INTERIM FINANCIAL STATEMENTS For the three months ended March 31, 2024
Financial Review for the three months ended March 31, 2024
ComBank begins 2024 with impressive growth
- Loan book grows by Rs 20 bn. in 3 months, amidst FX impacts
- CASA ratio improves to 40.51%, positively supporting NII
- Net interest income up 45.97% to Rs 27.7 bn.
- Total taxes increase by over 150% to Rs 8.6 bn.
The Commercial Bank of Ceylon Group has ended the first quarter of 2024 with a loan book of Rs 1.316 trillion, continuing the Bank's focus on lending in a period where the appreciation of the Rupee negatively impacted the value of the loan book and resulted in a contraction of the balance sheet.
The Group reported a net increase of Rs 20 billion in its loan book in the first three months of the year and Rs 129 billion in the 12 months ending 31st March 2024, averaging Rs 10.75 billion per month and achieving YoY growth of 10.87% in gross loans and advances.
Comprising of Sri Lanka's biggest private sector bank, its subsidiaries and an associate, the Group reported in a filing with the Colombo Stock Exchange (CSE) that the value of deposits declined by a marginal 0.33% to Rs 2.141 trillion in the first quarter of 2024 largely due to the appreciation of Rupee against the Dollar, but had grown by Rs 117 billion or 5.80% over 12 months. However, the total Rupee deposits of the Group recorded a growth of Rs 41.256 billion or 2.94% during the first quarter of 2024.
Total assets stood at Rs 2.616 trillion as at 31st March 2024, a decrease of 1.48% consequent to a revaluation of the Group's assets in foreign currency in line with the appreciation of the Rupee in the period under review.
The Group posted gross income of Rs 80.208 billion for the quarter under review, down 4.68% over the corresponding period of 2023 primarily due to a decrease in interest income to Rs 70.391 billion, which reflected a YoY decline of 7.31% due to the considerable reduction in market interest rates on loans and government securities.
However, a noteworthy improvement of over 3% in the CASA ratio of the Bank from 37.08% a year ago to 40.51% as at 31st March 2024 coupled with a repricing of deposits in keeping with market movements, saw interest expenses reducing by 25.05% to Rs 42.693 billion for the quarter under review. Consequently, net interest income for the three months improved by 45.97% to Rs 27.698 billion.
Total operating income of the Group for the quarter grew by 38.20% to Rs 34.947 billion. The Group made provisions of Rs 3.436 billion for impairment charges and other losses, a reduction of 49.45% from the corresponding quarter's figure of Rs 6.797 billion in 2023 which included a substantial provision made for foreign currency bonds. As a result, net operating income increased by 70.43% to Rs 31.511 billion.
With total operating expenses for the three months amounting to Rs 12.054 billion which reflected a growth of 12.89%, the Group reported operating profit before taxes on financial services of Rs 19.457 billion for the quarter, achieving a growth of 149.06%.
Taxes on financial services increased by 153.64% to Rs 2.719 billion, leading to a profit before tax of Rs 16.738 billion for the three months at Group level, an improvement of 148.28%. Income tax for the three months increased by 148.89% to Rs 5.929 billion, resulting in a net profit of Rs 10.808 billion for the quarter, reflecting a growth of 147.95%.
Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs 16.195 billion and profit after tax of Rs 10.451 billion for the quarter, posting growths of 155.56% and 155.47%, respectively, for the reviewed quarter.
The Bank reported its Tier 1 and Total Capital Ratios at 11.366% and 14.873% respectively as at 31st March 2024, both above the statutory minimum ratios of 10% and 14% respectively. The Bank's interest margin improved to 4.22% for the quarter compared to 3.32% for 2023. The Bank's return on assets (before tax) stood at 2.54% compared to 1.27% for 2023 while its return on equity grew to 19.53% from 9.78% for 2023.
In terms of asset quality, the Bank's impaired loans (Stage 3) ratio stood at 5.59% compared to 5.85% at end 2023, while its impairment (Stage 3) to Stage 3 loans ratio improved to 44.60% as at 31st March 2024 compared to 43.22% at end 2023. In terms of liquidity, the Bank's consolidated liquid assets ratio (Sri Lankan Operations) stood at 43.52% compared to 46.06% at the end of 2023. The minimum statutory requirement for liquid asset ratio is 20%.
The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka's SME sector. Commercial Bank has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
INCOME STATEMENT | 1 |
For the three months ended March 31,
Gross income
Interest income
Less : Interest expense
Net interest income
Fee and commission income
Less: Fee and commission expense
Net fee and commission income
Net gains/(losses) from trading
Net gains/(losses) from derecognition of financial assets
Net other operating income
Total operating income
Less : Impairment charges and other losses
Net operating income
Less: Expenses
Personnel expenses
Depreciation and amortisation
Other operating expenses
Operating profit before Taxes on financial services
Less: Taxes on financial services
Operating profit after Taxes on financial services
Add/(less): Share of profit/(loss) of associate, net of tax
Profit before income tax
Less : Income tax expense
Profit for the period
Profit attributable to:
Group | ||
2024 | 2023 | Change |
Rs.'000 | Rs.'000 | % |
80,207,870 | 84,149,226 | (4.68) |
70,390,950 | 75,939,012 | (7.31) |
42,692,918 | 56,963,785 | (25.05) |
27,698,032 | 18,975,227 | 45.97 |
8,200,782 | 7,300,668 | 12.33 |
2,567,584 | 1,898,492 | 35.24 |
5,633,198 | 5,402,176 | 4.28 |
(1,907,493) | (8,975,464) | 78.75 |
1,987,334 | 337,266 | 489.25 |
1,536,297 | 9,547,744 | (83.91) |
34,947,368 | 25,286,949 | 38.20 |
3,435,941 | 6,797,175 | (49.45) |
31,511,427 | 18,489,774 | 70.43 |
12,054,299 | 10,677,690 | 12.89 |
6,532,550 | 5,612,486 | 16.39 |
1,110,125 | 1,063,760 | 4.36 |
4,411,624 | 4,001,444 | 10.25 |
19,457,128 | 7,812,084 | 149.06 |
2,718,730 | 1,071,894 | 153.64 |
16,738,398 | 6,740,190 | 148.34 |
(576) | 1,245 | (146.27) |
16,737,822 | 6,741,435 | 148.28 |
5,929,491 | 2,382,405 | 148.89 |
10,808,331 | 4,359,030 | 147.95 |
Bank | ||
2024 | 2023 | Change |
Rs.'000 | Rs.'000 | % |
78,684,480 | 82,791,169 | (4.96) |
69,139,760 | 74,761,139 | (7.52) |
42,251,624 | 56,553,127 | (25.29) |
26,888,136 | 18,208,012 | 47.67 |
7,971,528 | 7,081,002 | 12.58 |
2,529,387 | 1,875,383 | 34.87 |
5,442,141 | 5,205,619 | 4.54 |
(1,907,493) | (8,975,464) | 78.75 |
1,987,334 | 337,266 | 489.25 |
1,493,351 | 9,587,226 | (84.42) |
33,903,469 | 24,362,659 | 39.16 |
3,291,970 | 6,640,021 | (50.42) |
30,611,499 | 17,722,638 | 72.73 |
11,702,062 | 10,313,856 | 13.46 |
6,314,158 | 5,408,698 | 16.74 |
1,095,444 | 1,050,458 | 4.28 |
4,292,460 | 3,854,700 | 11.36 |
18,909,437 | 7,408,782 | 155.23 |
2,714,659 | 1,071,894 | 153.26 |
16,194,778 | 6,336,888 | 155.56 |
- | - | - |
16,194,778 | 6,336,888 | 155.56 |
5,743,494 | 2,245,815 | 155.74 |
10,451,284 | 4,091,073 | 155.47 |
Equity holders of the Bank
Non-controlling interest
Profit for the period
Earnings per share (EPS)
Basic earnings per ordinary share (Rs.) Diluted earnings per ordinary share (Rs.)
10,626,538 | 4,216,403 | 152.03 | 10,451,284 | 4,091,073 | 155.47 | |
181,793 | 142,627 | 27.46 | - | - | - | |
10,808,331 | 4,359,030 | 147.95 | 10,451,284 | 4,091,073 | 155.47 | |
7.94 | 3.21 | 147.35 | 7.81 | 3.11 | 151.13 | |
7.93 | 3.21 | 147.04 | 7.80 | 3.11 | 150.80 | |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 2 | ||||||||||
Group | Bank | ||||||||||
For the three months ended March 31, | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||||||
Profit for the period | 10,808,331 | 4,359,030 | 147.95 | 10,451,284 | 4,091,073 | 155.47 | |||||
Other comprehensive income, net of tax | |||||||||||
Items that will never be reclassified to profit or loss |
Net change in fair value of investments in equity
Change in fair value of investments in equity at fair value through other comprehensive income
Share of other comprehensive income/(expense) of associate, net of tax
Items that are or may be reclassified to profit or loss
31,676 (3,494)
31,676 | (3,494) |
- 233
1,006.58
1,006.58
(146.35)
31,676 (3,494)
31,676 (3,494)
--
1,006.58
1,006.58
-
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
Cash flow hedges - effective portion of changes in fair value, net of tax
(5,172,101) | (8,777,987) |
838,241 | 1,297,184 |
2,229,346 | 1,533,270 |
(1,391,105) | (236,086) |
- | (36,554) |
41.08 | (4,342,479) | (7,819,137) |
(35.38) | 836,715 | 1,291,095 |
45.40 | 2,227,820 | 1,527,181 |
(489.24) | (1,391,105) | (236,086) |
100.00 | - | (36,554) |
44.46
(35.19)
45.88
(489.24)
100.00
Other comprehensive income/(expense) for the period, net of taxes
Total comprehensive income/(expense) for the period
Attributable to:
Equity holders of the Bank
Non-controlling interest
Total comprehensive income/(expense) for the period
(4,302,292) | (7,520,618) | 42.79 | (3,474,088) | (6,568,090) | 47.11 | |
6,506,039 | (3,161,588) | 305.78 | 6,977,196 | (2,477,017) | 381.68 | |
6,630,051 | (2,892,755) | 329.20 | 6,977,196 | (2,477,017) | 381.68 | |
(124,012) | (268,833) | 53.87 | - | - | - | |
6,506,039 | (3,161,588) | 305.78 | 6,977,196 | (2,477,017) | 381.68 | |
STATEMENT OF FINANCIAL POSITION | 3 | |||||||
Group | Bank | |||||||
As at | 31.03.2024 | 31.12.2023 | Change | 31.03.2024 | 31.12.2023 | Change | ||
( Audited ) | ( Audited ) | |||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||
ASSETS | ||||||||
Cash and cash equivalents | 119,329,381 | 159,701,507 | (25.28) | 116,947,631 | 157,819,287 | (25.90) | ||
Balances with Central Banks | 44,654,477 | 62,633,503 | (28.71) | 33,208,736 | 52,817,502 | (37.13) | ||
Placements with banks | 109,891,013 | 81,506,653 | 34.82 | 109,120,147 | 81,344,696 | 34.15 | ||
Securities purchased under resale agreements | 31,290,304 | 31,148,729 | 0.45 | 31,290,304 | 31,148,729 | 0.45 | ||
Derivative financial assets | 8,000,370 | 7,226,484 | 10.71 | 8,000,370 | 7,226,484 | 10.71 | ||
Financial assets recognised through profit or loss - measured at fair value | 68,322,294 | 29,449,653 | 132.00 | 68,322,294 | 29,449,653 | 132.00 | ||
Financial assets at amortised cost - Loans and advances to other customers | 1,224,802,343 | 1,204,865,597 | 1.65 | 1,197,264,264 | 1,176,359,971 | 1.78 | ||
Financial assets at amortised cost - Debt and other financial instruments | 652,390,804 | 685,155,537 | (4.78) | 624,438,559 | 649,740,408 | (3.89) | ||
Financial assets measured at fair value through other comprehensive income | 250,960,953 | 287,732,972 | (12.78) | 250,098,847 | 287,023,009 | (12.86) | ||
Investments in subsidiaries | - | - | - | 5,808,429 | 5,808,429 | - | ||
Investment in associate | 58,319 | 59,004 | (1.16) | 44,331 | 44,331 | - | ||
Property, plant and equipment and right-of-use assets | 28,784,956 | 28,997,246 | (0.73) | 26,059,513 | 26,257,902 | (0.76) | ||
Investment properties | 597,825 | 597,825 | - | - | - | - | ||
Intangible assets | 4,410,409 | 4,289,404 | 2.82 | 3,852,023 | 3,736,504 | 3.09 | ||
Deferred tax assets | 34,013,003 | 34,511,410 | (1.44) | 33,571,817 | 34,076,526 | (1.48) | ||
Other assets | 38,913,287 | 37,736,151 | 3.12 | 38,623,177 | 37,474,448 | 3.07 | ||
Total Assets | 2,616,419,738 | 2,655,611,675 | (1.48) | 2,546,650,442 | 2,580,327,879 | (1.31) | ||
LIABILITIES | ||||||||
Due to banks | 24,554,816 | 47,948,578 | (48.79) | 24,373,544 | 47,274,361 | (48.44) | ||
Derivative financial liabilities | 3,934,942 | 2,319,209 | 69.67 | 3,934,942 | 2,319,209 | 69.67 | ||
Securities sold under repurchase agreements | 98,228,587 | 111,186,824 | (11.65) | 98,258,447 | 111,198,516 | (11.64) | ||
Financial liabilities at amortised cost - due to depositors | 2,140,750,660 | 2,147,906,858 | (0.33) | 2,082,546,570 | 2,085,046,149 | (0.12) | ||
Financial liabilities at amortised cost - other borrowings | 12,584,684 | 12,756,021 | (1.34) | 12,584,684 | 12,756,021 | (1.34) | ||
Current tax liabilities | 18,031,815 | 15,256,244 | 18.19 | 17,789,977 | 14,951,984 | 18.98 | ||
Deferred tax liabilities | 513,179 | 514,207 | (0.20) | - | - | - | ||
Other liabilities | 55,275,609 | 56,266,302 | (1.76) | 54,028,516 | 55,050,477 | (1.86) | ||
Due to subsidiaries | - | - | - | 143,850 | 317,221 | (54.65) | ||
Subordinated liabilities | 37,349,629 | 36,482,939 | 2.38 | 37,349,629 | 36,482,939 | 2.38 | ||
Total Liabilities | 2,391,223,921 | 2,430,637,182 | (1.62) | 2,331,010,159 | 2,365,396,877 | (1.45) | ||
STATEMENT OF FINANCIAL POSITION (Contd…) | 4 | |||||||
Group | Bank | |||||||
As at | 31.03.2024 | 31.12.2023 | Change | 31.03.2024 | 31.12.2023 | Change | ||
( Audited ) | ( Audited ) | |||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||
EQUITY | ||||||||
Stated capital | 65,184,125 | 62,948,003 | 3.55 | 65,184,125 | 62,948,003 | 3.55 | ||
Statutory reserves | 13,586,534 | 13,586,534 | - | 12,375,906 | 12,375,906 | - | ||
Retained earnings | 12,042,982 | 9,943,003 | 21.12 | 10,483,110 | 8,558,385 | 22.49 | ||
Other reserves | 130,019,202 | 133,993,167 | (2.97) | 127,597,142 | 131,048,708 | (2.63) | ||
Total equity attributable to equity holders of the Bank | 220,832,843 | 220,470,707 | 0.16 | 215,640,283 | 214,931,002 | 0.33 | ||
Non-Controlling Interest | 4,362,974 | 4,503,786 | (3.13) | - | - | - | ||
Total Equity | 225,195,817 | 224,974,493 | 0.10 | 215,640,283 | 214,931,002 | 0.33 | ||
Total Liabilities and Equity | 2,616,419,738 | 2,655,611,675 | (1.48) | 2,546,650,442 | 2,580,327,879 | (1.31) | ||
Contingent Liabilities and Commitments | 686,561,276 | 675,776,516 | 1.60 | 680,875,324 | 668,875,778 | 1.79 | ||
Net Assets Value per Ordinary Share (Rs.) | 164.93 | 167.77 | (1.69) | 161.05 | 163.55 | (1.53) | ||
Memorandum Information | ||||||||
Number of Employees | 5,250 | 5,201 | ||||||
Number of Customer Service Centers | 291 | 291 |
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:
- the above financial statements have been prepared in compliance with the formats and definitions prescribed by the Central Bank of Sri Lanka,
- the information contained in these financial statements has been extracted from the unaudited Financial Statements of the Group and the Bank, unless indicated as audited.
(Sgd.) Sharhan Muhseen | (Sgd.) S. C. U. Manatunge |
Chairman | Managing Director/Chief Executive Officer |
May 14, 2024 | |
Colombo |
STATEMENT OF CHANGES IN EQUITY - GROUP | 5 | |||||||||||
Other Reserves | ||||||||||||
Statutory Reserve | Revaluation | Fair Value Reserve | Foreign Currency | Hedging Reserve | Employee Share | General Reserve | Total equity | Non-Controlling | Total Equity | |||
Stated Capital | Retained Earnings | Reserve | Translation | Option Reserve | attributable to | Interest | ||||||
Fund | ||||||||||||
Reserve | equity holders of | |||||||||||
the Bank | ||||||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at December 31, 2022 - Audited | 58,149,621 | 12,079,670 | 6,790,304 | 10,214,244 | 72,270 | 21,371,971 | 36,554 | 150,529 | 100,000,003 | 208,865,166 | 4,107,408 | 212,972,574 |
Total comprehensive income for the three months ended 31.03.2023 | ||||||||||||
Profit for the three months ended 31.03.2023 | - | - | 4,216,403 | - | - | - | - | - | - | 4,216,403 | 142,627 | 4,359,030 |
Other comprehensive income for the three months ended 31.03.2023 | - | - | - | - | 1,293,923 | (8,366,527) | (36,554) | - | - | (7,109,158) | (411,460) | (7,520,618) |
Total comprehensive income for the three months ended 31.03.2023 | - | - | 4,216,403 | - | 1,293,923 | (8,366,527) | (36,554) | - | - | (2,892,755) | (268,833) | (3,161,588) |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||||
Dividends to equity holders | ||||||||||||
First & Final dividend for 2022 satisfied in the form of issue and allotment of new shares | 4,742,151 | - | (5,579,001) | - | - | - | - | - | - | (836,850) | - | (836,850) |
Final cash dividend for 2022 | - | - | - | - | - | - | - | - | - | - | (10,800) | (10,800) |
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 12,684 | - | - | - | - | - | - | 12,684 | - | 12,684 |
Total transactions with equity holders | 4,742,151 | - | (5,566,317) | - | - | - | - | - | - | (824,166) | (10,800) | (834,966) |
Balance as at 31.03.2023 | 62,891,772 | 12,079,670 | 5,440,390 | 10,214,244 | 1,366,193 | 13,005,444 | - | 150,529 | 100,000,003 | 205,148,245 | 3,827,775 | 208,976,020 |
Total comprehensive income for the nine months ended 31.12.2023 | ||||||||||||
Profit for the nine months ended 31.12.2023 | - | - | 16,898,272 | - | - | - | - | - | - | 16,898,272 | 642,358 | 17,540,630 |
Other comprehensive income for the nine months ended 31.12.2023 | - | - | (241,899) | 1,287,844 | 597,820 | (3,307,981) | - | - | - | (1,664,216) | 14,516 | (1,649,700) |
Total comprehensive income for the nine months ended 31.12.2023 | - | - | 16,656,373 | 1,287,844 | 597,820 | (3,307,981) | - | - | - | 15,234,056 | 656,874 | 15,890,930 |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||||
Issue of ordinary voting shares under Employee Share Option Plans [ ESOPs ] | 51,740 | - | - | - | - | - | - | - | - | 51,740 | - | 51,740 |
Transfer o/a Share-based Payment transactions | 4,491 | - | - | - | - | - | - | (4,491) | - | - | - | - |
Transfer of cost o/a of expired ESOP Shares (net of tax) | - | - | 47,510 | - | - | - | - | (67,871) | - | (20,361) | - | (20,361) |
Dividends to equity holders | ||||||||||||
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 7,844 | - | - | - | - | - | - | 7,844 | 33 | 7,877 |
Interim dividend for 2023 | - | - | - | - | - | - | - | - | - | - | (3,600) | (3,600) |
Share-based payment transactions | - | - | - | - | - | - | - | 21,433 | - | 21,433 | - | 21,433 |
Transfers to non-distributable capital reserve | - | 27,750 | - | - | - | - | - | - | - | 27,750 | 22,704 | 50,454 |
Transfers during the period | - | 1,479,114 | (12,209,114) | - | - | - | - | - | 10,730,000 | - | - | - |
Total transactions with equity holders | 56,231 | 1,506,864 | (12,153,760) | - | - | - | - | (50,929) | 10,730,000 | 88,406 | 19,137 | 107,543 |
Balance as at 31.12.2023 - Audited | 62,948,003 | 13,586,534 | 9,943,003 | 11,502,088 | 1,964,013 | 9,697,463 | - | 99,600 | 110,730,003 | 220,470,707 | 4,503,786 | 224,974,493 |
Total comprehensive income for the three months ended 31.03.2024 | ||||||||||||
Profit for the three months ended 31.03.2024 | - | - | 10,626,538 | - | - | - | - | - | - | 10,626,538 | 181,793 | 10,808,331 |
Other comprehensive income for the three months ended 31.03.2024 | - | - | - | - | 869,809 | (4,866,296) | - | - | - | (3,996,487) | (305,805) | (4,302,292) |
Total comprehensive income for the three months ended 31.03.2024 | - | - | 10,626,538 | - | 869,809 | (4,866,296) | - | - | - | 6,630,051 | (124,012) | 6,506,039 |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||||
Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] | 1,922 | - | - | - | - | - | - | - | - | 1,922 | - | 1,922 |
Transfer of cost o/a of expired ESOP Shares (net of tax) | - | - | - | - | - | - | - | - | - | - | - | - |
Transfer o/a Share-based Payment transactions | 157 | - | - | - | - | - | (157) | - | - | - | - | |
Dividends to equity holders | ||||||||||||
First & Final dividend for 2023 satisfied in the form of issue and allotment of new shares | 2,234,043 | - | (8,541,930) | - | - | - | - | - | - | (6,307,887) | - | (6,307,887) |
Final cash dividend for 2022 | - | - | - | - | - | - | - | - | - | - | (16,800) | (16,800) |
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 15,371 | - | - | - | - | - | - | 15,371 | - | 15,371 |
Share-based Payment transactions | - | - | - | - | - | - | - | 22,679 | - | 22,679 | - | 22,679 |
Transfers during the period | - | - | - | - | - | - | - | - | - | - | - | |
Total transactions with equity holders | 2,236,122 | - | (8,526,559) | - | - | - | - | 22,522 | - | (6,267,915) | (16,800) | (6,284,715) |
Balance as at 31.03.2024 | 65,184,125 | 13,586,534 | 12,042,982 | 11,502,088 | 2,833,822 | 4,831,167 | - | 122,122 | 110,730,003 | 220,832,843 | 4,362,974 | 225,195,817 |
STATEMENT OF CHANGES IN EQUITY - BANK | 6 | |||||||||
Other Reserves | ||||||||||
Statutory Reserve | ||||||||||
Stated Capital | Retained Earnings | Revaluation | Fair Value Reserve | Foreign Currency | Hedging Reserve | Employee Share | General Reserve | Total Equity | ||
Fund | Reserve | Translation | Option Reserve | |||||||
Reserve | ||||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at December 31, 2022 - Audited | 58,149,621 | 11,352,858 | 5,592,121 | 9,396,542 | 78,743 | 18,941,705 | 36,554 | 150,529 | 100,000,003 | 203,698,676 |
Total comprehensive income for the three months ended 31.03.2023 | ||||||||||
Profit for the three months ended 31.03.2023 | - | - | 4,091,073 | - | - | - | - | - | - | 4,091,073 |
Other comprehensive income for the three months ended 31.03.2023 | - | - | - | - | 1,287,601 | (7,819,137) | (36,554) | - | - | (6,568,090) |
Total comprehensive income for the three months ended 31.03.2023 | - | - | 4,091,073 | - | 1,287,601 | (7,819,137) | (36,554) | - | - | (2,477,017) |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||
Dividends to equity holders | ||||||||||
First & Final dividend for 2022 satisfied in the form of issue and allotment of new shares | 4,742,151 | - | (5,579,001) | - | - | - | - | - | - | (836,850) |
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 12,684 | - | - | - | - | - | - | 12,684 |
Share-based payment transactions | - | - | - | - | - | - | - | - | - | - |
Total transactions with equity holders | 4,742,151 | - | (5,566,317) | - | - | - | - | - | - | (824,166) |
Balance as at 31.03.2023 | 62,891,772 | 11,352,858 | 4,116,877 | 9,396,542 | 1,366,344 | 11,122,568 | - | 150,529 | 100,000,003 | 200,397,493 |
Total comprehensive income for the nine months ended 31.12.2023 | ||||||||||
Profit for the nine months ended 31.12.2023 | - | - | 16,369,889 | - | - | - | - | - | - | 16,369,889 |
Other comprehensive income for the nine months ended 31.12.2023 | - | - | (230,394) | 1,003,035 | 597,651 | (3,267,035) | - | - | - | (1,896,743) |
Total comprehensive income for the nine months ended 31.12.2023 | - | - | 16,139,495 | 1,003,035 | 597,651 | (3,267,035) | - | - | - | 14,473,146 |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||
Issue of ordinary voting shares under Employee Share Option Plans [ ESOPs ] | 51,740 | - | - | - | - | - | - | - | - | 51,740 |
Transfer o/a Share-based Payment transactions | 4,491 | - | - | - | - | - | - | (4,491) | - | - |
Transfer of cost o/a of expired ESOP Shares (net of tax) | - | - | 47,510 | - | - | - | - | (67,871) | - | (20,361) |
Dividends to equity holders | ||||||||||
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 7,551 | - | - | - | - | - | - | 7,551 |
Share-based payment transactions | - | - | - | - | - | - | - | 21,433 | - | 21,433 |
Transfers during the period | - | 1,023,048 | (11,753,048) | - | - | - | - | - | 10,730,000 | - |
Total transactions with equity holders | 56,231 | 1,023,048 | (11,697,987) | - | - | - | - | (50,929) | 10,730,000 | 60,363 |
Balance as at 31.12.2023 - Audited | 62,948,003 | 12,375,906 | 8,558,385 | 10,399,577 | 1,963,995 | 7,855,533 | - | 99,600 | 110,730,003 | 214,931,002 |
Total comprehensive income for the three months ended 31.03.2024 | ||||||||||
Profit for the three months ended 31.03.2024 | - | - | 10,451,284 | - | - | - | - | - | - | 10,451,284 |
Other comprehensive income for the three months ended 31.03.2024 | - | - | - | - | 868,391 | (4,342,479) | - | - | - | (3,474,088) |
Total comprehensive income for the three months ended 31.03.2024 | - | - | 10,451,284 | - | 868,391 | (4,342,479) | - | - | - | 6,977,196 |
Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||
Issue of Ordinary Shares under Employee Share Option Plans [ ESOPs ] | 1,922 | - | - | - | - | - | - | - | - | 1,922 |
Transfer o/a Share-based Payment transactions | 157 | - | - | - | - | - | - | (157) | - | - |
Dividends to equity holders | ||||||||||
First & Final dividend for 2023 satisfied in the form of issue and allotment of new shares | 2,234,043 | - | (8,541,930) | - | - | - | - | - | - | (6,307,887) |
Unclaimed dividend absorbed/(paid) in respect of previous years | - | - | 15,371 | - | - | - | - | - | - | 15,371 |
Share-based Payment transactions | - | - | - | - | - | - | - | 22,679 | - | 22,679 |
Total transactions with equity holders | 2,236,122 | - | (8,526,559) | - | - | - | - | 22,522 | - | (6,267,915) |
Balance as at 31.03.2024 | 65,184,125 | 12,375,906 | 10,483,110 | 10,399,577 | 2,832,386 | 3,513,054 | - | 122,122 | 110,730,003 | 215,640,283 |
STATEMENT OF CASH FLOWS | 7 | |||||
Group | Bank | |||||
For the three months ended March 31, | ||||||
2024 | 2023 | 2024 | 2023 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Cash Flows from Operating Activities | ||||||
Profit before income tax | 16,737,822 | 6,741,435 | 16,194,778 | 6,336,888 | ||
Adjustments for: | ||||||
Non-cash items included in profit before tax | 5,310,775 | 3,404,493 | 5,163,550 | 3,244,884 | ||
(Increase)/decrease in operating assets | (4,053,582) | (1,280,139) | (9,922,020) | 750,261 | ||
Increase/(decrease) in operating liabilities | (49,148,509) | 25,778,637 | (44,158,312) | 23,714,785 | ||
(Gains)/losses on sale of property, plant and equipment | (5,112) | (1,358) | (407) | (1,358) | ||
Share of (profit)/loss from associate, net of tax | 576 | (1,245) | - | - | ||
Dividends received from investments in subsidiaries | - | - | (61,200) | (52,200) | ||
Interest expense on subordinated liabilities | 1,460,439 | 1,703,304 | 1,460,439 | 1,703,304 | ||
Benefits paid on defined benefit plans | (14,930) | (353,853) | (13,574) | (352,854) | ||
Net unrealized gains/(losses) arising from translating the financial | (5,172,101) | (8,777,987) | (4,342,479) | (7,819,137) | ||
statements of foreign operations | ||||||
Income tax paid | (3,655,125) | (2,908,342) | (3,402,764) | (2,728,322) | ||
Net cash flow from/(used in) operating activities | (38,539,747) | 24,304,945 | (39,081,989) | 24,796,251 | ||
Cash Flows from Investing Activities | ||||||
Purchase of property, plant and equipment | (522,697) | (809,948) | (522,072) | (801,352) | ||
Proceeds from sale of property, plant and equipment | 5,629 | 816 | 229 | 816 | ||
Proceeds from sale and on maturity of financial investments | 76,291 | 41,627 | 76,291 | 41,627 | ||
Purchase of intangible assets | (379,340) | (249,255) | (367,191) | (227,482) | ||
Dividends received from investments in subsidiaries | - | - | 61,200 | 52,200 | ||
Net cash flow from/(used in) investing activities | (820,117) | (1,016,760) | (751,543) | (934,191) | ||
Cash Flows from Financing Activities | ||||||
Proceeds from issue of ordinary voting shares under | 1,922 | - | 1,922 | - | ||
Employee Share Option Plans | ||||||
Repayment of subordinated liabilities | - | (24,000,000) | - | (24,000,000) | ||
Interest paid on subordinated liabilities | (593,749) | (2,091,561) | (593,749) | (2,091,561) | ||
Payment of lease liabilities/advance payment o/a right-of-use assets | (404,929) | (430,847) | (447,242) | (474,634) | ||
Dividend paid to shareholders | (136) | (1,999) | (136) | (1,999) | ||
Dividend paid to non-controlling interest | (16,800) | (10,800) | - | - | ||
Net cash flow from /(used in) financing activities | (1,013,692) | (26,535,207) | (1,039,205) | (26,568,194) | ||
Net increase/(decrease) in cash & cash equivalents | (40,373,556) | (3,247,022) | (40,872,737) | (2,706,134) | ||
Gross cash and cash equivalents as at January 1, | 159,716,458 | 151,123,519 | 157,833,872 | 149,407,301 | ||
Gross cash and cash equivalents at end of the period | 119,342,902 | 147,876,497 | 116,961,135 | 146,701,167 | ||
Less: Impairment charges on cash and cash equivalents | (13,521) | (15,926) | (13,504) | (15,571) | ||
Cash and cash equivalents as per Statement of Financial Position | 119,329,381 | 147,860,571 | 116,947,631 | 146,685,596 | ||
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Commercial Bank of Ceylon plc published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 12:30:01 UTC.