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COMMERCIAL BANK OF CEYLON PLC

ANNUAL REPORT 2024
 

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Integrated Report

Performance Analysis

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Summary of Interim Financial Statements

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Independent Assurance Report - Internal Control

Income Statement – Group and Bank – 2024 and 2023

1st Quarter ended
March 31
2nd Quarter ended
June 30
3rd Quarter ended
September 30
4th Quarter ended
December 31
For the Year ended
December 31
2024
Rs. ’000		 2023
Rs. ’000		 2024
Rs. ’000		 2023
Rs. ’000		 2024
Rs. ’000		 2023
Rs. ’000		 2024
Rs. ’000		 2023
Rs. ’000		 2024
Rs. ’000		 2023
Rs. ’000
Group Group
Net interest income 27,698,032 18,975,227 30,921,819 18,474,443 30,358,990 23,432,092 29,155,843 25,533,597 118,134,684 86,415,359 Net interest income
Net fee and commission income 5,633,198 5,402,176 5,436,243 5,188,782 5,936,994 5,618,955 6,639,743 6,177,406 23,646,178 22,387,319 Net fee and commission income
Other operating income (net) 1,616,138 909,546 5,951,689 1,569,631 2,165,474 6,879,193 (44,455,127) 3,908,752 (34,721,826) 13,267,122 Other operating income (net)
Less: Impairment charges/(reversal) and Other Losses 3,435,941 6,797,175 15,580,582 6,413,788 1,002,548 12,571,147 (82,313,885) 13,112,960 (62,294,814) 38,895,070 Less: Impairment charges/(reversal) and Other Losses
Net operating income 31,511,427 18,489,774 26,729,169 18,819,068 37,458,910 23,359,093 73,654,344 22,506,795 169,353,850 83,174,730 Net operating income
Less: Expenses 12,054,299 10,677,690 12,408,404 10,607,104 12,029,939 10,691,452 15,345,716 12,313,586 51,838,358 44,289,832 Less: Expenses
Operating profit before Taxes on financial services 19,457,128 7,812,084 14,320,765 8,211,964 25,428,971 12,667,641 58,308,628 10,193,209 117,515,492 38,884,898 Operating profit before Taxes on financial services
Less: Taxes on financial services 2,718,730 1,071,894 1,941,302 862,074 4,206,463 1,730,659 10,840,180 1,296,765 19,706,675 4,961,392 Less: Taxes on financial services
Operating profit after Taxes on financial services 16,738,398 6,740,190 12,379,463 7,349,890 21,222,508 10,936,982 47,468,448 8,896,444 97,808,817 33,923,506 Operating profit after Taxes on financial services
Add/(less): Share of profit/(loss) of associate, net of tax (576) 1,245 29 1,107 (195) 1,546 282 (403) (460) 3,495 Add/(less): Share of profit/(loss) of associate, net of tax
Profit before income tax 16,737,822 6,741,435 12,379,492 7,350,997 21,222,313 10,938,528 47,468,730 8,896,041 97,808,357 33,927,001 Profit before income tax
Less: Income tax expense 5,929,491 2,382,405 4,288,752 3,419,553 8,584,217 4,465,397 23,319,485 1,759,986 42,121,945 12,027,341 Less: Income tax expense
Profit for the period 10,808,331 4,359,030 8,090,740 3,931,444 12,638,096 6,473,131 24,149,245 7,136,055 55,686,412 21,899,660 Profit for the period
Quarterly profit as a percentage of the profit after tax of the year 19.4 19.9 14.5 18.0 22.7 29.6 43.4 32.6 100.0 100.0 Quarterly profit as a percentage of the profit after tax of the year
Cumulative quarterly profit as a percentage of the profit after tax of the year 19.4 19.9 33.9 37.9 56.6 67.4 100.0 100.0 – – Cumulative quarterly profit as a percentage of the profit after tax of the year
Bank Bank
Net interest income 26,888,136 18,208,012 30,063,986 17,718,922 29,398,775 22,545,916 28,207,442 24,630,715 114,558,339 83,103,565 Net interest income
Net fee and commission income 5,442,141 5,205,619 5,215,603 5,020,730 5,776,534 5,471,251 6,094,931 5,860,594 22,529,209 21,558,194 Net fee and commission income
Other operating income (net) 1,573,192 949,028 5,765,579 1,539,808 1,979,480 6,860,424 (44,829,011) 4,098,472 (35,510,760) 13,447,732 Other operating income (net)
Less: Impairment charges/(reversal) and Other Losses 3,291,970 6,640,021 15,289,196 6,462,414 675,059 12,816,947 (82,471,294) 12,704,357 (63,215,069) 38,623,739 Less: Impairment charges/(reversal) and Other Losses
Net operating income 30,611,499 17,722,638 25,755,972 17,817,046 36,479,730 22,060,644 71,944,656 21,885,424 164,791,857 79,485,752 Net operating income
Less: Expenses 11,702,062 10,313,856 11,999,431 10,329,471 11,601,509 10,424,726 14,350,371 11,576,147 49,653,373 42,644,200 Less: Expenses
Operating profit before Taxes on financial services 18,909,437 7,408,782 13,756,541 7,487,575 24,878,221 11,635,918 57,594,285 10,309,277 115,138,484 36,841,552 Profit before income tax
Less: Taxes on financial services 2,714,659 1,071,894 1,931,010 853,344 4,170,041 1,697,659 10,788,163 1,338,495 19,603,873 4,961,392 Less: Income tax expense
Profit before income tax 16,194,778 6,336,888 11,825,531 6,634,231 20,708,180 9,938,259 46,806,122 8,970,782 95,534,611 31,880,160 Profit before income tax
Less: Income Tax Expense 5,743,494 2,245,815 4,179,094 3,211,792 8,429,989 4,148,494 23,108,530 1,813,097 41,461,107 11,419,198 Less: Income Tax Expense
Profit for the period 10,451,284 4,091,073 7,646,437 3,422,439 12,278,191 5,789,765 23,697,592 7,157,685 54,073,504 20,460,962 Profit for the period
Quarterly profit as a percentage of the profit after tax of the year 19.3 20.0 14.1 16.7 22.7 28.3 43.8 35.0 100.0 100.0 Quarterly profit as a percentage of the profit after tax of the year
Cumulative quarterly profit as a percentage of the profit after tax of the year 19.3 20.0 33.5 36.7 56.2 65.0 100.0 100.0 – – Cumulative quarterly profit as a percentage of the profit after tax of the year

Statement of Financial Position – Group – 2024 and 2023

1st Quarter
2nd Quarter
3rd Quarter
4th Quarter (Audited)
As at March 31, 2024
Rs. ’000		 March 31, 2023
Rs. ’000		 June 30, 2024
Rs. ’000		 June 30, 2023
Rs. ’000		 September 30,
2024
Rs. ’000		 September 30,
2023
Rs. ’000		 December 31,
2024
Rs. ’000		 December 31,
2023
Rs. ’000		 As at
Assets Assets
Cash and cash equivalents 119,329,381 147,860,571 103,437,079 112,544,293 80,306,909 114,518,140 89,615,459 159,701,507 Cash and cash equivalents
Balances with Central Banks 44,654,477 95,653,467 48,211,823 61,871,953 58,735,643 37,516,912 55,989,574 62,633,503 Balances with Central Banks
Placements with banks 109,891,013 54,909,247 126,150,729 53,920,816 78,158,980 66,538,167 101,104,941 81,506,653 Placements with banks
Securities purchased under re-sale agreements 31,290,304 3,524,478 11,917,984 3,378,561 29,331,046 549,770 28,655,962 31,148,729 Securities purchased under re-sale agreements
Derivative financial assets 8,000,370 8,064,310 5,291,686 7,032,972 4,965,263 6,091,290 4,264,271 7,226,484 Derivative financial assets
Financial assets recognised through profit or loss – measured at fair value 68,322,294 28,922,409 77,951,714 50,791,983 88,971,212 98,042,540 91,677,346 29,449,653 Financial assets recognised through profit or loss – measured at fair value
Financial assets at amortised cost – Loans and advances to banks – – – – – – – – Financial assets at amortised cost – Loans and advances to banks
Financial assets at amortised cost – Loans and advances to other customers 1,224,802,343 1,094,383,487 1,265,991,667 1,096,826,774 1,320,237,111 1,148,276,787 1,421,004,171 1,204,865,597 Financial assets at amortised cost – Loans and advances to other customers
Financial assets at amortised cost – Debt and other financial instruments 652,390,804 765,050,417 648,766,175 740,197,253 662,264,081 706,747,778 701,751,287 685,155,537 Financial assets at amortised cost – Debt and other financial instruments
Financial assets measured at fair value through other comprehensive income 250,960,953 186,912,374 297,079,303 230,826,265 330,910,503 246,477,855 303,218,395 287,732,972 Financial assets measured at fair value through other comprehensive income
Investments in subsidiaries – – – – – – – – Investments in subsidiaries
Investments in associate 58,319 56,778 58,411 57,856 58,305 59,475 58,791 59,004 Investments in associate
Property, plant and equipment and right-of-use assets 28,784,956 27,492,933 29,938,899 26,649,043 30,555,118 26,538,514 30,670,410 28,997,246 Property, plant and equipment and right-of-use assets
Investment properties 597,825 326,350 628,125 424,550 628,125 545,850 743,900 597,825 Investment properties
Intangible assets 4,410,409 4,137,176 4,309,381 4,042,878 4,332,953 4,061,409 4,757,905 4,289,404 Intangible assets
Leasehold property – – – – – – – – Leasehold property
Deferred tax assets 34,013,003 30,366,788 37,108,309 30,251,431 36,417,900 32,664,942 12,563,217 34,511,410 Deferred tax assets
Other assets 38,913,287 44,558,078 33,621,620 43,351,569 37,393,604 36,882,221 29,917,238 37,736,151 Other assets
Total assets 2,616,419,738 2,492,218,863 2,690,462,905 2,462,168,197 2,763,266,753 2,525,511,650 2,875,992,867 2,655,611,675 Total assets
Liabilities Liabilities
Due to banks 24,554,816 42,905,385 29,722,835 50,020,369 35,954,748 48,268,948 25,376,564 47,948,578 Due to banks
Derivative financial liabilities 3,934,942 8,121,606 1,196,124 5,309,026 1,197,206 1,560,980 837,497 2,319,209 Derivative financial liabilities
Securities sold under repurchase agreements 98,228,587 96,322,359 121,428,959 133,588,179 92,630,606 117,895,187 112,461,472 111,186,824 Securities sold under repurchase agreements
Financial liabilities at amortised cost – due to depositors 2,140,750,660 2,023,418,699 2,192,925,482 1,958,690,813 2,226,517,754 2,038,498,641 2,306,079,421 2,147,906,858 Financial liabilities at amortised cost – due to depositors
Financial liabilities at amortised cost – other borrowings 12,584,684 10,837,010 11,587,547 11,481,198 12,238,822 13,243,625 14,273,156 12,756,021 Financial liabilities at amortised cost – other borrowings
Current tax liabilities 18,031,815 23,651,014 18,101,556 23,513,300 18,939,734 14,420,344 13,502,666 15,256,244 Current tax liabilities
Deferred tax liabilities 513,179 435,020 513,703 433,316 512,850 431,708 511,000 514,207 Deferred tax liabilities
Other liabilities 55,275,609 44,064,040 48,377,491 36,253,554 55,596,643 48,296,812 59,423,992 56,266,302 Other liabilities
Due to subsidiaries – – – – – – – – Due to subsidiaries
Subordinated liabilities 37,349,629 33,487,710 37,178,895 33,262,957 58,647,141 24,869,883 57,707,677 36,482,939 Subordinated liabilities
Total liabilities 2,391,223,921 2,283,242,843 2,461,032,592 2,252,552,712 2,502,235,504 2,307,486,128 2,590,173,445 2,430,637,182 Total liabilities
Equity Equity
Stated capital 65,184,125 62,891,772 65,374,734 62,891,772 87,971,557 62,948,003 88,017,094 62,948,003 Stated capital
Statutory reserves 13,586,534 12,079,670 13,586,534 12,079,670 13,586,534 12,079,670 16,469,686 13,586,534 Statutory reserves
Retained earnings 12,042,982 5,440,390 19,971,984 9,216,216 32,531,218 15,470,462 17,533,670 9,943,003 Retained earnings
Other reserves 130,019,202 124,736,413 125,898,028 121,617,007 122,323,505 123,309,743 159,108,992 133,993,167 Other reserves
Total equity attributable to equity holders of the Group 220,832,843 205,148,245 224,831,280 205,804,665 256,412,814 213,807,878 281,129,442 220,470,707 Total equity attributable to equity holders of the Group
Non-controlling interest 4,362,974 3,827,775 4,599,033 3,810,820 4,618,435 4,217,644 4,689,980 4,503,786 Non-controlling interest
Total equity 225,195,817 208,976,020 229,430,313 209,615,485 261,031,249 218,025,522 285,819,422 224,974,493 Total equity
Total liabilities and equity 2,616,419,738 2,492,218,863 2,690,462,905 2,462,168,197 2,763,266,753 2,525,511,650 2,875,992,867 2,655,611,675 Total liabilities and equity
Contingent liabilities and commitments 686,561,276 629,373,712 661,784,412 605,333,607 697,644,269 602,365,134 750,876,960 675,776,516 Contingent liabilities and commitments
Net assets value per ordinary share (Rs.) 164.93 156.18 167.66 156.68 159.28 162.70 174.58 167.77 Net assets value per ordinary share (Rs.)
Quarterly growth (%) Quarterly growth (%)
Financial assets at amortised cost – loans and advances to banks & loans and advances to other customers (%) 1.65 -5.29 3.36 0.22 4.28 4.69 7.63 4.93 Financial assets at amortised cost – loans and advances to banks & loans and advances to other customers (%)
Financial liabilities at amortised cost – due to depositors (%) -0.33 2.31 2.44 -3.20 1.53 4.07 3.57 5.37 Financial liabilities at amortised cost – due to depositors (%)
Total assets (%) -1.48 -0.29 2.83 -1.21 2.71 2.57 4.08 5.15 Total assets (%)

Statement of Financial Position – Bank – 2024 and 2023

1st Quarter
2nd Quarter (Audited)
3rd Quarter
4th Quarter (Audited)
As at March 31,
2024
Rs. ’000		 March 31,
2023
Rs. ’000		 June 30,
2024
Rs. ’000		 June 30,
2023
Rs. ’000		 September 30,
2024
Rs. ’000		 September 30,
2023
Rs. ’000		 December 31,
2024
Rs. ’000		 December 31,
2023
Rs. ’000		 As at
Assets Assets
Cash and cash equivalents 116,947,631 146,685,596 101,811,169 110,088,365 77,865,228 111,976,719 86,848,291 157,819,287 Cash and cash equivalents
Balances with Central Banks 33,208,736 84,945,804 39,797,629 53,719,053 47,548,512 27,819,813 45,702,086 52,817,502 Balances with Central Banks
Placements with banks 109,120,147 54,689,175 125,372,367 53,711,794 76,191,803 66,337,893 99,300,303 81,344,696 Placements with banks
Securities purchased under re-sale agreements 31,290,304 3,524,478 11,917,984 3,378,561 29,331,046 549,770 28,655,962 31,148,729 Securities purchased under re-sale agreements
Derivative financial assets 8,000,370 8,064,310 5,291,686 7,032,972 4,965,263 6,091,290 4,264,271 7,226,484 Derivative financial assets
Financial assets recognised through profit or loss – measured at fair value 68,322,294 28,922,409 77,951,714 50,791,983 88,971,212 98,042,540 91,677,346 29,449,653 Financial assets recognised through profit or loss – measured at fair value
Financial assets at amortised cost – Loans and advances to banks – – – – – – – – Financial assets at amortised cost – Loans and advances to banks
Financial assets at amortised cost – Loans and advances to other customers 1,197,264,264 1,070,780,771 1,233,245,826 1,071,346,946 1,287,731,593 1,119,577,738 1,384,524,660 1,176,359,971 Financial assets at amortised cost – Loans and advances to other customers
Financial assets at amortised cost – Debt and other financial instruments 624,438,559 724,191,295 619,707,183 705,929,076 636,567,585 672,664,794 667,709,691 649,740,408 Financial assets at amortised cost – Debt and other financial instruments
Financial assets measured at fair value through other comprehensive income 250,098,847 186,131,686 295,333,192 230,097,911 329,292,200 245,702,748 301,584,142 287,023,009 Financial assets measured at fair value through other comprehensive income
Investments in subsidiaries 5,808,429 5,808,429 5,808,429 5,808,429 5,808,429 5,808,429 5,808,429 5,808,429 Investments in subsidiaries
Investments in associate 44,331 44,331 44,331 44,331 44,331 44,331 44,331 44,331 Investments in associate
Property, plant and equipment and right-of-use assets 26,059,513 25,502,884 26,982,885 24,608,919 27,590,010 24,415,513 27,600,648 26,257,902 Property, plant and equipment and right-of-use assets
Investment properties – – – – – – – – Investment properties
Intangible assets 3,852,023 3,588,752 3,769,124 3,500,095 3,788,351 3,516,989 4,221,131 3,736,504 Intangible assets
Leasehold property – – – – – – – – Leasehold property
Deferred tax assets 33,571,817 29,941,540 36,608,773 29,844,651 35,864,555 32,347,028 12,085,844 34,076,526 Deferred tax assets
Other assets 38,623,177 44,325,133 33,369,841 43,100,720 37,053,856 36,579,912 29,753,153 37,474,448 Other assets
Total assets 2,546,650,442 2,417,146,593 2,617,012,133 2,393,003,806 2,688,613,974 2,451,475,507 2,789,780,288 2,580,327,879 Total assets
Liabilities Liabilities
Due to banks 24,373,544 43,057,367 29,151,318 49,463,863 32,551,799 47,554,766 21,306,752 47,274,361 Due to banks
Derivative financial liabilities 3,934,942 8,121,606 1,196,124 5,309,026 1,197,206 1,560,980 837,497 2,319,209 Derivative financial liabilities
Securities sold under repurchase agreements 98,258,447 96,467,167 121,461,356 133,599,880 92,645,238 117,912,371 112,470,392 111,198,516 Securities sold under repurchase agreements
Financial liabilities at amortised cost – due to depositors 2,082,546,570 1,957,874,217 2,132,108,093 1,900,074,880 2,167,546,941 1,976,214,831 2,236,566,800 2,085,046,149 Financial liabilities at amortised cost – due to depositors
Financial liabilities at amortised cost – other borrowings 12,584,684 10,837,010 11,587,547 11,481,198 12,238,822 13,243,625 14,273,156 12,756,021 Financial liabilities at amortised cost – other borrowings
Current tax liabilities 17,789,977 23,261,394 17,781,089 22,992,243 18,681,367 14,133,449 13,145,697 14,951,984 Current tax liabilities
Deferred tax liabilities – – – – – – – – Deferred tax liabilities
Other liabilities 54,028,516 43,563,528 47,069,515 35,754,190 54,164,586 47,596,692 58,064,777 55,050,477 Other liabilities
Due to subsidiaries 143,850 79,101 196,511 76,893 147,640 61,483 145,794 317,221 Due to subsidiaries
Subordinated liabilities 37,349,629 33,487,710 37,178,895 33,262,957 58,647,141 24,869,883 57,707,677 36,482,939 Subordinated liabilities
Total liabilities 2,331,010,159 2,216,749,100 2,397,730,448 2,192,015,130 2,437,820,740 2,243,148,080 2,514,518,542 2,365,396,877 Total liabilities
Equity Equity
Stated capital 65,184,125 62,891,772 65,374,734 62,891,772 87,971,557 62,948,003 88,017,094 62,948,003 Stated capital
Statutory reserves 12,375,906 11,352,858 12,375,906 11,352,858 12,375,906 11,352,858 15,079,581 12,375,906 Statutory reserves
Retained earnings 10,483,110 4,116,877 18,129,699 7,565,019 30,450,668 13,375,628 15,330,940 8,558,385 Retained earnings
Other reserves 127,597,142 122,035,986 123,401,346 119,179,027 119,995,103 120,650,938 156,834,161 131,048,708 Other reserves
Total equity attributable to equity holders of the Bank 215,640,283 200,397,493 219,281,685 200,988,676 250,793,234 208,327,427 275,261,746 214,931,002 Total equity attributable to equity holders of the Bank
Non-controlling interest – – – – – – – – Non-controlling interest
Total equity 215,640,283 200,397,493 219,281,685 200,988,676 250,793,234 208,327,427 275,261,746 214,931,002 Total equity
Total liabilities and equity 2,546,650,442 2,417,146,593 2,617,012,133 2,393,003,806 2,688,613,974 2,451,475,507 2,789,780,288 2,580,327,879 Total liabilities and equity
Contingent liabilities and commitments 680,875,324 626,574,663 656,066,205 602,121,702 690,052,925 600,102,554 743,964,900 668,875,778 Contingent liabilities and commitments
Net assets value per ordinary share (Rs.) 161.05 152.57 163.52 153.02 155.79 158.53 170.94 163.55 Net assets value per ordinary share (Rs.)
Quarterly growth (%) Quarterly growth (%)
Financial assets at amortised cost – loans and advances to
banks & Loans and advances to other customers (%) 		1.78 -5.28 3.01 0.05 4.42 4.50 7.52 5.07 Financial assets at amortised cost – loans and advances to
banks & Loans and advances to other customers (%)
Financial liabilities at amortised cost – due to depositors (%) -0.12 2.27 2.38 -2.95 1.66 4.01 3.18 5.51 Financial liabilities at amortised cost – due to depositors (%)
Total assets (%) -1.31 -0.36 2.76 -1.00 2.74 2.44 3.76 5.26 Total assets (%)
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