 per share for the third quarter. Asserting its strength and growth this year Fitch Ratings Lanka re-affirmed the Bank’s National Long-Term Rating of ‘AA-(lka)’ (Stable Outlook) for the ninth consecutive year with DVB’s subordinated debentures also rated at ‘A+(lka)’. Notably, DVB has sustained this rating consistently over the past nine years.

The bank also launched its brand new savings account – ‘Supreme Vaasi’; taking the industry by storm this year.  Offering the highest interest rates with minimal restrictions and tie down, the savings account offers customers a DVB VISA debit from which ATM transactions can be carried out at zero cost at over 500 ATMs island wide. Recently, DVB reinforced its dedication towards its customer base by presenting existing savings customers with an extensive range of rewards. Tailored to meet the varying needs of its loyal customers, the rewards offered included increased interest rates paid for savings deposits and special concessions for host of other services offered by the Bank.

Silva further stated: The year 2012 was characterised by strong savings growth and deposit mobilisation despite the pressure on disposable incomes of the people. As the fastest growing bank in Sri Lanka, our endeavour to deliver excellence on all these counts will be experienced by our customers as our extensive enhancements roll out in the coming months. Backed by the sound credentials of DFCC Bank, DVB remains a very stable and well managed bank that values the trust its stakeholders have placed in it.”

Aggressive network expansion

Preparing for its ambitious plans for 2013, DVB pursued aggressive expansion of its branch network during the year, bringing the total branch network to 59 branches and 70 extension offices in SLP Units. Opening its first Vardhana Prabu Priority Banking Centre in Jaffna and Batticaloa in 2011, DVB was one of the first in the industry in Sri Lanka to include customers from out of Colombo to be privy to a Centre that offers exclusive, personalised banking services.

The bank expanded this service as it opened its third  exclusive Vardhana Prabhu (VP) priority banking service in Panadura this year, allowing privileged banking customers to benefit from a host of customised solutions and privileges such as preferential interest rates, waivers of specific charges and fees, extended banking hours and concessions on banking transactions.

In November 2012, the bank also launched its first Premier Banking Centre at Albert Crescent, Colombo 7. This one of a kind Premier centre is tailored to meet all customer expectations with state of the art technology and a world-class premier banking experience. By locating the Premier Centre away from the hustle and bustle of the city, DVB steps into a new level of personalised banking with its conducive surroundings and superior facilities.

DVB further expanded its branch network preparing to meet customer demand in 2013 with the opening of four branches in Elpitiya, Akuressa, Kattankudi and Tangalle in the space of four weeks.  DVB’s fully fledged branches offer a wide variety of products and services such as - demand and savings deposits, fixed deposits, foreign currency deposits, personal loans for housing and higher education such as Vardhana Sandella, Vardhana Nenasa and Vardhana Leasing; gold-pledge loans and remittance services through DVB’s new branches as well as Vardhana Junior – a savings scheme for minors. DVB remains committed to achieving high performance goals while also delivering superior results to its customers with the opening of these new branches and offices in strategic locations.

Development and growth of staff

The bank also spent its time focusing on the development and growth of its staff. Training remained an integral role in DVB’s pursuit of excellence this year with special tailor-made international training programmes focused on enhancing management skills to equip staff to make a smooth transition to the next stage of their career.

Investing in local and overseas programs of this nature is a key constituent for DVB in order to bring new thinking to the team, provide staff with opportunities to engage and interact outside the local work environment while enhancing overall exposures and experiences in order to serve customers better and simultaneously add value to the DVB brand.

Sustainable development and CSR

Sustainable development and corporate social responsibility played an integral role in DVB’s success in 2012, with plans being carried out in its business strategy for the New Year. Extending its commitment towards sustainable development, the Board at DVB switched systems to the Octoplex system that is fully automated and web based with a board paper management application that uses iPads to facilitate circulation of all board papers and related documentation. The Octoplex system, which saves paper while increasing efficiency, is a testament of the management team’s dedication to promoting sustainable practices amongst its team and branches.  DFCC Vardhana Bank intends on keeping up with the dynamism it achieved during this year through to the year 2013 as well. The bank plans to open 10 more branches including branches in the north and east and five more Extension Offices in SLP Units in the first half of 2013.

The bank continues to identify regions which are experiencing rapid economic growth so that it can tap into the segment by offering convenient and speedy banking. Prospects for DVB look bright in 2013 and beyond as Sri Lanka’s fastest growing commercial bank continues to forge ahead in a highly competitive environment.