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Commercial Bank: Interim Financial Statements - 31 March 2019

IM Insights
By IM Insights
4 years ago
Commercial Bank: Interim Financial Statements - 31 March 2019

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  1. INTERIM FINANCIAL STATEMENTS For the three months ended March 31 , 2019
  2. INCOME STATEMENT 2 GROUP For the three months ended March 31 , 2019 2018 BANK Change 2019 % Rs.'000 (Restated) Rs.'000 2018 Change (Restated) Rs.'000 Rs.'000 % Gross income 35,501,475 31,457,348 12.86 34,947,865 31,101,932 12.37 Interest income 31,977,204 28,082,086 13.87 31,628,547 27,813,315 13.72 Less : Interest expense 19,857,384 17,107,823 16.07 19,747,476 16,999,993 16.16 Net interest income 12,119,820 10,974,263 10.44 11,881,071 10,813,322 9.87 2,973,731 2,900,411 2.53 2,859,276 2,796,444 2.25 525,891 454,024 15.83 523,933 454,024 15.40 2,447,840 2,446,387 0.06 2,335,343 2,342,420 Net gains/(losses) from trading 740,848 243,550 204.19 740,848 243,550 Net gains/(losses) from derecognition of financial assets 108,503 31,148 248.35 108,503 31,148 248.35 (298,811) 200,153 (249.29) (389,309) 217,475 (279.01) Fee and commission income Less: Fee and commission expense Net fee and commission income Net other operating income Total operating income (0.30) 204.19 15,118,200 13,895,501 8.80 14,676,456 13,647,915 7.54 1,896,313 1,126,250 68.37 1,852,370 967,720 91.42 13,221,887 12,769,251 3.54 12,824,086 12,680,195 1.13 Less: Expenses 6,417,633 5,598,241 14.64 6,282,583 5,502,004 14.19 Personnel expenses 3,610,975 3,175,708 13.71 3,557,990 3,138,521 13.37 431,159 374,469 15.14 392,096 344,901 13.68 Other expenses 2,375,499 2,048,064 15.99 2,332,497 2,018,582 15.55 Operating profit before taxes on financial services 6,804,254 7,171,010 (5.11) 6,541,503 7,178,191 (8.87) Less: Taxes on financial services 1,786,960 1,278,110 39.81 1,767,129 1,278,110 38.26 Value Added Tax (VAT) 1,068,097 1,127,744 (5.29) 1,052,280 1,127,744 (6.69) Nation Building Tax (NBT) 142,413 150,366 (5.29) 140,304 150,366 (6.69) Debt Repayment Levy (DRL) 576,450 - 574,545 Less : Impairment charges and other losses Net operating income Depreciation and amortisation Operating profit after taxes on financial services Add: Share of profits/(losses) of associates, net of tax 5,017,294 - 5,892,900 (14.86) 4,774,374 - - 5,900,081 - - (19.08) 1,343 1,616 (16.89) Profit before income tax 5,018,637 5,894,516 (14.86) 4,774,374 5,900,081 - Less : Income tax expense 1,827,824 1,755,985 4.09 1,751,497 1,746,189 0.30 Profit for the period 3,190,813 4,138,531 (22.90) 3,022,877 4,153,892 (27.23) 3,129,917 4,113,732 (23.92) 3,022,877 4,153,892 (27.23) 60,896 24,799 3,190,813 4,138,531 (22.90) 3,022,877 4,153,892 (27.23) Basic earnings per ordinary share (Rs.) 3.05 4.07 (25.06) 2.94 4.11 (28.47) Diluted earnings per ordinary share (Rs.) 3.05 4.07 (25.06) 2.94 4.11 (28.47) (19.08) Profit attributable to: Equity holders of the Bank Non-controlling interest Profit for the period 145.56 - - - Earnings per share (EPS)
  3. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 3 GROUP For the three months ended March 31 , 2019 2018 BANK Change 2019 % Rs.'000 (Restated) Rs.'000 Profit for the Period 3,190,813 2018 Change (Restated) Rs.'000 4,138,531 (22.90) (16,830) 793 (2,222.32) (16,830) 793 (2,222.32) 3,022,877 Rs.'000 % 4,153,892 (27.23) (16,830) 793 (2,222.32) (16,830) 793 (2,222.32) Other comprehensive income, net of tax Items that will never be reclassified to profit or loss Net change in fair value on investments in equity Change in fair value on investments in equity at fair value through other comprehensive income Less: Deferred tax charge/(reversal) on change in fair value on investments in equity - - - - - - Items that are or may be reclassified to profit or loss Net gains/(losses) arising from translating the Financial Statements of foreign operations Net gains/(losses) on investment in financial assets at fair value through other comprehensive income Fair value gains/(losses) that arose during the period, net of tax Fair value gains/(losses) realised to the Income Statement on disposal, net of tax Fair value gains/(losses) recycled to the Income Statement as impairment, net of tax Cash flow hedges - effective portion of changes in fair value, net of tax Share of other comprehensive income/(expense) of associates, net of tax (972,002) 155,679 (724.36) (860,683) 141,132 (709.84) 2,043,849 118,671 1,622.28 2,043,849 118,671 1,622.28 2,103,657 42,308 4,872.24 2,103,657 42,308 4,872.24 (79,114) (28,573) (176.88) (79,114) (28,573) (176.88) 19,306 104,936 (81.60) 19,306 104,936 (81.60) (21,178) 33,409 (163.39) (21,178) 33,409 (163.39) (2,002) (1,511) (32.50) - - - Other comprehensive income/(expense) for the period, net of taxes 1,031,837 307,041 Total comprehensive income for the period 4,222,650 4,445,572 4,208,120 236.06 1,145,158 294,005 289.50 (5.01) 4,168,035 4,447,897 (6.29) 4,415,320 (4.69) 4,168,035 4,447,897 (6.29) 14,530 30,252 (51.97) 4,222,650 4,445,572 (5.01) Attributable to: Equity holders of the Bank Non-controlling interest Total comprehensive income for the period 4,168,035 4,447,897 (6.29)
  4. STATEMENT OF FINANCIAL POSITION 4 Group As at 31 .03.2019 31.12.2018 Bank Change 31.03.2019 % Rs.'000 ( Audited ) Rs.'000 31.12.2018 Change ( Audited ) Rs.'000 Rs.'000 % ASSETS Cash and cash equivalents 51,197,799 44,355,962 15.42 40,490,801 39,534,476 2.42 Balances with Central Banks 51,599,785 55,406,535 (6.87) 49,591,644 54,384,590 (8.81) Placements with banks 28,158,636 19,898,515 41.51 27,972,963 19,898,515 40.58 Securities purchased under resale agreements 23,988,458 9,513,512 152.15 23,988,458 9,513,512 152.15 4,510,499 7,909,962 (42.98) 4,510,499 7,909,962 (42.98) 10,668,315 5,520,167 93.26 10,668,315 5,520,167 93.26 731,801 763,074 (4.10) 731,801 763,074 (4.10) 861,142,772 867,611,976 (0.75) 853,891,574 861,100,315 (0.84) 85,428,291 89,274,413 (4.31) 79,286,240 83,855,436 (5.45) 176,527,583 176,760,611 (0.13) 176,288,466 176,506,729 (0.12) 4,304,032 4,263,631 Derivative financial assets 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 other customers Financial assets at amortised cost – Debt and other financial instruments Financial assets measured at fair value through other comprehensive income Investments in subsidiaries Investments in associates Property, plant & equipment Intangible assets Leasehold property Deferred tax assets - - - 0.95 101,888 105,320 (3.26) 44,331 44,331 16,980,540 17,015,236 (0.20) 15,271,969 15,301,246 1,473,609 1,433,931 2.77 959,417 906,112 5.88 102,705 103,064 (0.35) 71,421 71,652 (0.32) (29.66) - - (0.19) 132,577 188,487 Other assets 30,631,819 24,051,472 27.36 30,526,679 23,911,122 27.67 - Total Assets 1,343,377,077 1,319,912,237 1.78 1,318,598,610 1,303,484,870 1.16 42,694,636 52,362,052 (18.46) 40,274,885 50,101,081 (19.61) 3,961,272 8,021,783 (50.62) 3,961,272 8,021,783 (50.62) (15.42) LIABILITIES Due to banks Derivative financial liabilities Securities sold under repurchase agreements 41,381,747 48,951,394 (15.46) Financial liabilities at amortised cost – due to depositors 1,025,585,219 994,370,875 3.14 Financial liabilities at amortised cost – other borrowings 25,312,923 25,361,912 Current tax liabilities 7,009,677 Deferred tax liabilities 1,043,580 37,467,290 Other liabilities Due to subsidiaries Subordinated liabilities Total Liabilities - 41,531,673 49,104,462 1,006,076,868 983,037,314 2.34 (0.19) 25,312,923 25,361,912 (0.19) 6,735,997 4.06 6,777,712 6,566,358 3.22 971,424 7.43 716,986 646,248 10.95 24,547,513 52.63 37,229,335 24,206,351 53.80 41,719 40,955 37,444,838 37,992,457 1,199,368,211 1,185,078,921 - 37,444,838 37,992,457 1,221,901,182 1,199,315,407 (1.44) 1.88 1.87 (1.44) 1.21
  5. STATEMENT OF FINANCIAL POSITION 5 Group As at 31 .03.2019 31.12.2018 Change Bank 31.03.2019 31.12.2018 ( Audited ) Rs.'000 Change ( Audited ) Rs.'000 % Rs.'000 Rs.'000 % EQUITY Stated capital 40,916,957 39,147,882 4.52 40,916,957 39,147,882 Statutory reserves 7,444,178 7,444,178 - 7,354,143 7,354,143 - Retained earnings 2,965,210 4,949,955 (40.10) 2,973,293 5,063,076 (41.27) 68,936,039 67,855,834 1.59 67,986,006 66,840,848 1.71 120,262,384 119,397,849 0.72 119,230,399 118,405,949 0.70 Other reserves Total equity attributable to equity holders of the Group/Bank Non-controlling Interest Total Equity Total Liabilities and Equity Contingent Liabilities and Commitments Net Assets Value per Ordinary Share (Rs.) - - 4.52 1,213,511 1,198,981 1.21 121,475,895 120,596,830 0.73 119,230,399 118,405,949 0.70 - 1,343,377,077 1,319,912,237 1.78 1,318,598,610 1,303,484,870 1.16 623,050,857 658,860,264 (5.44) 622,647,488 658,721,983 (5.48) 117.04 118.13 (0.92) 116.04 117.15 (0.95) 5,074 5,027 285 285 Memorandum Information Number of Employees Number of Customer Service Centers CERTIFICATION : These Financial Statements have been prepared in compliance with requirements of the Companies Act No. 07 of 2007. (Sgd.) K.D.N. Buddhipala Chief Financial Officer We, the undersigned, being the Chairman and the Managing Director/Chief Executive Officer of the Commercial Bank of Ceylon PLC, certify jointly that: (a) the above financial statements have been prepared in compliance with the formats and definitions prescribed by the Central Bank of Sri Lanka, (b) the information contained in these financial statements have been extracted from the unaudited Financial Statements of the Group & the Bank, unless indicated as audited. (Sgd.) K.G.D.D. Dheerasinghe (Sgd.) S. Renganathan Chairman May 13, 2019 Colombo Managing Director/Chief Executive Officer
  6. STATEMENT OF CHANGES IN EQUITY - GROUP 6 Other Reserves Stated Capital Rs .'000 Balance as at 31.12.2017 - Audited 37,143,541 Statutory Reserve Retained Earnings Fund Rs.'000 6,492,552 Rs.'000 5,086,609 Revaluation Reserve Rs.'000 7,834,003 Available-for-Sale Fair Value Reserve Reserve Rs.'000 (1,707,486) Rs.'000 - Foreign Currency Translation Reserve Hedging Reserve Employee Share Option Reserve General Reserve Shareholders' Funds Non-Controlling Interest Total Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 348,973 (3,212) 529,817 52,270,003 Impact of adoption of SLFRS 09 107,994,800 Recognition of SLFRS 9 ECLs including those measured at FVOCI (5,749,369) Deferred tax on transitional adjustments 1,855,263 Transfer of AFS reserve build o/a reclassification of AFS portfolio to HTM portfolio, net of tax (1,587,069) Impact of reclassifying financial investment from AFS to FVTPL 1,587,069 340,182 (340,182) Remeasurement impact of reclassifying financial investment from L&R to FVOCI Transfer of AFS reserve to fair value reserve 460,599 37,143,541 6,492,552 (54,384) 7,834,003 - 108,866,706 - 194,256 (5,555,113) (5,555,113) (47,775) 1,807,488 1,807,488 - - - - - (11,294) (11,294) (11,294) (460,599) - Balance as at 01.01.2018 - Audited 871,906 - (325,412) 348,973 (3,212) 529,817 52,270,003 - - - 104,235,881 871,906 105,107,787 4,138,531 Total comprehensive income for the three months ended 31.03.2018 Profit for the three months ended 31.03.2018 - - Other comprehensive income for the three months ended 31.03.2018 - - - - Total comprehensive income for the three months ended 31.03.2018 4,113,732 (1,511) 4,112,221 - - - - - 4,113,732 24,799 - - 119,464 150,226 - 33,409 - - 301,588 5,453 307,041 - - 119,464 150,226 33,409 - - 4,415,320 30,252 4,445,572 144,374 Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] Transfer o/a Share-based Payment transactions 144,374 - - - - - - - - 3,452 - - - - - - (3,452) - - - - - - - - - - - 144,374 - Dividends to equity holders Second interim dividend for 2017 Final dividend for 2017 satisfied in the form of issue and allotment of new shares Unclaimed dividend absorbed/(dividend paid) in respect of previous years Share-based Payment transactions 1,794,844 - Transfers during the period Total transactions with equity holders Balance as at 31.03.2018 - (2,989,996) (2,989,996) (1,994,271) (199,427) (96) (96) - 226 (226) 1,942,670 226 (4,984,589) 39,086,211 6,492,778 (926,752) - - - - - - 22,609 - - - 19,157 - 30,197 548,974 22,609 - 7,834,003 - (205,948) 499,199 52,270,003 (3,022,536) (2,531) (2,992,527) (199,427) (96) (2,531) 22,609 (3,025,067) 105,628,665 899,627 106,528,292 13,724,300 Total comprehensive income for the nine months ended 31.12.2018 Profit for the nine months ended 31.12.2018 - - 13,620,974 - - - - - 13,620,974 103,326 Other comprehensive income for the nine months ended 31.12.2018 - - 100,757 (10,010) - (1,180,407) 2,657,853 (6,178) - - 1,562,015 190,232 1,752,247 - - 13,721,731 (10,010) - (1,180,407) 2,657,853 (6,178) - - 15,182,989 293,558 15,476,547 58,709 - - - - - - - - 58,709 - 58,709 2,962 - - - - - - (2,962) - - - - - - - - - - - - Total comprehensive income for the nine months ended 31.12.2018 - Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] Transfer o/a Share-based Payment transactions Dividends to equity holders First interim dividend for 2018 Unclaimed dividend absorbed/(dividend paid) in respect of previous years 1,700 Share-based Payment transactions - - Profit due to change in ownership - - Movement due to change in ownership - - Transfers during the period Total transactions with equity holders Balance as at 31.12.2018 - Audited (1,516,084) - (1,516,084) 1,700 37 - - - - 45,972 - 3,344 - - - - - - (2,584) (4,862) - - - - - - - - - 951,400 (6,331,400) 61,671 951,400 (7,845,024) 39,147,882 7,444,178 4,949,955 (4,862) 7,819,131 - (1,386,355) 3,157,052 5,380,000 - 43,010 5,380,000 24,019 591,984 57,650,003 45,972 (1,687) (1,517,771) 1,737 - 45,972 3,344 - 3,344 (7,446) 7,446 - (1,413,805) 119,397,849 5,796 1,198,981 (1,408,009) 120,596,830
  7. Other Reserves Stated Capital Rs .'000 Statutory Reserve Retained Earnings Fund Rs.'000 Rs.'000 Revaluation Reserve Rs.'000 Available-for-Sale Fair Value Reserve Reserve Rs.'000 Rs.'000 Foreign Currency Translation Reserve Hedging Reserve Employee Share Option Reserve General Reserve Shareholders' Funds Non-Controlling Interest Total Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Impact of adoption of SLFRS 16 Reversal of deferred tax asset created on liability o/a straight lining of lease rentals Balance as at 01.01.2019 (57,627) 39,147,882 7,444,178 4,892,328 (57,627) 7,819,131 - (1,386,355) 3,157,052 24,019 591,984 57,650,003 119,340,222 (57,627) 1,198,981 120,539,203 3,190,813 Total comprehensive income for the three months ended 31.03.2019 Profit for the three months ended 31.03.2019 - - Other comprehensive income for the three months ended 31.03.2019 - - - - 30,128 - - - - - - - Total comprehensive income for the three months ended 31.03.2019 3,129,917 - - - - - 3,129,917 60,896 - - 2,027,019 (925,636) (21,178) - - 1,078,203 (46,366) 1,031,837 - - 2,027,019 (925,636) (21,178) - - 4,208,120 14,530 4,222,650 - - - - - - 30,128 (3,032,869) - - - - - - (3,032,869) - (3,032,869) (2,022,032) - - - - - - (283,085) - (283,085) (132) - - - - - - (132) - (132) - - - - (2,002) 3,127,915 - Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] - - 30,128 Dividends to equity holders Second interim dividend for 2018 Final dividend for 2018 satisfied in the form of issue and allotment of new shares Unclaimed dividend absorbed/(dividend paid) in respect of previous years Transfers during the period Total transactions with equity holders Balance as at 31.03.2019 1,738,947 1,769,075 40,916,957 7,444,178 (5,055,033) 2,965,210 7,819,131 - 640,664 2,231,416 2,841 591,984 57,650,003 (3,285,958) 120,262,384 1,213,511 (3,285,958) 121,475,895
  8. STATEMENT OF CHANGES IN EQUITY - BANK 7 Other Reserves Stated Capital Rs .'000 Balance as at 31.12.2017 - Audited 37,143,541 Statutory Reserve Retained Earnings Fund Rs.'000 6,476,952 Rs.'000 4,987,446 Revaluation Reserve Rs.'000 7,088,054 Available-for-Sale Fair Value Reserve Reserve Rs.'000 (1,707,494) Rs.'000 - Foreign Currency Translation Reserve Rs.'000 314,253 Hedging Reserve Rs.'000 (3,212) Employee Share Option Reserve Rs.'000 529,817 General Reserve Rs.'000 52,270,003 Impact of adoption of SLFRS 09 Rs.'000 107,099,360 - Recognition of SLFRS 9 ECLs including those measured at FVOCI (5,305,558) Deferred tax on transitional adjustments 1,730,356 Transfer of AFS reserve build o/a reclassification of AFS portfolio to HTM portfolio, net of tax (1,587,069) Impact of reclassifying financial investment from AFS to FVTPL 1,587,069 340,182 (340,182) Remeasurement impact of reclassifying financial investment from L&R to FVOCI Transfer of AFS reserve to fair value reserve Balance as at 01.01.2018 - Audited Total Equity 460,607 37,143,541 6,476,952 165,357 7,088,054 - 194,256 (5,111,302) (47,775) 1,682,581 - - - - (11,294) (11,294) (460,607) - (325,420) 314,253 (3,212) 529,817 52,270,003 103,659,345 Total comprehensive income for the three months ended 31.03.2018 Profit for the three months ended 31.03.2018 - - Other comprehensive income for the three months ended 31.03.2018 - - - - Total comprehensive income for the three months ended 31.03.2018 4,153,892 4,153,892 - - - - - - - 119,464 - 141,132 - 33,409 - - 4,153,892 294,005 - - 119,464 141,132 33,409 - - 4,447,897 144,374 Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] Transfer o/a Share-based Payment transactions 144,374 - - - - - - - - 3,452 - - - - - - (3,452) - - Dividends to equity holders Second interim dividend for 2017 Final dividend for 2017 satisfied in the form of issue and allotment of new shares Unclaimed dividend absorbed/(dividend paid) in respect of previous years Share-based Payment transactions Total transactions with equity holders Balance as at 31.03.2018 - (2,989,996) - - - - - - (2,989,996) - (1,994,271) - - - - - - (199,427) - - (96) - - - - - - - - - - - - - 22,609 - - - 1,794,844 1,942,670 39,086,211 6,476,952 (4,984,363) (665,114) 7,088,054 - - - (205,956) 455,385 - 19,157 30,197 548,974 52,270,003 (96) 22,609 (3,022,536) 105,084,706 Total comprehensive income for the nine months ended 31.12.2018 Profit for the nine months ended 31.12.2018 - - 13,389,936 - - - - - Other comprehensive income for the nine months ended 31.12.2018 - - 110,285 - - (1,179,026) 2,416,385 (6,178) - - 1,341,466 - - 13,500,221 - - (1,179,026) 2,416,385 (6,178) - - 14,731,402 58,709 - - - - - - - - 58,709 2,962 - - - - - - (2,962) - - First interim dividend for 2018 - - - - - - - - Unclaimed dividend absorbed/(dividend paid) in respect of previous years - - 1,244 - - - - - - 1,244 - - - - - - - 45,972 - 45,972 - 43,010 5,380,000 24,019 591,984 57,650,003 Total comprehensive income for the nine months ended 31.12.2018 - 13,389,936 Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] Transfer o/a Share-based Payment transactions Dividends to equity holders Share-based Payment transactions Transfers during the period Total transactions with equity holders Balance as at 31.12.2018 - Audited - (1,516,084) 877,191 (6,257,191) - - 61,671 877,191 (7,772,031) - - 39,147,882 7,354,143 5,063,076 7,088,054 - (1,384,982) 2,871,770 - 5,380,000 (1,516,084) (1,410,159) 118,405,949
  9. Other Reserves Stated Capital Rs .'000 Statutory Reserve Retained Earnings Fund Rs.'000 Rs.'000 Revaluation Reserve Rs.'000 Available-for-Sale Fair Value Reserve Reserve Rs.'000 Rs.'000 Foreign Currency Translation Reserve Hedging Reserve Employee Share Option Reserve General Reserve Total Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Impact of adoption of SLFRS 16 Reversal of deferred tax asset created on liability o/a straight lining of lease rentals (57,627) (57,627) - Balance as at 01.01.2019 39,147,882 7,354,143 5,005,449 7,088,054 - (1,384,982) 2,871,770 24,019 591,984 57,650,003 118,348,322 Total comprehensive income for the three months ended 31.03.2019 Profit for the three months ended 31.03.2019 - - Other comprehensive income for the three months ended 31.03.2019 - - - - 30,128 - 1,738,947 - Total comprehensive income for the three months ended 31.03.2019 3,022,877 - - - - - - - 2,027,019 (860,683) (21,178) - - 1,145,158 - - 2,027,019 (860,683) (21,178) - - 4,168,035 - - - - - - 30,128 (2,022,032) - - - - - - (283,085) (132) - - - - - - (132) - - - - - - - - - - - - 3,022,877 - 3,022,877 Transactions with owners, recognized directly in equity, contributions by and distributions to owners Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] - Dividends to equity holders Second interim dividend for 2018 Final dividend for 2018 satisfied in the form of issue and allotment of new shares (3,032,869) Unclaimed dividend absorbed/(dividend paid) in respect of previous years Share-based Payment transactions Total transactions with equity holders Balance as at 31.03.2019 1,769,075 40,916,957 7,354,143 (5,055,033) 2,973,293 (3,032,869) 7,088,054 - 642,037 2,011,087 2,841 591,984 57,650,003 (3,285,958) 119,230,399
  10. STATEMENT OF CASH FLOWS 8 Group For the three months ended March 31 , 2019 2018 Bank 2019 (Restated) Rs.'000 Rs.'000 2018 (Restated) Rs.'000 Rs.'000 Cash Flows from Operating Activities Profit before taxation 5,018,637 5,894,516 4,774,374 5,900,081 1,884,693 2,439,453 1,801,816 2,234,929 (16,971,380) (57,559,997) (14,402,047) (57,560,742) 22,412,435 72,337,849 14,179,692 72,134,926 Adjustment for: Non-cash items included in profit before tax Change in operating assets Change in operating liabilities Net (gains)/losses from disposal of assets (1,567) Share of profits from associates, net of tax (1,343) (1,616) - - - - - (33,391) Dividend income from subsidiaries and associates Interest expense on subordinated liabilities Net (gains)/losses from disposal of financial investments Benefits paid on defined benefit plans Net unrealized gain from translation of Financial Statements of foreign operations Income taxes paid 940,896 237 597,091 (1,594) 940,896 - 597,091 (104) (4,215) (104) (4,215) (20,080) (16,937) (20,080) (16,937) (972,002) 155,679 (860,683) 141,132 (1,936,159) (1,175,773) (1,923,093) (1,168,549) - Net cash from/(used in) operating activities 10,354,026 22,666,287 4,489,177 22,224,325 Cash Flows from Investing Activities Net purchase of property, plant and equipment Proceeds from the sale of property, plant and equipment Purchase of financial investments Proceeds from sale and maturity of financial investments Net purchase of intangible assets (355,339) (254,153) (307,534) (247,595) 26,153 - 2,684 - - (22,350) - (22,350) 855,284 49,037 855,284 49,037 (104,900) (49,949) (109,449) (37,043) Net cash flow from investment in subsidiaries and associates - - (40,450) - Dividends received from investments in subsidiaries and associates - - - 33,391 Net cash from/(used in) in investing activities 421,198 (277,415) 400,535 (224,560) Cash Flows from Financing Activities Net proceeds from the issue of ordinary voting shares under ESOPs Interest paid on subordinated liabilities Dividend paid to shareholders of the Bank Dividend paid to non-controlling interest Net cash from /(used in) financing activities 30,128 144,374 30,128 144,374 (926,015) (334,744) (926,015) (334,744) (3,033,001) (2,990,092) (3,033,001) (2,990,092) - (2,531) - (3,928,888) (3,182,993) 6,846,336 19,205,879 960,824 18,819,303 Cash and cash equivalents at beginning of the period as per Statement of Financial Position 44,355,962 34,673,424 39,534,476 33,224,619 Cash and cash equivalents at end of the period 51,202,298 53,879,303 40,495,300 52,043,922 Net increase/(decrease) in cash & cash equivalents Less: Impairment charges Cash and cash equivalents as per Statement of Financial Position (4,499) 51,197,799 (3,928,888) (3,180,462) (4,499) 53,879,303 40,490,801 52,043,922
  11. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES - GROUP - As at 31 .03.2019 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 9 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL ASSETS Cash and cash equivalents 51,197,799 51,197,799 Balances with Central Banks 51,599,785 51,599,785 Placements with banks 28,158,636 28,158,636 Securities purchased under resale agreements 23,988,458 23,988,458 Derivative financial assets Financial assets recognised through profit or loss – measured at fair value 4,510,499 4,510,499 10,668,315 10,668,315 731,801 731,801 861,142,772 861,142,772 Financial assets at amortised cost – Loans and advances to banks Financial assets at amortised cost – Loans and advances to other customers 85,428,291 Financial assets at amortised cost – Debt and other financial instruments Financial assets measured at fair value through other comprehensive income Total financial assets 15,178,814 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 1,102,247,542 85,428,291 176,527,583 176,527,583 176,527,583 1,293,953,939 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL LIABILITIES Due to banks 42,694,636 42,694,636 41,381,747 41,381,747 Financial liabilities at amortised cost – due to depositors 1,025,585,219 1,025,585,219 Financial liabilities at amortised cost – other borrowings 25,312,923 25,312,923 Subordinated liabilities 37,444,838 37,444,838 Derivative financial liabilities 3,961,272 Securities sold under repurchase agreements Total financial liabilities 3,961,272 3,961,272 1,172,419,363 - 1,176,380,635
  12. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES - GROUP - As at 31 .12.2018 - (Audited) Financial instruments recognised through profit or loss (FVTPL) Rs.'000 10 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL ASSETS Cash and cash equivalents 44,355,962 44,355,962 Balances with Central Banks 55,406,535 55,406,535 Placements with banks 19,898,515 19,898,515 9,513,512 9,513,512 Securities purchased under resale agreements Derivative financial assets 7,909,962 Financial assets recognised through profit or loss – measured at fair value 5,520,167 7,909,962 5,520,167 763,074 763,074 867,611,976 867,611,976 Financial assets at amortised cost – Loans and advances to banks Financial assets at amortised cost – Loans and advances to other customers 89,274,413 Financial assets at amortised cost – Debt and other financial instruments Financial assets measured at fair value through other comprehensive income Total financial assets 13,430,129 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 1,086,823,987 89,274,413 176,760,611 176,760,611 176,760,611 1,277,014,727 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL LIABILITIES Due to banks 52,362,052 52,362,052 48,951,394 48,951,394 Financial liabilities at amortised cost – due to depositors 994,370,875 994,370,875 Financial liabilities at amortised cost – other borrowings 25,361,912 25,361,912 Subordinated liabilities 37,992,457 37,992,457 1,159,038,690 1,167,060,473 Derivative financial liabilities 8,021,783 Securities sold under repurchase agreements Total financial liabilities 8,021,783 8,021,783
  13. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES - BANK - As at 31 .03.2019 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 11 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL ASSETS Cash and cash equivalents 40,490,801 40,490,801 Balances with Central Banks 49,591,644 49,591,644 Placements with banks 27,972,963 27,972,963 Securities purchased under resale agreements 23,988,458 23,988,458 Derivative financial assets Financial assets recognised through profit or loss – measured at fair value 4,510,499 4,510,499 10,668,315 10,668,315 731,801 731,801 853,891,574 853,891,574 Financial assets at amortised cost – Loans and advances to banks Financial assets at amortised cost – Loans and advances to other customers 79,286,240 Financial assets at amortised cost – Debt and other financial instruments Financial assets measured at fair value through other comprehensive income Total financial assets 15,178,814 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 1,075,953,481 79,286,240 176,288,466 176,288,466 176,288,466 1,267,420,761 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL LIABILITIES Due to banks 40,274,885 40,274,885 41,531,673 41,531,673 Financial liabilities at amortised cost – due to depositors 1,006,076,868 1,006,076,868 Financial liabilities at amortised cost – other borrowings 25,312,923 25,312,923 Subordinated liabilities 37,444,838 37,444,838 Derivative financial liabilities 3,961,272 Securities sold under repurchase agreements Total financial liabilities 3,961,272 3,961,272 1,150,641,187 - 1,154,602,459
  14. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES - BANK - As at 31 .12.2018 - (Audited) Financial instruments recognised through profit or loss (FVTPL) Rs.'000 12 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL ASSETS Cash and cash equivalents 39,534,476 39,534,476 Balances with Central Banks 54,384,590 54,384,590 Placements with banks 19,898,515 19,898,515 9,513,512 9,513,512 Securities purchased under resale agreements Derivative financial assets 7,909,962 Financial assets recognised through profit or loss – measured at fair value 5,520,167 7,909,962 5,520,167 763,074 763,074 861,100,315 861,100,315 Financial assets at amortised cost – Loans and advances to banks Financial assets at amortised cost – Loans and advances to other customers 83,855,436 Financial assets at amortised cost – Debt and other financial instruments Financial assets measured at fair value through other comprehensive income Total financial assets 13,430,129 Financial instruments recognised through profit or loss (FVTPL) Rs.'000 1,069,049,918 83,855,436 176,506,729 176,506,729 176,506,729 1,258,986,776 Financial instruments at Financial instruments at Amortised Cost (AC) fair value through other comprehensive income (FVOCI) Rs.'000 Rs.'000 Total Rs.'000 FINANCIAL LIABILITIES Due to banks 50,101,081 50,101,081 49,104,462 49,104,462 Financial liabilities at amortised cost – due to depositors 983,037,314 983,037,314 Financial liabilities at amortised cost – other borrowings 25,361,912 25,361,912 Subordinated liabilities 37,992,457 37,992,457 1,145,597,226 1,153,619,009 Derivative financial liabilities 8,021,783 Securities sold under repurchase agreements Total financial liabilities 8,021,783 8,021,783
  15. SELECTED PERFORMANCE INDICATORS ( AS PER REGULATORY REPORTING) 13 Bank Group As at As at As at As at 31.03.2019 31.12.2018 31.03.2019 31.12.2018 Regulatory Capital - Rs. '000 Common Equity Tier I 107,087,111 107,110,518 110,209,071 109,879,697 Tier I Capital 107,087,111 107,110,518 110,209,071 109,879,697 Total Capital 143,231,384 147,398,341 146,353,344 150,167,520 Regulatory Capital Ratios (%) Common Equity Tier I Capital Ratio ( Minimum Requirement - 2019 - 8.500%, 2018 - 7.375% ) 11.353% 11.338% 11.364% 11.431% Tier I Capital Ratio ( Minimum Requirement - 2019 - 10.000%, 2018 - 8.875% ) 11.353% 11.338% 11.364% 11.431% Total Capital Ratio ( Minimum Requirement - 2019 - 14.000%, 2018 - 12.875% ) 15.184% 15.603% 15.091% 15.623% 5.95% N/A 6.08% N/A Leverage Ratio ( Minimum Requirement - 2019 - 3% ) Regulatory Liquidity Statutory Liquid Assets - Rs. '000 Domestic Banking Unit 269,689,498 235,866,816 Off-Shore Banking Unit 22,190,571 21,463,887 Statutory Liquid Assets Ratio % ( Minimum Requirement 20% ) Domestic Banking Unit 27.25% 24.47% Off-Shore Banking Unit 31.99% 30.20% Total Stock of High Quality Liquid Assets - Rs. '000 Liquidity Coverage Ratio (%) - Rupee ( Minimum Requirement - 2019 - 100%, 2018 - 90% ) Liquidity Coverage Ratio (%) - All Currency ( Minimum Requirement - 2019- 100%, 2018 - 90% ) Net Stable Funding Ratio (%) ( Minimum Requirement - 2019 - 90% ) 180,620,991 153,018,792 215.13% 236.20% 194.86% 238.69% 141.00% N/A Asset Quality (Quality of Loan Portfolio) Gross Non-Performing Advances Ratio 4.14% 3.24% 2.47% 1.71% Interest Margin 3.68% 3.67% Return on Assets ( before tax ) 1.48% 2.09% 10.32% 15.56% ( Net of Interest in Suspense ) Net Non-Performing Advances Ratio ( Net of Interest in Suspense and Provisions ) Profitability Return on Equity
  16. OPERATING SEGMENTS - GROUP Personal Banking For the three months ended March 31 , 2019 Corporate Banking 2018 2019 14 International Operations 2018 2019 Investment Banking 2018 2019 Dealing/Treasury 2018 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 7,356,139 6,272,137 2,230,209 46,261 101,978 91,059 85,281 1,582,878 1,601,860 2019 Rs.'000 Unallocated/Eliminations 2018 Rs.'000 2019 2018 Total/Consolidated 2019 2018 Rs.'000 Rs.'000 Rs.'000 Rs.'000 936,582 12,119,820 10,974,263 External Operating income : Net interest income Foreign exchange profit Net fee and commission income Other income 1,899,463 1,528,202 1,233,087 (340,261) 332,307 555,510 261,201 - - 476,455 518,425 384,239 316,735 2,810 7,968 8,247 31,157 1,819,270 80,228 20,832 70,289 94 10,596 Total Operating income 9,050,908 8,910,236 2,366,497 2,779,859 Impairment loss expenses (1,207,304) (875,997) (730,216) (44,851) 2,467,951 50,476 (65,313) 196 (739) 109,207 (13,477) 64,062 531,016 894,947 677,687 (337,411) (673,617) 1,458 1,399 - - 310,378 341,378 - 2,447,840 2,446,387 126,653 11,771 61,426 33,309 240,162 133,473 869,860 227,958 282,756 1,043,341 15,118,200 13,895,501 (9,465) (126,612) Net Operating income 7,843,604 8,034,239 1,636,281 2,735,008 2,518,427 1,753,957 80,424 95,730 860,395 101,346 Segment result 1,942,801 2,609,764 1,976,469 2,025,285 1,705,440 1,248,339 18,881 250,234 836,519 133,618 282,756 (1,462,816) 1,043,341 (374,340) Profit from operations Share of profit of Associates, net of tax (1,126,250) 12,769,251 5,017,294 5,892,900 5,017,294 5,892,900 1,343 Income tax expense (1,827,824) Non-controlling interest (60,896) Net profit for the period, attributable to Equity holders of the Bank As at March 31, (1,896,313) 13,221,887 3,129,917 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 1,616 (1,755,985) (24,799) 4,113,732 2018 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 468,552,638 468,754,765 305,078,280 261,614,946 165,660,304 136,262,542 5,507,248 8,674,431 316,115,253 284,735,196 82,361,466 70,571,861 1,343,275,189 1,230,613,741 101,888 108,089 101,888 108,089 Other information Segment assets Investment in associates - - - - - - - - - - - - - - - - Total assets 468,552,638 468,754,765 305,078,280 261,614,946 165,660,304 136,262,542 5,507,248 8,674,431 316,115,253 284,735,196 82,463,354 70,679,950 1,343,377,077 1,230,721,830 Segment liabilities 836,536,353 757,795,647 179,838,005 158,096,339 132,477,640 102,561,255 5,609,136 8,782,520 59,386,791 85,042,225 8,053,257 8,180,886 1,221,901,182 1,120,458,872 Total liabilities 836,536,353 757,795,647 179,838,005 158,096,339 132,477,640 102,561,255 5,609,136 8,782,520 59,386,791 85,042,225 8,053,257 8,180,886 1,221,901,182 1,120,458,872 For the three months ended March 31, 2019 Rs.'000 2018 2019 Rs.'000 Rs.'000 31,396,087 12,464,451 2018 Rs.'000 2019 Rs.'000 2018 2019 2018 2019 2018 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 527,067 74,808,464 345,011 192,213,834 8,534,648 855,284 26,687 2019 Rs.'000 2018 Rs.'000 2019 2018 Rs.'000 Rs.'000 10,354,026 22,666,287 Information on cash flows Cash flows from operating activities (266,502,447) (18,136,526) (2,630,276) Cash flows from investing activities - - - - - - Cash flows from financing activities - - - - - - - - - - 855,284 (926,015) (334,744) (3,002,873) (2,848,249) 26,687 (3,928,888) (3,182,993) Property,Plant & Equipment (329,186) (254,153) Intangible assets (104,900) (49,949) Capital expenditure - Net cash flow generated during the period 6,846,336 19,205,879
  17. SHAREHOLDERS ' INFORMATION 15 Twenty largest voting shareholders as at March 31, 2019 Name of the Shareholder No. of Shares % Employees Provident Fund 92,558,649 9.63 DFCC Bank A/C 1 82,560,377 8.59 Mr.Y. S. H. I. Silva 77,604,815 8.07 Deutsche Bank AG Singapore - DSS A/C Ntasian Discovery Master Fund 54,817,777 5.70 DFCC Bank A/C No.02 47,722,102 4.96 Melstacorp PLC 44,354,324 4.61 Sri Lanka Insurance Corporation Ltd. - Life Fund 43,619,107 4.54 CB NY S/A International Finance Corporation 42,651,626 4.44 Sri Lanka Insurance Corporation Ltd. - General Fund 37,506,430 3.90 Citi Bank Newyork S/A Norges Bank Account 2 20,574,474 2.14 Employees Trust Fund Board 17,054,174 1.77 BNYMSANV RE-LF Ruffer Absolute Return Fund 16,893,393 1.76 Mrs. L. E. M. Yaseen 16,257,919 1.69 JPMCB - T Rowe New Asia Fund 15,163,496 1.58 BNYMSANV RE - First State Investments ICVC - Stewart Investors Indian Subcontinent Fund 14,184,363 1.48 SSBT - BMO Investments II (Ireland) Public Limited Company 10,150,589 1.06 BPSS LUX - Aberdeen Standard SICAV I - Asia Pacific Equity Fund 9,720,591 1.01 BNYMSANV RE - First State Investments ICVC - Stewart Investors Global Emerging Markets Fund 9,702,161 1.01 Renuka Hotels PLC 9,666,942 1.01 Mr. M. J. Fernando 9,181,964 0.96 671,945,273 69.90 Sub total Other Shareholders Total Percentage of public holding as at March 31, 2019 289,307,044 30.10 961,252,317 100.00 - 99.76% Number of shareholders representing public holding as at March 31, 2019 - 10,959 . Twenty largest non-voting shareholders as at March 31, 2019 Name of the Shareholder No. of Shares Citi Bank Newyork S/A Norges Bank Account 2 % 10,181,372 15.37 Employees Trust Fund Board 5,154,149 7.78 Akbar Brothers (Pvt) Ltd. A/C No 1 2,585,323 3.90 GF Capital Global Limited 1,712,928 2.59 BNYM RE-Butterfield Trust (Bermuda) Limited 1,494,489 2.26 M.J.F.Exports (Pvt) Ltd 1,133,395 1.71 Mr. M. F. Hashim 1,076,579 1.62 Saboor Chatoor (Pvt) Ltd 904,646 1.37 Mrs. L. V. C. Samarasinha 891,208 1.35 Mr. M. J. Fernando 730,734 1.10 Mr. T.W.A. Wickramasinghe 676,874 1.02 Union Assurance PLC/No - 01A/C Mr. J. D. Bandaranayake , Ms. N. Bandaranayake & Dr. V. Bandaranayake (Joint) 673,634 629,935 1.02 0.95 Mr. J. D. Bandaranayake , Dr. V. Bandaranayake & Ms. I. Bandaranayake (Joint) 627,619 0.95 Mr. R. Gautam 606,358 0.92 Mr. G. R. Mallawaaratchy & Mrs. B. G. P. Mallawaaratchy (Joint) 555,582 0.84 Mr. K.S.M. De Silva 530,106 0.80 Mr. J.G. De Mel 500,902 0.76 Mr. A.P. Somasiri 463,685 0.70 Mr. A.L. Gooneratne 446,072 0.67 31,575,590 47.66 Sub total Other Shareholders Total Percentage of public holding as at March 31, 2019 Number of shareholders representing public holding as at March 31, 2019 34,678,679 52.34 66,254,269 100.00 - 84.41% - 4,463 Directors' holding in shares as at March 31, 2019 Name of Director No. of Shares Voting Mr.K.G.D.D. Dheerasinghe - Chairman Mr.M.P. Jayawardena - Deputy Chairman Mr.S. Renganathan - Managing Director/Chief Executive Officer Mr.S.C.U. Manatunge - Chief Operating Officer Non-voting 24,254 353,736 12,143 69,778 - Mr.S. Swarnajothi - 11,152 Prof. A.K.W. Jayawardane - - Mr. K. Dharmasiri - - Mr. L.D. Niyangoda - Ms. N.T.M.S. Cooray 193,062 51,540 Mr. G.S. Jadeja (Resigned with effect from April 01, 2019) - - Mr. T.L.B. Hurulle - - Justice K. Sripavan - -
  18. INFORMATION ON ORDINARY SHARES OF THE BANK 16 2019 2018 Rs . Rs. Market price of an ordinary share as at March 31, Voting 98.70 135.80 Non-Voting 84.00 104.00 115.90 142.50 99.40 110.00 Voting 97.00 133.00 Non-Voting 84.00 102.00 Highest price during the quarter ended March 31, Voting Non-Voting Lowest price during the quarter ended March 31, 2019 Number of ordinary shares as at March 31, Voting Non-Voting 2018 961,252,317 945,206,427 66,254,269 65,013,174 EXPLANATORY NOTES 1 There were no changes to the Accounting Policies and methods of computation since the publication of the Annual Report for the year ended December 31, 2018, except for the Accounting Policies and methods of computation adopted to be in compliant with the requirements of the Sri Lanka Accounting Standard SLFRS - 16 on Leases,which became effective for Annual Financial periods from January 01, 2019. 2 These Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard - LKAS 34 on 'Interim Financial Reporting' and provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. Interim Financial Statements for the quarter ended March 31, 2018 has been restated by incorporating the impact on adopting SLFRS 9 which became effective from January 01, 2018. The Bank has previously prepared Interim Financial Statements for the quarter ended March 31, 2018 based on “LKAS 39 – Financial Instruments: Recognition and Measurement” as permitted by the Statement of Alternative Treatment (SoAT) on the Figures in the Interim Financial Statements” issued by The Institute of Chartered Accountants of Sri Lanka. 3 Comparative figures for the three months ended March 31, 2018 - Group and Bank Comparative figures have been re-stated/re-classified where necessary, to conform to the current period presentation. The following line items of the Interim Financial Statements for the quarter ended March 31, 2018 have been restated due to the adoption of SLFRS 9 and the Circular No. 02 of 2019 dated January 18, 2019 issued by the Bank Supervision Department of the Central Bank of Sri Lanka. For the three months ended March 31, 2018 - Bank Income Statement Gross income Interest income Net interest income Net gains/(losses) from trading Net gains/(losses) from derecognition of financial assets Net other operating income Total operating income Impairment charges and other losses Net operating income Operating profit before taxes on financial services Value Added Tax (VAT) Nation Building Tax (NBT) Profit before income tax Income tax expense Profit for the period Restated Rs. '000 31,101,932 As Reported Previously Rs. '000 32,096,302 27,813,315 10,813,322 28,567,496 11,567,503 243,550 31,148 217,475 221,498 33,665 477,199 13,647,915 967,720 12,680,195 7,178,191 1,127,744 150,366 5,900,081 1,746,189 4,153,892 14,642,285 1,463,635 13,178,650 7,676,646 1,181,967 157,596 6,337,083 1,955,996 4,381,087 793 793 118,671 42,308 (28,573) 104,936 294,005 4,447,897 22,845 22,845 (154,829) (191,866) (23,574) 60,611 42,557 4,423,644 Statement of profit or loss and Other Comprehensive Income Net change in fair value on investments in equity Change in fair value on investments in equity at fair value through other comprehensive income Net gains/(losses) on investment in financial assets at fair value through other comprehensive income Fair value gains/(losses) that arose during the period, net of tax Fair value gains/(losses) realised to the Income Statement on disposal, net of tax Fair value gains/(losses) recycled to the Income Statement on reclassification, net of tax Fair value gains/(losses) recycled to the Income Statement as impairment, net of tax Other comprehensive income/(expense) for the period, net of taxes Total comprehensive income for the period Group Inrerim Financial Statements for the three month ended March 31, 2018 also have been restated accordingly. 4 During the quarter, there were no material changes in the composition of assets, liabilities, contingent liabilities. 5 All known expenses including management fees and similar expenses have been provided for in these Interim Financial Statements. 6 There were no material events that took place since March 31, 2019, that require disclosure in these Interim Financial Statements other than those disclosed above.
  19. INFORMATION ON DEBENTURES - BANK Type of Issue 17 Public Public Public Public Public Public Type "A" Type "B" Type "A" Type "B" Type "A" Type "B" CSE Listing Listed Listed Listed Listed Listed Listed Issue Date March 9, 2016 March 9, 2016 Oct 28, 2016 Oct 28, 2016 Jul 23, 2018 Jul 23, 2018 Maturity Date March 8, 2021 March 8, 2026 Oct 27, 2021 Oct 27, 2026 July 22, 2023 July 22, 2028 Interest Payable Frequency (Fixed Interest Rate) Bi-Annually Bi-Annually Bi-Annually Bi-Annually Bi-Annually Bi-Annually Offered Interest Rate 10.75% p.a. 11.25% p.a. 12.00% p.a. 12.25% p.a. 12.00% p.a. 12.50% p.a. Debenture Type Amount (Rs.'000) Market Values - Highest (Rs.) - Lowest (Rs.) - Year-end (Rs.) Interest Rates - Coupon Rate (%) - Effective Annual Yield (%) Interest rate of comparable Government Security 4,430,340 1,749,090 5,071,800 1,928,200 8,393,840 1,606,160 90.00 90.00 * 90.00 100.00 100.00 ** 100.00 90.00 90.00 *** 90.00 Not traded during the year Not traded during the year Not traded during the year 10.75 11.04 11.25 11.57 12.00 12.36 12.25 12.63 12.00 12.36 12.50 12.89 10.50 11.10 10.60 11.15 10.85 11.35 Other Ratios as at date of last trade - Interest Yield (%) 16.57 11.25 16.86 - N/A - - N/A - - N/A - - Yield to Maturity (%) 16.32 11.25 16.64 - N/A - - N/A - - N/A - * Last traded date was January 30, 2019. ** Last traded date was February 18, 2019. *** Last traded date was March 13, 2019.
  20. ANALYSIS OF LOANS AND ADVANCES TO OTHER CUSTOMERS AND IMPAIRMENT 18 Group As at 31 .03.2019 Rs.'000 Gross loans and advances to other customers Less: Accumulated impairment under stage 1 As at 31.12.2018 Rs.'000 Bank As at 31.03.2019 Rs.'000 As at 31.12.2018 Rs.'000 892,843,964 897,955,796 884,639,264 890,229,368 2,799,294 2,814,943 2,667,972 2,659,185 : Accumulated impairment under stage 2 5,296,427 5,984,306 5,210,188 5,873,226 : Accumulated impairment under stage 3 23,605,471 21,544,571 22,869,530 20,596,642 861,142,772 867,611,976 853,891,574 861,100,315 Net value of loans and advances to other customers Gross loans and advances to other customers By product - Domestic Currency Overdrafts 122,627,133 125,698,662 122,627,133 125,698,662 Trade finance 53,018,241 56,987,971 53,018,241 56,987,971 Lease rental receivable 43,616,906 40,336,066 37,006,906 37,737,201 Credit cards 12,952,571 12,866,454 12,952,571 12,866,454 Pawning 1,663,582 1,577,472 1,663,582 1,577,472 Staff loans 9,233,038 9,137,897 9,233,038 9,129,558 Housing loans 58,149,997 57,319,225 58,149,997 57,319,225 Personal loans 35,522,569 36,199,390 35,522,569 34,289,641 352,280,586 351,940,397 354,252,344 351,779,655 635,884 584,950 635,884 584,950 689,700,507 692,648,484 685,062,265 687,970,789 Overdrafts 17,120,311 16,295,323 15,922,351 15,267,860 Trade finance 18,389,301 20,692,527 18,295,004 20,611,079 Lease rental receivable 831,867 897,835 831,453 897,835 Credit cards 121,542 109,063 121,542 109,063 Staff loans 166,801 173,136 166,801 171,191 5,048,807 5,215,642 5,048,807 5,068,940 Term loans Bills of Exchange Sub total By product - Foreign Currency Housing loans Personal loans 907,854 769,201 566,179 543,105 137,846,506 136,995,191 135,914,394 135,455,779 22,710,468 24,159,394 22,710,468 24,133,727 Sub total 203,143,457 205,307,312 199,576,999 202,258,579 Gross loans and advances to other customers 892,843,964 897,955,796 884,639,264 890,229,368 Term loans Bills of Exchange
  21. ANALYSIS OF LOANS AND ADVANCES TO OTHER CUSTOMERS AND IMPAIRMENT 19 Movement of impairment during the period Under Stage 1 Balance as at January 1 , Charge/(write back) to the Income Statement Net write-off/(recoveries) during the year Exchange rate variance on foreign currency provisions Balance as at March/ December 31, 2,814,943 (12,616) (3,033) 3,126,167 (324,074) (800) 13,650 2,659,185 11,820 (3,033) 3,041,886 (393,953) (800) 12,052 2,799,294 2,814,943 2,667,972 2,659,185 5,984,306 4,348,188 5,873,226 4,165,027 Under Stage 2 Balance as at January 1, Charge/(write back) to the Income Statement Net write-off/(recoveries) during the year Exchange rate variance on foreign currency provisions Balance as at March/ December 31, (686,555) (1,324) 1,632,467 (819) 4,470 (661,714) (1,324) 1,704,548 (819) 4,470 5,296,427 5,984,306 5,210,188 5,873,226 21,544,571 15,136,256 20,596,642 14,211,504 2,220,293 7,071,147 2,432,281 6,812,653 Under Stage 3 Balance as at January 1, Charge/(write back) to the Income Statement Net write-off/(recoveries) during the year Exchange rate variance on foreign currency provisions Interest accrued / (reversals) on impaired loans and advances Other movements Balance as at March/ December 31, 307,151 (590,601) 307,151 (355,284) (66,088) 278,179 (66,088) 278,179 (440,264) (360,876) (440,264) (360,876) 39,808 10,466 39,808 10,466 23,605,471 21,544,571 22,869,530 20,596,642 30,343,820 22,610,611 29,129,053 21,418,417 1,521,122 8,379,540 1,782,387 8,123,248 Total Impairment Balance as at January 1, Charge/(write back) to the Income Statement Net write-off/(recoveries) during the year 307,151 (592,220) 307,151 Exchange rate variance on foreign currency provisions (70,445) 296,299 (70,445) 294,701 (440,264) (360,876) (440,264) (360,876) Interest accrued / (reversals) on impaired loans and advances Other movements Balance as at March/ December 31, (356,903) 39,808 10,466 39,808 10,466 31,701,192 30,343,820 30,747,690 29,129,053
  22. ANALYSIS OF COMMITMENT AND CONTINGENCIES AND IMPAIRMENT 20 Group As at 31 .03.2019 Rs.'000 Gross commitments and contingencies Bank As at 31.12.2018 Rs.'000 As at 31.03.2019 Rs.'000 As at 31.12.2018 Rs.'000 623,050,857 658,860,264 622,647,488 658,721,983 Accumulated impairment under stage 1 606,795 528,932 606,795 528,932 Accumulated impairment under stage 2 133,914 89,177 133,914 89,177 Accumulated impairment under stage 3 45,398 108,531 45,398 108,531 786,107 726,640 786,107 726,640 Impairment on commitments and contingencies Total Impairment Gross commitments and contingencies By product – Domestic currency Contingencies 49,816,903 48,779,383 49,816,903 48,779,383 Guarantees 33,824,902 32,036,013 33,824,902 32,036,013 Bonds 14,185,715 14,941,012 14,185,715 14,941,012 Documentary Credits 1,198,179 1,199,201 1,198,179 1,199,201 Acceptances 142,269 251,512 142,269 251,512 Bills for collection 465,838 351,645 465,838 351,645 78,667,151 73,705,674 78,667,151 73,705,674 77,499,207 73,247,254 77,499,207 73,247,254 1,167,944 458,420 1,167,944 458,420 128,484,054 122,485,057 128,484,054 122,485,057 417,012,594 448,560,362 416,609,224 448,422,081 Guarantees 17,921,490 16,430,567 17,624,142 16,376,138 Bonds 19,272,375 30,174,699 19,272,375 30,171,139 Documentary Credits 40,433,910 48,279,363 40,377,687 48,199,071 Commitments Undrawn commitments Capital commitments Sub Total By product - Foreign Currency Contingencies Forward exchange and Currency Swaps 270,516,708 281,906,678 270,516,708 281,906,678 Acceptances 40,052,566 41,680,045 40,023,848 41,680,045 Bills for collection 27,649,962 28,848,783 27,628,881 28,848,783 1,157,104 1,230,582 1,157,104 1,230,582 8,479 9,645 8,479 9,645 77,554,209 87,814,845 77,554,210 87,814,845 77,554,209 87,814,845 77,554,210 87,814,845 Stock of Travelers' Cheques Bullion on consignment Commitments Undrawn commitments Capital commitments Sub Total Total - - - - 494,566,803 536,375,207 494,163,434 536,236,926 623,050,857 658,860,264 622,647,488 658,721,983
  23. ANALYSIS OF COMMITMENT AND CONTINGENCIES AND IMPAIRMENT Group 21 Bank As at 31 .03.2019 As at 31.12.2018 As at 31.03.2019 As at 31.12.2018 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Movement of impairment during the period Under Stage 1 Balance as at January 1, Charge/(write back) to the Income Statement Exchange rate variance on foreign currency provisions Balance as at March/ December 31, 528,932 656,764 528,932 656,764 78,677 (130,732) 78,677 (130,732) (814) 2,900 (814) 2,900 606,795 528,932 606,795 528,932 Balance as at January 1, 89,177 111,946 89,177 111,946 Charge/(write back) to the Income Statement 44,737 (22,769) 44,737 (22,769) 133,914 89,177 133,914 89,177 Balance as at January 1, 108,531 78,949 108,531 78,949 Charge/(write back) to the Income Statement (63,133) 29,582 (63,133) 29,582 45,398 108,531 45,398 108,531 726,640 847,659 726,640 847,659 60,281 (123,919) 60,281 (123,919) Under Stage 2 Balance as at March/ December 31, Under Stage 3 Balance as at March/ December 31, Total Impairment Balance as at January 1, Charge/(write back) to the Income Statement Exchange rate variance on foreign currency provisions Balance as at March/ December 31, (814) 786,107 2,900 726,640 (814) 786,107 2,900 726,640 ANALYSIS OF DEPOSITS Group As at 31.03.2019 Rs.'000 As at 31.12.2018 Rs.'000 Bank As at 31.03.2019 Rs.'000 As at 31.12.2018 Rs.'000 By product - Domestic Currency Current account deposits Savings deposits Time deposits Certificate of deposits Sub Total 48,047,719 236,701,434 485,377,401 66,548 770,193,102 45,166,224 227,412,160 475,290,328 83,053 747,951,765 48,049,195 236,830,595 485,479,057 66,548 770,425,395 45,177,113 227,493,335 475,389,390 83,053 748,142,891 By product - Foreign Currency Current account deposits Savings deposits Time deposits Certificate of deposits Sub Total 37,711,470 72,369,967 145,310,680 255,392,117 32,286,978 72,501,383 141,630,749 246,419,110 23,811,141 69,514,619 142,325,713 235,651,473 26,476,915 69,972,029 138,445,479 234,894,423 1,025,585,219 994,370,875 1,006,076,868 983,037,314 Total
  24. CORPORATE INFORMATION NAME OF COMPANY TAX PAYER IDENTIFICATION NUMBER (TIN) Commercial Bank of Ceylon PLC 124006007 LEGAL FORM CREDIT RATING 22 A public limited liability company incorporated in Sri Lanka Operation Sri Lanka on June 25, 1969 under the Companies AA (lka) was re-affirmed by Fitch Ratings Lanka Ltd. in September 2018. Ordinance No. 51 of 1938 and quoted in the Colombo Stock Exchange in March 1970. The Company was Bangladesh Operation re-registered under the Companies Act No.7 of 2007. AAA was re-affirmed by Credit Rating Information & Services Limited A licensed Commercial Bank under Banking Act No.30 of 1988. in June 2018. COMPANY REGISTRATION NUMBER COMPLIANCE OFFICER PQ116 Mr. V.S. Rajasooriyar Assistant General Manager - Compliance STOCK EXCHANGE LISTING The Ordinary Shares and the Unsecured Subordinated Redeemable Debentures of the Bank are listed on the Colombo Stock Exchange. LAWYERS Julius & Creasy, No. 41, Janadhipathi Mawatha, Colombo 1, Sri Lanka. REGISTERED OFFICE AUDITORS "Commercial House", Ernst & Young No. 21, Sir Razik Fareed Mawatha, Chartered Accountants, P.O. Box 856, No. 201, De Saram Place, Colombo 1, Sri Lanka. Colombo 10, Sri Lanka. Telephone : 2430420, 2336700 2445010-15 ,2486000, 4792000 REGISTRARS Telex :21520 COMEX CE S S P Corporate Services (Private) Limited, Facsimile : 2449889 No. 101, Inner Flower Road, SWIFT Code-Sri Lanka : CCEYLKLX Colombo 3, Sri Lanka. SWIFT Code-Bangladesh : CCEYBDDH Telephone: 2573894, 2576871 E-mail : email@combank.net Facsimile: 2573609 Website : www.combank.net E-mail: sspsec@sltnet.lk COMPANY SECRETARY Mr. R.A.P. Rajapaksha HEAD OFFICE "Commercial House", BOARD OF DIRECTORS No. 21, Sir Razik Fareed Mawatha, Mr. K.G.D.D. Dheerasinghe - Chairman P.O. Box 856, Mr. M.P. Jayawardena - Deputy Chairman Colombo 1, Sri Lanka. Mr.S. Renganathan - Managing Director/Chief Executive Officer Mr.S.C.U. Manatunge - Chief Operating Officer Mr. S. Swarnajothi Prof. A.K.W. Jayawardane ACCOUNTING YEAR Mr. K. Dharmasiri December 31 Mr. L.D. Niyangoda Ms. N.T.M.S. Cooray Mr. G.S. Jadeja (Resigned with effect from April 01, 2019) Mr. T.L.B. Hurulle Justice K. Sripavan