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COMMERCIAL BANK OF CEYLON PLC

ANNUAL REPORT 2023
 

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SUPPLEMENTARY INFORMATION

Annex 8:
Financial statements (US Dollars)

Income Statement

Group
BANK
For the year ended December 31, 2023
USD ’000		 2022
USD ’000 		Change
% 		2023
USD ’000		 2022
USD ’000 		Change
%
Gross income 1,053,404 864,725 21.82 1,035,529 849,480 21.90
Interest income 917,952 685,869 33.84 902,447 673,328 34.03
Less: Interest expense 651,443 424,758 53.37 646,152 421,226 53.40
Net interest income 266,509 261,111 2.07 256,295 252,102 1.66
Fee and commission income 94,536 80,776 17.03 91,609 78,532 16.65
Less: Fee and commission expense 25,492 18,573 37.25 25,122 18,420 36.38
Net fee and commission income 69,044 62,203 11.00 66,487 60,112 10.61
Net gains/(losses) from trading (38,494) 108,859 (135.36) (38,494) 108,859 (135.36)
Net gains/(losses) from derecognition of financial assets 15,606 854 1,727.40 15,606 854 1,727.40
Net other operating income 63,804 (11,633) 648.47 64,361 (12,093) 632.22
Total operating income 376,469 421,394 (10.66) 364,255 409,834 (11.12)
Less: Impairment charges and other losses 119,954 221,817 (45.92) 119,117 220,391 (45.95)
Net operating income 256,515 199,577 28.53 245,138 189,443 29.40
Less: Expenses
Personnel expenses 70,393 61,028 15.35 67,762 58,944 14.96
Depreciation and amortisation 13,371 11,098 20.48 13,211 10,990 20.21
Other operating expenses 52,827 39,771 32.83 50,544 37,811 33.68
Total operating expenses 136,591 111,897 22.07 131,517 107,745 22.06
Operating profit before taxes on financial services 119,924 87,680 36.77 113,621 81,698 39.07
Less: Taxes on financial services 15,301 12,094 26.52 15,301 12,004 27.47
Operating profit after taxes on financial services 104,623 75,586 38.42 98,320 69,694 41.07
Share of profit/(loss) of associate, net of tax 11 (11) 200.00 – – –
Profit before tax 104,634 75,575 38.45 98,320 69,694 41.07
Less: Income tax expense/(reversal) 37,093 326 11,278.22 35,217 (1,145) 3,175.72
Profit for the year 67,541 75,249 (10.24) 63,103 70,839 (10.92)
Profit attributable to:
Equity holders of the Bank 65,120 73,437 (11.33) 63,103 70,839 (10.92)
Non-controlling interest 2,421 1,812 33.61 – – –
Profit for the year 67,541 75,249 (10.24) 63,103 70,839 (10.92)
Earnings per share
Basic earnings per ordinary share (USD) 0.05 0.06 (16.67) 0.05 0.05 –
Diluted earnings per ordinary share (USD) 0.05 0.06 (16.67) 0.05 0.05 –

US Dollar Accounts

The Income Statement and the Statement of Financial Position are solely for the convenience of stakeholders.

Statement of Financial Position

Group
BANK
As at December 31, 2023
USD ’000		 2022
USD ’000 		Change
% 		2023
USD ’000		 2022
USD ’000 		Change
%
Assets
Cash and cash equivalents 492,526 466,028 5.69 486,721 460,736 5.64
Balances with Central Banks 193,164 242,397 (20.31) 162,891 205,069 (20.57)
Placements with banks 251,370 296,324 (15.17) 250,870 295,758 (15.18)
Securities purchased under resale agreements 96,064 4,679 1,953.09 96,064 4,679 1,953.09
Derivative financial assets 22,287 25,737 (13.40) 22,287 25,737 (13.40)
Financial assets recognised through profit or loss –
measured at fair value 		90,824 76,710 18.40 90,824 76,710 18.40
Financial assets at amortised cost – loans and advances to
other customers 		3,715,854 3,563,585 4.27 3,627,941 3,486,330 4.06
Financial assets at amortised cost – debt and other financial instruments 2,113,047 2,348,960 (10.04) 2,003,825 2,238,814 (10.50)
Financial assets measured at fair value through other
comprehensive income 		887,380 365,928 142.50 885,190 361,006 145.20
Investments in subsidiaries – – – 17,913 17,913 –
Investment in associate 182 171 6.43 137 137 –
Property, plant and equipment and right–of–use assets 89,429 84,646 5.65 80,980 78,413 3.27
Investment properties 1,844 248 643.55 – – –
Intangible assets 13,229 12,685 4.29 11,524 10,989 4.87
Deferred tax assets 106,435 94,764 12.32 105,093 93,450 12.46
Other assets 116,380 125,863 (7.53) 115,573 125,518 (7.92)
Total assets 8,190,015 7,708,725 6.24 7,957,833 7,481,259 6.37
Liabilities
Due to banks 147,875 200,374 (26.20) 145,796 200,864 (27.42)
Derivative financial liabilities 7,153 8,884 (19.48) 7,153 8,884 (19.48)
Securities sold under repurchase agreements 342,905 301,392 13.77 342,941 301,392 13.79
Financial liabilities at amortised cost – due to depositors 6,624,231 6,099,441 8.60 6,430,366 5,903,961 8.92
Financial liabilities at amortised cost – other borrowings 39,340 49,808 (21.02) 39,340 49,808 (21.02)
Current tax liabilities 47,051 76,842 (38.77) 46,113 75,483 (38.91)
Deferred tax liabilities 1,586 1,348 17.66 – – –
Other liabilities 173,529 124,457 39.43 169,776 122,933 38.11
Due to subsidiaries – – – 978 356 174.72
Subordinated liabilities 112,515 189,363 (40.58) 112,515 189,363 (40.58)
Total liabilities 7,496,185 7,051,909 6.30 7,294,978 6,853,044 6.45
Equity
Stated capital 194,134 179,336 8.25 194,134 179,336 8.25
Statutory reserves 41,901 37,254 12.47 38,168 35,013 9.01
Retained earnings 30,665 20,942 46.43 26,394 17,246 53.04
Other reserves 413,240 406,617 1.63 404,159 396,620 1.90
Total equity attributable to equity holders of the Bank 679,940 644,149 5.56 662,855 628,215 5.51
Non–controlling interest 13,890 12,667 9.66 – – –
Total equity 693,830 656,816 5.64 662,855 628,215 5.51
Total liabilities and equity 8,190,015 7,708,725 6.24 7,957,833 7,481,259 6.37
Contingent liabilities and commitments 2,084,122 1,713,282 21.65 2,062,840 1,694,439 21.74
Net assets value per ordinary share (USD) 0.52 0.52 – 0.50 0.51 (1.96)

An exchange rate of 1 USD equals 324.25 LKR for both the years, has been used to facilitate comparison