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My Report
GROUP |
BANK |
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| As at December 31, | Note | 2023 Rs. ’000 |
2022 Rs. ’000 |
Change % |
2023 Rs. ’000 |
2022 Rs. ’000 |
Change % |
| Assets | |||||||
| Cash and cash equivalents | 28 | 159,701,507 | 151,109,490 | 5.69 | 157,819,287 | 149,393,611 | 5.64 |
| Balances with Central Banks | 29 | 62,633,503 | 78,597,120 | (20.31) | 52,817,502 | 66,493,499 | (20.57) |
| Placements with banks | 30 | 81,506,653 | 96,082,937 | (15.17) | 81,344,696 | 95,899,645 | (15.18) |
| Securities purchased under resale agreements | 31,148,729 | 1,517,308 | 1,952.89 | 31,148,729 | 1,517,308 | 1,952.89 | |
| Derivative financial assets | 31 | 7,226,484 | 8,345,091 | (13.40) | 7,226,484 | 8,345,091 | (13.40) |
| Financial assets recognised through profit or loss – measured at fair value |
32 | 29,449,653 | 24,873,057 | 18.40 | 29,449,653 | 24,873,057 | 18.40 |
| Financial assets at amortised cost – loans and advances to other customers |
33 | 1,204,865,597 | 1,155,492,527 | 4.27 | 1,176,359,971 | 1,130,442,579 | 4.06 |
| Financial assets at amortised cost – debt and other financial instruments |
34 | 685,155,537 | 761,650,234 | (10.04) | 649,740,408 | 725,935,299 | (10.50) |
| Financial assets measured at fair value through other comprehensive income | 35 | 287,732,972 | 118,652,257 | 142.50 | 287,023,009 | 117,056,240 | 145.20 |
| Investments in subsidiaries | 36 | – | – | – | 5,808,429 | 5,808,429 | – |
| Investment in associate | 37 | 59,004 | 55,302 | 6.69 | 44,331 | 44,331 | – |
| Property, plant and equipment and right-of-use assets | 38 | 28,997,246 | 27,446,607 | 5.65 | 26,257,902 | 25,425,452 | 3.27 |
| Investment properties | 39 | 597,825 | 80,350 | 644.03 | – | – | – |
| Intangible assets | 40 | 4,289,404 | 4,113,200 | 4.28 | 3,736,504 | 3,563,120 | 4.87 |
| Deferred tax assets | 41 | 34,511,410 | 30,727,213 | 12.32 | 34,076,526 | 30,301,203 | 12.46 |
| Other assets | 42 | 37,736,151 | 40,811,211 | (7.53) | 37,474,448 | 40,699,168 | (7.92) |
| Total assets | 2,655,611,675 | 2,499,553,904 | 6.24 | 2,580,327,879 | 2,425,798,032 | 6.37 | |
| Liabilities | |||||||
| Due to banks | 43 | 47,948,578 | 64,971,170 | (26.20) | 47,274,361 | 65,130,061 | (27.42) |
| Derivative financial liabilities | 44 | 2,319,209 | 2,880,667 | (19.49) | 2,319,209 | 2,880,667 | (19.49) |
| Securities sold under repurchase agreements | 111,186,824 | 97,726,435 | 13.77 | 111,198,516 | 97,726,435 | 13.79 | |
| Financial liabilities at amortised cost – due to depositors | 45 | 2,147,906,858 | 1,977,743,661 | 8.60 | 2,085,046,149 | 1,914,359,494 | 8.92 |
| Financial liabilities at amortised cost – other borrowings | 46 | 12,756,021 | 16,150,356 | (21.02) | 12,756,021 | 16,150,356 | (21.02) |
| Current tax liabilities | 47 | 15,256,244 | 24,916,074 | (38.77) | 14,951,984 | 24,475,319 | (38.91) |
| Deferred tax liabilities | 41 | 514,207 | 437,123 | 17.63 | – | – | – |
| Other liabilities | 48 | 56,266,302 | 40,354,877 | 39.43 | 55,050,477 | 39,860,573 | 38.11 |
| Due to subsidiaries | 49 | – | – | – | 317,221 | 115,484 | 174.69 |
| Subordinated liabilities | 50 | 36,482,939 | 61,400,967 | (40.58) | 36,482,939 | 61,400,967 | (40.58) |
| Total liabilities | 2,430,637,182 | 2,286,581,330 | 6.30 | 2,365,396,877 | 2,222,099,356 | 6.45 | |
| Equity | |||||||
| Stated capital | 51 | 62,948,003 | 58,149,621 | 8.25 | 62,948,003 | 58,149,621 | 8.25 |
| Statutory reserves | 53 | 13,586,534 | 12,079,670 | 12.47 | 12,375,906 | 11,352,858 | 9.01 |
| Retained earnings | 54 | 9,943,003 | 6,790,304 | 46.43 | 8,558,385 | 5,592,121 | 53.04 |
| Other reserves | 55 | 133,993,167 | 131,845,571 | 1.63 | 131,048,708 | 128,604,076 | 1.90 |
| Total equity attributable to equity holders of the Bank | 220,470,707 | 208,865,166 | 5.56 | 214,931,002 | 203,698,676 | 5.51 | |
| Non-controlling interest | 56 | 4,503,786 | 4,107,408 | 9.65 | – | – | – |
| Total equity | 224,974,493 | 212,972,574 | 5.64 | 214,931,002 | 203,698,676 | 5.51 | |
| Total liabilities and equity | 2,655,611,675 | 2,499,553,904 | 6.24 | 2,580,327,879 | 2,425,798,032 | 6.37 | |
| Contingent liabilities and commitments | 57 | 675,776,516 | 555,531,537 | 21.65 | 668,875,778 | 549,421,699 | 21.74 |
| Net assets value per ordinary share (Rs.) | 58 | 167.77 | 168.47 | (0.42) | 163.55 | 164.30 | (0.46) |
| Memorandum information | |||||||
| Number of employees | 5,201 | 5,121 | |||||
| Number of customer service centres | 291 | 289 | |||||
The Notes to the Financial Statements 1 to 68 form an integral part of these Financial Statements.
Certification
These Financial Statements have been prepared in compliance with requirements of the Companies Act No. 07 of 2007.
K D N Buddhipala
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board.
Prof A K W Jayawardane
Chairman
Sharhan Muhseen
Deputy Chairman
S C U Manatunge
Managing Director/
Chief Executive Officer
R A P Rajapaksha
Company Secretary
February 21, 2024
Colombo