Commercial Bank of Ceylon PLC

		GROUP			BANK
For the year ended December 31,	Note	2024 Rs. ’000	2023 Rs. ’000	Change %	2024 Rs. ’000	2023 Rs. ’000	Change %
Gross income	12	274,975,814	341,566,200	(19.50)	267,331,580	335,770,196	(20.38)
Interest income	13.1	275,217,117	297,645,866	(7.54)	269,596,222	292,618,360	(7.87)
Less: Interest expense	13.2	157,082,433	211,230,507	(25.63)	155,037,883	209,514,795	(26.00)
Net interest income	13	118,134,684	86,415,359	36.71	114,558,339	83,103,565	37.85
Fee and commission income	14.1	34,480,523	30,653,212	12.49	33,246,118	29,704,104	11.92
Less: Fee and commission expense	14.2	10,834,345	8,265,893	31.07	10,716,909	8,145,910	31.56
Net fee and commission income	14	23,646,178	22,387,319	5.62	22,529,209	21,558,194	4.50
Net gains/(losses) from trading	15	(2,201,010)	(12,481,613)	82.37	(2,201,010)	(12,481,613)	82.37
Net gains/(losses) from derecognition of financial assets	16	(41,016,836)	5,060,242	(910.57)	(41,016,836)	5,060,242	(910.57)
Financial assets measured at fair value through other comprehensive income		4,090,697	5,060,242	(19.16)	4,090,697	5,060,242	(19.16)
Derecognition loss on restructuring of SLISBs	16.1	(45,107,533)	–	(100.00)	(45,107,533)	–	(100.00)
Net other operating income	17	8,496,020	20,688,493	(58.93)	7,707,086	20,869,103	(63.07)
Other operating income		(34,721,826)	13,267,122	(361.71)	(35,510,760)	13,447,732	(364.07)
Total operating income		107,059,036	122,069,800	(12.30)	101,576,788	118,109,491	(14.00)
Less: Impairment charges/(reversal) and other losses	18	(62,294,814)	38,895,070	(260.16)	(63,215,069)	38,623,739	(263.67)
Net operating income		169,353,850	83,174,730	103.61	164,791,857	79,485,752	107.32
Less: Expenses
Personnel expenses	19	27,907,458	22,810,045	22.35	26,913,870	21,956,866	22.58
Depreciation and amortisation	20	4,737,203	4,335,640	9.26	4,669,731	4,283,566	9.02
Other operating expenses	21	19,193,697	17,144,147	11.95	18,069,772	16,403,768	10.16
Total operating expenses		51,838,358	44,289,832	17.04	49,653,373	42,644,200	16.44
Operating profit before taxes on financial services		117,515,492	38,884,898	202.21	115,138,484	36,841,552	212.52
Less: Taxes on financial services	22	19,706,675	4,961,392	297.20	19,603,873	4,961,392	295.13
Operating profit after taxes on financial services		97,808,817	33,923,506	188.32	95,534,611	31,880,160	199.67
Share of profit/(loss) of associate, net of tax	37.1	(460)	3,495	(113.16)	–	–	–
Profit before tax		97,808,357	33,927,001	188.29	95,534,611	31,880,160	199.67
Less: Income tax expense	23	42,121,945	12,027,341	250.22	41,461,107	11,419,198	263.08
Profit for the year		55,686,412	21,899,660	154.28	54,073,504	20,460,962	164.28
Profit attributable to:
Equity holders of the Bank		55,073,240	21,114,675	160.83	54,073,504	20,460,962	164.28
Non-controlling interest	56	613,172	784,985	(21.89)	–	–	–
Profit for the year		55,686,412	21,899,660	154.28	54,073,504	20,460,962	164.28
Earnings per share
Basic earnings per ordinary share (Rs.)	24.1	38.44	15.37	150.10	37.74	14.89	153.46
Diluted earnings per ordinary share (Rs.)	24.1	38.38	15.36	149.87	37.69	14.88	153.29

The Notes appearing on pages 307 to 458 form an integral part of these Financial Statements.

ANNUAL REPORT 2024

My Report

Financial Statements

Income Statement