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Integrated Report
Introduction and Overview
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Managing Director/Chief Executive Officer's and Chief Financial Officer's Statement of Responsibility
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Independent Assurance Report - Internal Control
Table – 02
GROUP |
BANK |
|||||
| 2024 | 2023 | Change (%) |
2024 | 2023 | Change (%) |
|
| Results for the year (Rs. Bn.) | ||||||
| Gross income | 274.976 | 341.566 | (19.50) | 267.332 | 335.770 | (20.38) |
| Operating profit before taxes on financial services | 117.515 | 38.885 | 202.21 | 115.138 | 36.842 | 212.52 |
| Taxes on financial services | 19.707 | 4.961 | 297.20 | 19.604 | 4.961 | 295.13 |
| Profit before taxation (PBT) | 97.808 | 33.927 | 188.29 | 95.535 | 31.880 | 199.67 |
| Income tax expense | 42.122 | 12.027 | 250.22 | 41.461 | 11.419 | 263.08 |
| Profit after tax (PAT) | 55.686 | 21.900 | 154.28 | 54.074 | 20.461 | 164.28 |
| Gross dividends | 15.298 | 8.542 | 79.09 | 15.298 | 8.542 | 79.09 |
| Position at the year end (Rs. Bn.) | ||||||
| Shareholders’ funds | 281.129 | 220.471 | 27.51 | 275.262 | 214.931 | 28.07 |
| Financial liabilities at amortised cost – due to depositors | 2,306.079 | 2,147.907 | 7.36 | 2,236.567 | 2,085.046 | 7.27 |
| Financial assets at amortised cost – loans and advances to other customers (Gross) | 1,525.507 | 1,295.751 | 17.73 | 1,486.901 | 1,265.559 | 17.49 |
| Total assets | 2,875.993 | 2,655.612 | 8.30 | 2,789.780 | 2,580.328 | 8.12 |
| Information per Ordinary Share (Rs.) | ||||||
| Earnings (Basic) | 38.44 | 15.37 | 150.10 | 37.74 | 14.89 | 153.46 |
| Earnings (Diluted) | 38.38 | 15.36 | 149.87 | 37.69 | 14.88 | 153.29 |
| Dividends – Cash | – | – | – | 7.50 | 4.50 | 66.67 |
| Dividends – Shares | – | – | – | 2.00 | 2.00 | – |
| Net assets value | 174.58 | 167.77 | 4.06 | 170.94 | 163.55 | 4.52 |
| Market value at the year end – Voting | N/A | N/A | – | 144.75 | 95.50 | 51.57 |
| Market value at the year end – Non-voting | N/A | N/A | – | 115.50 | 80.40 | 43.66 |
| Key financial ratios | ||||||
| Return on average assets (ROA) – After tax (%) | 2.01 | 0.85 | 1.16 | 2.01 | 0.82 | 1.19 |
| Return on average shareholders’ funds (ROE) – After tax (%) | 22.20 | 10.20 | 12.00 | 22.06 | 9.78 | 12.28 |
| Financial intermediation margin (%) | N/A | N/A | 9.96 | 13.41 | (3.45) | |
| Total impairment provision as a % of gross loans and advances (%) | 6.85 | 7.01 | (0.16) | 6.89 | 7.05 | (0.16) |
| Cost of credit risk on loans and advances (%) | 1.52 | 0.48 | 1.04 | 1.53 | 0.45 | 1.08 |
| Impaired loans (Stage 3) ratio (%) | – | – | – | 2.76 | 5.85 | (3.09) |
| Impairment (Stage 3) to stage 3 loans ratio (%) | – | – | – | 64.61 | 43.22 | 21.39 |
| Price earnings – ordinary voting shares – (times) | N/A | N/A | – | 3.84 | 6.41 | (2.58) |
| Dividend yield – ordinary voting shares (%) | N/A | N/A | – | 6.56 | 6.81 | (0.25) |
| Dividend cover on ordinary shares (times) | N/A | N/A | – | 3.97 | 2.29 | 1.68 |
| Statutory ratios | ||||||
| Capital adequacy ratios (under Basel III) (%) | ||||||
| Common equity tier I capital ratio (minimum requirement – 8.500%) | 13.968 | 11.513 | 2.455 | 14.227 | 11.442 | 2.785 |
| Tier I capital ratio (minimum requirement – 10.000%) | 13.968 | 11.513 | 2.455 | 14.227 | 11.442 | 2.785 |
| Total capital ratio (minimum requirement – 14.000%) | 17.653 | 15.090 | 2.563 | 18.142 | 15.151 | 2.991 |
| Liquidity coverage ratio (%) | ||||||
| Rupee – (minimum requirement – 100%) | N/A | N/A | – | 529.20 | 491.61 | 37.59 |
| All currency – (minimum requirement – 100%) | N/A | N/A | – | 454.36 | 516.27 | (61.91) |
| Net stable funding ratio – (minimum requirement – 100%) | N/A | N/A | – | 187.29 | 193.70 | (6.41) |
| Gearing ratio (%) | ||||||
| Leverage ratio (minimum requirement – 3%) | 6.94 | 5.29 | 1.65 | 6.79 | 5.10 | 1.69 |
(*) Discontinued as per the Banking Act determination No. 01 of 2024 dated June 13, 2024
Financial goals and achievements – Bank
| Financial Indicator | Goal | Achievement | ||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||
| Return on average assets (ROA) – After Tax (%) | Over 2% | 2.01 | 0.82 | 1.05 | 1.28 | 1.05 |
| Return on average shareholders’ funds (ROE) – After Tax (%) | Over 20% | 22.06 | 9.78 | 12.46 | 14.66 | 11.28 |
| Growth in gross income (%) | Over 20% | (20.38) | 21.90 | 71.20 | 7.46 | 0.68 |
| Growth in profit after tax for the year (%) | Over 20% | 164.28 | (10.92) | (2.70) | 44.17 | (3.83) |
| Growth in total assets (%) | Over 20% | 8.12 | 6.37 | 24.45 | 12.27 | 25.15 |
| Dividend per share (DPS) (Rs.) | Over Rs. 5.00 | 9.50 | 6.50 | 4.50 | 7.50 | 6.50 |
| Capital adequacy ratios | ||||||
| Common equity Tier I capital ratio (minimum requirement – 8.500%) | 2% buffer over the regulatory minimum requirement |
14.227 | 11.442 | 11.389 | 11.923 | 13.217 |
| Tier I capital ratio (minimum requirement – 10.000%) | 14.227 | 11.442 | 11.389 | 11.923 | 13.217 | |
| Total capital ratio (minimum requirement – 14.000%) | 18.142 | 15.151 | 14.657 | 15.650 | 16.819 | |