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COMMERCIAL BANK OF CEYLON PLC

ANNUAL REPORT 2024
 

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Financial Statements

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Statement of Financial Position

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Independent Assurance Report - Internal Control

GROUP
BANK
As at December 31,
Note
2024
Rs. ’000
2023
Rs. ’000
Change
%
2024
Rs. ’000
2023
Rs. ’000
Change
%
Assets
Cash and cash equivalents 28 89,615,459 159,701,507 (43.89) 86,848,291 157,819,287 (44.97)
Balances with Central Banks 29 55,989,574 62,633,503 (10.61) 45,702,086 52,817,502 (13.47)
Placements with banks 30 101,104,941 81,506,653 24.05 99,300,303 81,344,696 22.07
Securities purchased under resale agreements 28,655,962 31,148,729 (8.00) 28,655,962 31,148,729 (8.00)
Derivative financial assets 31 4,264,271 7,226,484 (40.99) 4,264,271 7,226,484 (40.99)
Financial assets recognised through profit or loss – measured at fair value 32 91,677,346 29,449,653 211.30 91,677,346 29,449,653 211.30
Financial assets at amortised cost – loans and advances to other customers 33 1,421,004,171 1,204,865,597 17.94 1,384,524,660 1,176,359,971 17.70
Financial assets at amortised cost – debt and other financial instruments 34 701,751,287 685,155,537 2.42 667,709,691 649,740,408 2.77
Financial assets measured at fair value through other comprehensive income 35 303,218,395 287,732,972 5.38 301,584,142 287,023,009 5.07
Investments in subsidiaries 36 – – – 5,808,429 5,808,429 –
Investment in associate 37 58,791 59,004 (0.36) 44,331 44,331 –
Property, plant and equipment and right-of-use assets 38 30,670,410 28,997,246 5.77 27,600,648 26,257,902 5.11
Investment properties 39 743,900 597,825 24.43 – – –
Intangible assets 40 4,757,905 4,289,404 10.92 4,221,131 3,736,504 12.97
Deferred tax assets 41 12,563,217 34,511,410 (63.60) 12,085,844 34,076,526 (64.53)
Other assets 42 29,917,238 37,736,151 (20.72) 29,753,153 37,474,448 (20.60)
Total assets 2,875,992,867 2,655,611,675 8.30 2,789,780,288 2,580,327,879 8.12
Liabilities
Due to banks 43 25,376,564 47,948,578 (47.08) 21,306,752 47,274,361 (54.93)
Derivative financial liabilities 44 837,497 2,319,209 (63.89) 837,497 2,319,209 (63.89)
Securities sold under repurchase agreements 112,461,472 111,186,824 1.15 112,470,392 111,198,516 1.14
Financial liabilities at amortised cost – due to depositors 45 2,306,079,421 2,147,906,858 7.36 2,236,566,800 2,085,046,149 7.27
Financial liabilities at amortised cost – other borrowings 46 14,273,156 12,756,021 11.89 14,273,156 12,756,021 11.89
Current tax liabilities 47 13,502,666 15,256,244 (11.49) 13,145,697 14,951,984 (12.08)
Deferred tax liabilities 41 511,000 514,207 (0.62) – – –
Other liabilities 48 59,423,992 56,266,302 5.61 58,064,777 55,050,477 5.48
Due to subsidiaries 49 – – – 145,794 317,221 (54.04)
Subordinated liabilities 50 57,707,677 36,482,939 58.18 57,707,677 36,482,939 58.18
Total liabilities 2,590,173,445 2,430,637,182 6.56 2,514,518,542 2,365,396,877 6.30
Equity
Stated capital 51 88,017,094 62,948,003 39.83 88,017,094 62,948,003 39.83
Statutory reserves 53 16,469,686 13,586,534 21.22 15,079,581 12,375,906 21.85
Retained earnings 54 17,533,670 9,943,003 76.34 15,330,940 8,558,385 79.13
Other reserves 55 159,108,992 133,993,167 18.74 156,834,131 131,048,708 19.68
Total equity attributable to equity holders of the Bank 281,129,442 220,470,707 27.51 275,261,746 214,931,002 28.07
Non-controlling interest 56 4,689,980 4,503,786 4.13 – – –
Total equity 285,819,422 224,974,493 27.05 275,261,746 214,931,002 28.07
Total liabilities and equity 2,875,992,867 2,655,611,675 8.30 2,789,780,288 2,580,327,879 8.12
Contingent liabilities and commitments 57 750,876,960 675,776,516 11.11 743,964,900 668,875,778 11.23
Net assets value per ordinary share (Rs.) 58 174.58 167.77 4.06 170.94 163.55 4.52
Memorandum information
Number of employees 5,461 5,201
Number of customer service centres 292 291

The Notes appearing on pages 307 to 458 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.

CFO Signature

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.

Chairman's Signature

Sharhan Muhseen
Chairman

Deputy Chairman's Signature

Raja Senanayake
Deputy Chairman

CEO's Signature

S C U Manatunge
Managing Director/Chief Executive Officer

Company Secretary's Signature

R A P Rajapaksha
Company Secretary

February 28, 2025
Colombo

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