Commercial Bank of Ceylon : Interim Financial Statements for the three months ended March 31, 2024

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)

1. 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:

1. the above financial statements have been prepared in compliance with the formats and definitions prescribed by the Central Bank of Sri Lanka,
2. 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