My Report
SUPPLEMENTARY INFORMATION
Annex 8: Financial Statements (US Dollars)
Managing Director/Chief Executive Officer's and Chief Financial Officer's Statement of Responsibility
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Independent Assurance Report - Internal Control
Income Statement
GROUP |
BANK |
|||||
| For the year ended December 31, |
2024 USD ’000 |
2023
USD ’000 |
Change
% |
2024 USD ’000 |
2023
USD ’000 |
Change
% |
| Gross income | 938,485 | 1,165,754 | (19.50) | 912,395 | 1,145,973 | (20.38) |
| Interest income | 939,308 | 1,015,856 | (7.54) | 920,124 | 998,697 | (7.87) |
| Less: Interest expense | 536,118 | 720,923 | (25.63) | 529,140 | 715,068 | (26.00) |
| Net interest income | 403,190 | 294,933 | 36.71 | 390,984 | 283,629 | 37.85 |
| Fee and commission income | 117,681 | 104,618 | 12.49 | 113,468 | 101,379 | 11.92 |
| Less: Fee and commission expense | 36,977 | 28,211 | 31.07 | 36,576 | 27,802 | 31.56 |
| Net fee and commission income | 80,704 | 76,407 | 5.62 | 76,892 | 73,577 | 4.51 |
| Net gains/(losses) from trading | (7,512) | (42,599) | 82.37 | (7,512) | (42,599) | 82.37 |
| Net gains/(losses) from derecognition of financial assets | (139,989) | 17,270 | (910.58) | (139,989) | 17,270 | (910.57) |
| Financial assets measured at fair value through other comprehensive income | 13,961 | 17,270 | (19.16) | 13,961 | 17,270 | (19.16) |
| Derecognition loss on restructuring of SLISBs | (153,950) | – | (100.00) | (153,950) | – | (100.00) |
| Net other operating income | 28,997 | 70,609 | (58.93) | 26,304 | 71,226 | (63.07) |
| Other operating income | (118,504) | 45,280 | (361.71) | (121,197) | 45,897 | (364.06) |
| Total operating income | 365,390 | 416,620 | (12.30) | 346,679 | 403,103 | (14.00) |
| Less: Impairment charges/(reversal) and other losses | (212,610) | 132,748 | (260.16) | (215,751) | 131,822 | (263.67) |
| Net operating income | 578,000 | 283,872 | 103.61 | 562,430 | 271,281 | 107.32 |
| Less: Expenses | ||||||
| Personnel expenses | 95,247 | 77,850 | 22.35 | 91,856 | 74,938 | 22.58 |
| Depreciation and amortisation | 16,168 | 14,797 | 9.27 | 15,938 | 14,620 | 9.02 |
| Other operating expenses | 65,507 | 58,512 | 11.95 | 61,672 | 55,986 | 10.16 |
| Total operating expenses | 176,922 | 151,159 | 17.04 | 169,466 | 145,544 | 16.44 |
| Operating profit before taxes on financial services | 401,078 | 132,713 | 202.21 | 392,964 | 125,737 | 212.52 |
| Less: Taxes on financial services | 67,258 | 16,933 | 297.20 | 66,907 | 16,933 | 295.13 |
| Operating profit after taxes on financial services | 333,820 | 115,780 | 188.32 | 326,057 | 108,804 | 199.66 |
| Share of profit/(loss) of associate, net of tax | (2) | 12 | (113.17) | – | – | – |
| Profit before tax | 333,818 | 115,792 | 188.29 | 326,057 | 108,804 | 199.66 |
| Less: Income tax expense | 143,761 | 41,049 | 250.22 | 141,505 | 38,973 | 263.08 |
| Profit for the year | 190,057 | 74,743 | 154.28 | 184,552 | 69,831 | 164.27 |
| Profit attributable to: | ||||||
| Equity holders of the Bank | 187,964 | 72,064 | 160.83 | 184,552 | 69,831 | 164.27 |
| Non-controlling interest | 2,093 | 2,679 | (21.88) | – | – | – |
| Profit for the year | 190,057 | 74,743 | 154.28 | 184,552 | 69,831 | 164.27 |
| Earnings per share | ||||||
| Basic earnings per ordinary share (USD) | 0.13 | 0.05 | 150.10 | 0.13 | 0.05 | 153.46 |
| Diluted earnings per ordinary share (USD) | 0.13 | 0.05 | 149.87 | 0.13 | 0.05 | 153.29 |
US Dollar Accounts
The Income Statement and the Statement of Financial Position given on pages 518 and 519 are solely for the convenience of stakeholders.
Statement of Financial Position
Group |
BANK |
|||||
| As at December 31, |
2024 USD ’000 |
2023
USD ’000 |
Change
% |
2024 USD ’000 |
2023
USD ’000 |
Change
% |
| Assets | ||||||
| Cash and cash equivalents | 305,855 | 545,056 | (43.89) | 296,411 | 538,632 | (44.97) |
| Balances with Central Banks | 191,091 | 213,766 | (10.61) | 155,980 | 180,265 | (13.47) |
| Placements with banks | 345,068 | 278,180 | 24.04 | 338,909 | 277,627 | 22.07 |
| Securities purchased under resale agreements | 97,802 | 106,310 | (8.00) | 97,802 | 106,310 | (8.00) |
| Derivative financial assets | 14,554 | 24,664 | (40.99) | 14,554 | 24,664 | (40.99) |
| Financial assets recognised through profit or loss Measured at fair value |
312,892 | 100,511 | 211.30 | 312,892 | 100,511 | 211.30 |
| Financial assets at amortised cost – loans and advances to other customers |
4,849,844 | 4,112,169 | 17.94 | 4,725,340 | 4,014,880 | 17.70 |
| Financial assets at amortised cost – debt and other financial instruments |
2,395,056 | 2,338,415 | 2.42 | 2,278,873 | 2,217,544 | 2.77 |
| Financial assets measured at fair value through other comprehensive income |
1,034,875 | 982,024 | 5.38 | 1,029,297 | 979,601 | 5.07 |
| Investments in subsidiaries | – | – | – | 19,824 | 19,824 | – |
| Investment in associate | 201 | 201 | – | 151 | 151 | – |
| Property, plant and equipment and right–of–use assets | 104,677 | 98,967 | 5.77 | 94,200 | 89,617 | 5.11 |
| Investment properties | 2,539 | 2,040 | 24.43 | – | – | – |
| Intangible assets | 16,239 | 14,640 | 10.92 | 14,407 | 12,753 | 12.97 |
| Deferred tax assets | 42,878 | 117,786 | (63.60) | 41,249 | 116,302 | (64.53) |
| Other assets | 102,107 | 128,792 | (20.72) | 101,547 | 127,899 | (20.60) |
| Total assets | 9,815,678 | 9,063,521 | 8.30 | 9,521,436 | 8,806,580 | 8.12 |
| Liabilities | ||||||
| Due to banks | 86,609 | 163,647 | (47.08) | 72,719 | 161,346 | (54.93) |
| Derivative financial liabilities | 2,858 | 7,915 | (63.89) | 2,858 | 7,915 | (63.89) |
| Securities sold under repurchase agreements | 383,828 | 379,477 | 1.15 | 383,858 | 379,517 | 1.14 |
| Financial liabilities at amortised cost – due to depositors | 7,870,578 | 7,330,740 | 7.36 | 7,633,334 | 7,116,198 | 7.27 |
| Financial liabilities at amortised cost – other borrowings | 48,714 | 43,536 | 11.89 | 48,714 | 43,536 | 11.89 |
| Current tax liabilities | 46,084 | 52,069 | (11.49) | 44,866 | 51,031 | (12.08) |
| Deferred tax liabilities | 1,744 | 1,755 | (0.63) | – | – | – |
| Other liabilities | 202,814 | 192,036 | 5.61 | 198,174 | 187,885 | 5.48 |
| Due to subsidiaries | – | – | – | 498 | 1,083 | (54.04) |
| Subordinated liabilities | 196,955 | 124,515 | 58.18 | 196,955 | 124,515 | 58.18 |
| Total liabilities | 8,840,184 | 8,295,690 | 6.56 | 8,581,976 | 8,073,026 | 6.30 |
| Equity | ||||||
| Stated capital | 300,400 | 214,840 | 39.82 | 300,400 | 214,840 | 39.82 |
| Statutory reserves | 56,211 | 46,370 | 21.22 | 51,466 | 42,239 | 21.84 |
| Retained earnings | 54,347 | 33,935 | 60.15 | 46,829 | 29,210 | 60.32 |
| Other reserves | 548,529 | 457,315 | 19.95 | 540,765 | 447,265 | 20.90 |
| Total equity attributable to equity holders of the Bank | 959,487 | 752,460 | 27.51 | 939,460 | 733,554 | 28.07 |
| Non–controlling interest | 16,007 | 15,371 | 4.14 | – | – | – |
| Total equity | 975,494 | 767,831 | 27.05 | 939,460 | 733,554 | 28.07 |
| Total liabilities and equity | 9,815,678 | 9,063,521 | 8.30 | 9,521,436 | 8,806,580 | 8.12 |
| Contingent liabilities and commitments | 2,562,720 | 2,306,404 | 11.11 | 2,539,129 | 2,282,852 | 11.23 |
| Net assets value per ordinary share (USD) | 0.60 | 0.57 | 4.06 | 0.58 | 0.56 | 4.52 |
An exchange rate of 1 USD equals 293 LKR for both the years, has been used to facilitate comparison.