Vice President Liabilities & Trade Business Development of DFCC Bank Anton Arumugam stated that the recently launched fixed deposits campaign targeted at monthly income earners has had an overwhelming response.
Following is and Q&A with Anton Arumugam…
1. What were the reasons for introducing a special Fixed Deposit product during this period?
As a result of the current global health crisis the entire world as well as Sri Lanka has been affected by the COVID-19 pandemic. In this backdrop, DFCC Bank has come forward to offer assistance to those monthly interest income earners by offering them a special fixed deposit product to facilitate their financial requirements.
Dialog Axiata PLC, one of Sri Lanka’s premier connectivity provider has extended an exclusive Cash Back offer to over 15 million of its customers who reload/pay bills via the MyDialog app, further promoting the use of digital channels.
Customers who save their debit/credit card details on the MyDialog app, after successfully verifying via an automated test transaction, are entitled to receive a 100% Cash Back on the first reload/bill payment made via the MyDialog App.
Customers can receive a maximum Cash Back till June 14. The payment or reload can be made to any Mobile, DTV and LTE connection and there is no minimum amount required on any payment/reload.
Amăna Bank achieved a commendable Q1 performance in 2020, which saw its customer deposits grow by Rs 5.4 billion or by 8% to close the quarter at Rs 77.0 billion. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew only by 1% to close at Rs 58.4 billion.
The growth in customer deposits is a strong indication of the growing customer confidence and demand for the Bank’s people-friendly banking model. The growth also reflects the Bank’s effort in increasing its reach through strategic partnerships and collaborations, resulting in the Bank having one of the largest networks for deposits with 750+ access points across the Island.
Owing to the increase in customer deposits, the Bank’s Total Assets surpassed the Rs 90 billion mark to read at Rs 91.6 billion resulting in the Bank’s Net Asset Value improving to Rs. 4.78 per share.
Despite the challenging economic conditions which continued, Amăna Bank has been successful in maintaining its profit momentum in Q1 2020, recording a Profit Before Tax of Rs 180.2 million which remained flat when compared with the Q1 2019 figure of 180.8 million.