Dear Stakeholder,
We wish to convey our sincere gratitude to you for electing to invest in the Bank’s capital, both equity and debt, and wish to assure you that we are determined to optimise returns for your investments through sustained and prudent growth.
As a Domestic systemically important Bank, it is our responsibility to present you with timely, relevant, and balanced view of the Bank’s fundamentals in terms of operational results, financial position, and cash flows. We trust that this Report helps investors to comprehend the Bank’s underlying strengths and it also bolsters confidence and loyalty, bringing together a loyal group of investors with a long-term view of their investment.
The Bank always strives to encourage effective two-way communication with our investors promoting mutual trust and confidence besides ensuring the rights conferred on the investors by various statutes. We take every effort to ensure that all our investors are sufficiently informed of relevant information so that they are able to make informed decisions. This has enabled the Bank to actively engage with its investors in a consistent, comprehensive and accurate manner, often going beyond the minimum regulations promoting its reputation.
The Bank follows a multi-faceted approach to engage with its stakeholders, including the Annual Report, which is the Bank’s main investor communications tool, and the Annual General Meeting which is an opportunity available for the investor community to engage with the Bank. These engagements will certainly help our investors to gain insight into the Bank’s performance, strategic direction, and approach to governance and risk management strategies adopted.
The Bank took several initiatives to produce a concise integrated Annual Report which can be seen throughout each section of this Report, with due consideration being given to the valuable feedback given by our shareholders in response to the results of the survey conducted on the future direction of the Bank in 2018. Continuing this journey, this year too we have made arrangements to enclose a stakeholder feedback form in this Annual Report in order to seek your valuable suggestions and opinion for further improvements. Your comments and opinions are of great value to us. Many are taken on board and incorporated into our strategies for long-term value creation. The investor relations section of our website is another popular channel available for stakeholders and the Bank continues to ensure that its pages are updated in a timely manner along with the rest of the site.
We firmly believe that the Bank’s efforts to have an effective communication and active engagement with important stakeholder groups have made the Bank’s shares a creditable investment proposition. As a result of a very challenging economic environment witnessed throughout the year, the stock market too witnessed mixed results, with the ASPI increasing marginally by 1.27% and both S&P SL20 and BFI dropping by 6.32% and 1.04%, respectively. These results contributed to the decline in the Bank’s share price which traded at a discount at 0.73 times to book value at the end of December 2019 (0.98 times in 2018). However, it continued to remain the highest among the peers in the Bank, Finance and Insurance sector, and is a testament to our policy of sharing relevant information about our future prospects in addition to our current performance.
The Bank’s public holding (free float) as at December 31, 2019 was 99.76% in voting shares and 86.62% in non-voting shares while float-adjusted market capitalisation [compliant under option-1 of the Rules on minimum public holding requirement of the Colombo Stock Exchange (CSE)] amounted to Rs. 96 Bn. With its shares actively traded in the CSE, investors are provided with a convenient “entry and exit” mechanism.
We are happy to inform you that the Bank has fully complied with all applicable requirements of Section 7.6 of the Listing Rules of the CSE on the contents of the Annual Report and Accounts of a listed entity.
Please refer Table 29 for a complete list of disclosure requirements and references to the relevant sections of this Annual Report where Bank’s compliance is disclosed together with the relevant page numbers.
The pages that follow contain information on the performance of the Bank’s listed securities.
Compliance with requirements of the Section 7.6 of the Listing Rules of the CSETable – 29
Rule No. | Disclosure requirement | Section/reference | |
7.6 (i) | Names of persons who during the financial year were Directors of the Bank | Corporate Governance Report | |
7.6 (ii) | Principal activities of the Bank and its subsidiaries during the year and any changes therein | Note 1.3 of the Accounting Policies Group Structure | |
7.6 (iii) | The names and the number of shares held by the 20 largest holders of voting and non-voting shares and the percentage of such shares held | Item 5.3 of the “Investor Relations” | |
7.6 (iv) |
The float adjusted market capitalisation, public holding percentage (%), number of public shareholders and under which option the listed entity complies with the minimum public holding requirement |
Item 5.3 of the "Investor Relations” | |
7.6 (v) | A statement of each Directors’ holding and Chief Executive Officer’s holding in shares of the entity at the beginning and end of each financial year | Item 5.4 of the “Investor Relations” | |
7.6 (vi) | Information pertaining to material foreseeable risk factors of the Bank | Item 7 of the “Investor Relations” | |
7.6 (vii) | Details of material issues pertaining to employees and industrial relations of the Bank | Item 8 of the “Investor Relations” | |
7.6 (viii) | Extents, locations, valuations and the number of buildings of the entity’s land holdings and investment properties | Note 39.5 (a) and (b) to the Financial Statements on “Property, Plant and Equipment” | |
7.6 (ix) | Number of shares representing the Bank’s stated capital |
Note 53 to the Financial Statements on “Stated Capital”
Item 3 of the “Investor Relations” |
|
7.6 (x) | A distribution schedule of the number of holders in each class of equity securities, and the percentage of their total holdings as at the end of the year | Item 5.2 of the “Investor Relations” | |
7.6 (xi) |
Ratios and market price information:
Equity – Dividend per share, dividend payout ratio, net asset value per share, market value per share Debt – Interest rate of comparable Government Securities, debt/equity ratio, interest cover and quick asset ratio, market prices and yield during the year Any changes in credit rating |
Items 2, 4 and 10.2 of the “Investor Relations” Items 10.1 and 10.2 of the “Investor Relations” Items 10.3 and 10.4 of the “Investor Relations” | |
7.6 (xii) | Significant changes in the Bank’s or its subsidiaries’ fixed assets and the market value of land, if the value differs substantially from the book value | Note 39.5 (b) to the Financial Statements on “Property, plant and equipment” | |
7.6 (xiii) | Details of funds raised through Public Issues, Rights Issues, and Private Placements during the year |
Note 53 to the Financial Statements on “Stated Capital”
Not applicable since the Bank has not raised funds through share issue during the year |
|
7.6 (xiv) |
a. Information in respect of Employee Share Option Schemes (ESOP)
The number of options granted to each category of employees during the financial year.
Total number of options vested but not exercised by each category of employees during the financial year. Total number of options exercised by each category of employees and the total number of shares arising therefrom during the financial year. Options cancelled during the financial year and the reasons for such cancellation. The exercise price. A declaration by the directors of the entity confirming that the Entity or any of its subsidiaries has not, directly or indirectly, provided funds for the ESOS. |
Note 53.2 and 54 to the Financial Statements on “Employee Share Option Plans” | |
b. Information in respect of Employee Share Purchase Schemes (ESPS) The total number of shares issued under the ESPS during the financial year The number of shares issued to each category of employees during the financial year The price at which the shares were issued to the employees A declaration by the Directors of the entity confirming that the entity or any of its subsidiaries has not, directly or indirectly, provided funds for the ESPS |
Not applicable as the Bank does not have Employee Share Purchase Schemes | ||
7.6 (xv) | Disclosures pertaining to Corporate Governance practices in terms of Rules 7.10.3, 7.10.5 (c) and 7.10.6 (c) of Section 7 of the Rules. | Not applicable since the Bank received an exemption in terms of Section 7.10 (c) of the Listing Rules | |
7.6 (xvi) | Related party transactions exceeding 10% of the equity or 5% of the total assets of the entity as per Audited Financial Statements, whichever is lower | The Bank did not have any related party transactions exceeding this threshold as at end 2019 | |
Details of investments in a related party and/or amounts due from a related party to be set out separately
The details shall include, as a minimum:
|
Item 20.3 of Annual Report of Board of Directors |
The Bank’s ordinary shares (both voting and non-voting) are listed on the Main Board of the CSE under the ticker symbol “COMB”. All debentures issued are also listed on the CSE. (Refer Table 30 for a summary of listed securities of the Bank).
Most daily newspapers, including the Daily News, Daily FT, The Island and Daily Mirror carry a summary of trading activity and daily prices of shares and debentures using the abbreviation of Commercial Bank or COMB.
Summary of listed securities of the BankTable – 30
Number in issue as at | Stock symbol | ||||
December 31, 2019 | December 31, 2018 | ||||
Equity | |||||
Ordinary shares – Voting | 961,252,317 | 945,709,403 | COMB-N0000 | ||
Ordinary shares – Non-voting | 66,254,269 | 65,013,174 | COMB-X0000 | ||
Debt | |||||
Fixed rate debentures March 2016/21 | 44,303,400 | 44,303,400 | COMB/BD/08/03/21-C2341-10.75% | ||
Fixed rate debentures March 2016/26 | 17,490,900 | 17,490,900 | COMB/BD/08/03/26-C2342-11.25% | ||
Fixed rate debentures October 2016/21 | 50,718,000 | 50,718,000 | COMB/BD/27/10/21-C2360-12.00% | ||
Fixed rate debentures October 2016/26 | 19,282,000 | 19,282,000 | COMB/BD/27/10/26-C2359-12.25% | ||
Fixed rate debentures July 2018/23 | 83,938,400 | 83,938,400 | COMB/BD/22/07/23-C2404-12.00% | ||
Fixed rate debentures July 2018/28 | 16,061,600 | 16,061,600 | COMB/BD/22/07/28-C2405-12.50% |
Despite the continuous lacklustre performance of the bourse, there was continued investor interest in the shares of the Bank during the year, as depicted in the increased number of transactions (Ordinary shares – Voting 60% and Ordinary shares – Non-voting 20%) compared to 2018 (Refer Table 35 on page 292). The CSE concluded 2019 on a mixed note owing to political and economic uncertainty. The ASPI gained slightly by 1.27 % from 6,052 in 2018 to 6,129 by the end of 2019, while the S&P SL20 closed 2019 on a negative note, decreasing by 6.32% from 3,135 in 2018 to 2,937 by the end of 2019. Foreign activities recorded a net outflow of Rs. 11.73 Bn. However, the total market capitalisation of the CSE was at Rs. 2,851.31 Bn. and was above the level at the end of 2018. Foreign companies were net sellers, while local companies and foreign and local individuals were net buyers.
The Bank, Finance and Insurance sector index reflected a marginal drop during the year.
The market price of an ordinary voting share of the Bank decreased by 17.39% from Rs. 115 at the end of 2018 to Rs. 95 at the end of 2019 (Table 31). The Bank maintained its policy of issuing scrip dividends and continued with its Employee Share Option Plans. Market capitalisation for both voting and non-voting shares in turn decreased from Rs. 115 Bn. (USD 628.415 Mn.) in 2018 to Rs. 97 Bn. (USD 532.699 Mn.) in 2019, accounting for 3.40% of the total market capitalisation. The Bank’s shares ranked fourth among all listed entities and first among the listed corporates in the Bank, Finance and Insurance sector. During most of 2019, the movement of the non-voting share price followed the trend of the voting shares.
Share price of last five yearsTable – 31
2019
Rs. |
2018
Rs. |
2017
Rs. |
2016
Rs. |
2015
Rs. |
||
Ordinary shares – Voting | ||||||
Highest price during the year | 115.90 | 142.50 | 150.00 | 151.90 | 194.00 | |
Lowest price during the year | 88.60 | 107.50 | 128.50 | 115.00 | 139.90 | |
Last traded price | 95.00 | 115.00 | 135.80 | 145.00 | 140.20 | |
Ordinary shares – Non-voting | ||||||
Highest price during the year | 99.40 | 110.00 | 118.50 | 123.00 | 149.00 | |
Lowest price during the year | 74.00 | 88.00 | 102.30 | 101.50 | 122.10 | |
Last traded price | 83.00 | 95.00 | 105.00 | 115.00 | 123.00 |
Table – 32
Ordinary shares – Voting | Ordinary shares – Non-voting | |||||||
Trade date | 2019 | 2018 | Trade date | 2019 | 2018 | |||
Rs. | Rs. | Rs. | Rs. | |||||
Highest price | 2.01.2019 | 115.90 | 23.01.2019 | 99.40 | ||||
10.01.2018 & 11.01.2018 | 142.50 | 12.01.2018 | 110.00 | |||||
Lowest price | 17.05.2019 | 88.60 | 16.05.2019 | 74.00 | ||||
25.10.2018 | 107.50 | 1.10.2018 & 2.10.2018 | 88.00 | |||||
Year end price | 95.00 | 115.00 | 83.00 | 95.00 |
Table – 33
As at December 31, | Shareholders’ funds | Commercial Bank’s market capitalisation (*) | Total market capitalisation of the CSE | Commercial Bank’s market capitalisation as a % of CSE market capitalisation | Commercial Bank’s market capitalisation ranking | Commercial Bank’s market capitalisation (*) | |
Rs. Bn. | Rs. Bn. | Rs. Bn. | % | Rank | USD Mn. | ||
2019 | 133 | 97 | 2,851 | 3.40 | 4 | 532.699 | |
2018 | 118 | 115 | 2,839 | 4.05 | 3 | 628.415 | |
2017 | 107 | 133 | 2,899 | 4.60 | 4 | 867.670 | |
2016 | 78 | 127 | 2,745 | 4.64 | 3 | 851.019 | |
2015 | 70 | 115 | 2,938 | 3.92 | 3 | 798.009 |
Table – 34
2019 | 2018 | 2017 | 2016 | 2015 | ||
Ordinary shares – Voting | 21,481 | 13,364 | 11,811 | 15,189 | 15,575 | |
Ordinary shares – Non-voting | 5,452 | 4,553 | 4,432 | 3,721 | 5,073 |
Table – 35
2019 | 2018 | 2017 | 2016 | 2015 | ||
Ordinary shares – Voting | 89,289 | 95,286 | 144,205 | 96,146 | 117,373 | |
Ordinary shares – Non-voting | 5,893 | 10,637 | 6,717 | 5,396 | 9,553 |
Table – 36
Number of shares | |||||||
Year | Basis | Number of shares issued/ (redeemed) | Ordinary shares voting | Ordinary shares non-voting | Cumulative redeemable preference shares | ||
1987 | As at December 31, 1987 | 3,000,000 | – | – | |||
1988 | Bonus issue | Voting | 2 for 3 | 2,000,000 | 5,000,000 | – | – |
1990 | Bonus issue | Voting | 1 for 1 | 5,000,000 | 10,000,000 | – | – |
1993 | Rights issue | Voting | 1 for 4 | 2,500,000 | 12,500,000 | – | – |
1996 | Bonus issue | Voting | 3 for 5 | 7,500,000 | 20,000,000 | – | – |
Rights issue | Voting | 1 for 4 | 5,000,000 | 25,000,000 | – | – | |
Share swap | Non-voting | 894,275 | 25,000,000 | 894,275 | – | ||
Bonus issue | Non-voting | 3 for 5 | 536,565 | 25,000,000 | 1,430,840 | – | |
Rights issue | Non-voting | 1 for 4 | 357,710 | 25,000,000 | 1,788,550 | – | |
1998 | Bonus issue | Voting | 3 for 10 | 7,500,000 | 32,500,000 | 1,788,550 | – |
Bonus issue | Non-voting | 3 for 10 | 536,565 | 32,500,000 | 2,325,115 | – | |
2001 | Bonus issue | Voting | 1 for 5 | 6,500,000 | 39,000,000 | 2,325,115 | – |
Bonus issue | Non-voting | 1 for 5 | 465,023 | 39,000,000 | 2,790,138 | – | |
Issue of cumulative redeemable preference shares | 90,655,500 | 39,000,000 | 2,790,138 | 90,655,500 | |||
2003 | Bonus issue | Voting | 1 for 3 | 13,000,000 | 52,000,000 | 2,790,138 | 90,655,500 |
Rights issue | Voting | 1 for 4 | 13,000,000 | 65,000,000 | 2,790,138 | 90,655,500 | |
Bonus issue | Non-voting | 1 for 3 | 930,046 | 65,000,000 | 3,720,184 | 90,655,500 | |
Rights issue | Non voting | 1 for 4 | 930,046 | 65,000,000 | 4,650,230 | 90,655,500 | |
Issue of cumulative redeemable preference shares | 100,000,000 | 65,000,000 | 4,650,230 | 190,655,500 | |||
2004 | ESOP | Voting | 29,769 | 65,029,769 | 4,650,230 | 190,655,500 | |
2005 | ESOP | Voting | 1,361,591 | 66,391,360 | 4,650,230 | 190,655,500 | |
Bonus issue | Voting | 1 for 1 | 66,389,162 | 132,780,522 | 4,650,230 | 190,655,500 | |
Bonus issue | Non-voting | 1 for 1 | 4,650,230 | 132,780,522 | 9,300,460 | 190,655,500 | |
2006 | ESOP | Voting | 737,742 | 133,518,264 | 9,300,460 | 190,655,500 | |
Redemption of cumulative redeemable preference shares | (90,655,500) | 133,518,264 | 9,300,460 | 100,000,000 | |||
2007 | Rights issue | Voting | 3 for 10 | 40,288,996 | 173,807,260 | 9,300,460 | 100,000,000 |
Bonus issue | Voting | 1 for 3 | 58,204,268 | 232,011,528 | 9,300,460 | 100,000,000 | |
ESOP | Voting | 919,649 | 232,931,177 | 9,300,460 | 100,000,000 | ||
Rights issue | Non-voting | 3 for 10 | 2,790,138 | 232,931,177 | 12,090,598 | 100,000,000 | |
Bonus issue | Non-voting | 1 for 3 | 4,030,199 | 232,931,177 | 16,120,797 | 100,000,000 | |
2008 | Redemption of cumulative redeemable preference shares | (100,000,000) | 232,931,177 | 16,120,797 | – | ||
ESOP | Voting | 350,049 | 233,281,226 | 16,120,797 | – | ||
2009 | ESOP | Voting | 540,045 | 233,821,271 | 16,120,797 | – | |
2010 | Share split | Voting | 1 for 2 | 117,402,608 | 351,223,879 | 16,120,797 | – |
Share split | Non-voting | 1 for 2 | 8,060,398 | 351,223,879 | 24,181,195 | – | |
ESOP | Voting | 2,081,508 | 353,305,387 | 24,181,195 | – | ||
2011 | Scrip issue for final dividend 2010 | Voting | Rs. 2.00 per share | 2,277,195 | 355,582,582 | 24,181,195 | – |
Scrip issue for final dividend 2010 | Non-voting | 255,734 | 355,582,582 | 24,436,929 | – | ||
ESOP | Voting | 1,457,645 | 357,040,227 | 24,436,929 | – | ||
Rights issue | Voting | 1 for 14 | 25,502,433 | 382,542,660 | 24,436,929 | – | |
Rights issue | Non-voting | 1 for 14 | 1,745,494 | 382,542,660 | 26,182,423 | – | |
Share split | Voting | 1 for 1 | 382,542,660 | 765,085,320 | 26,182,423 | – | |
Share split | Non-voting | 1 for 1 | 26,182,423 | 765,085,320 | 52,364,846 | – | |
2012 | Scrip issue for final dividend 2011 | Voting | Rs. 2.00 per share | 13,587,144 | 778,672,464 | 52,364,846 | – |
Scrip issue for final dividend 2011 | Non-voting | 1,108,902 | 778,672,464 | 53,473,748 | – | ||
ESOP | Voting | 1,341,768 | 780,014,232 | 53,473,748 | – | ||
2013 | Scrip issue for final dividend 2012 | Voting | Rs. 2.00 per share | 13,076,189 | 793,090,421 | 53,473,748 | – |
Scrip issue for final dividend 2012 | Non-voting | 1,069,474 | 793,090,421 | 54,543,222 | – | ||
ESOP | Voting | 1,445,398 | 794,535,819 | 54,543,222 | – | ||
2014 | Scrip issue for final dividend 2013 | Voting | Rs. 2.00 per share | 12,504,344 | 807,040,163 | 54,543,222 | – |
Scrip issue for final dividend 2013 | Non-voting | 1,036,724 | 807,040,163 | 55,579,946 | – | ||
ESOP | Voting | 3,237,566 | 810,277,729 | 55,579,946 | – | ||
2015 | Scrip issue for final dividend 2014 | Voting | Rs. 2.00 per share | 8,118,773 | 818,396,502 | 55,579,946 | – |
Scrip issue for final dividend 2014 | Non-voting | 719,740 | 818,396,502 | 56,299,686 | – | ||
ESOP | Voting | 2,170,613 | 820,567,115 | 56,299,686 | – | ||
2016 | Scrip issue for final dividend 2015 | Voting | Rs. 2.00 per share | 11,818,040 | 832,385,155 | 56,299,686 | – |
Scrip issue for final dividend 2015 | Non-voting | 912,967 | 832,385,155 | 57,212,653 | – | ||
ESOP | Voting | 1,136,732 | 833,521,887 | 57,212,653 | – | ||
2017 | Scrip issue for final dividend 2016 | Voting | Rs. 2.00 per share | 10,521,802 | 844,043,689 | 57,212,653 | – |
Scrip issue for final dividend 2016 | Non-voting | 903,357 | 844,043,689 | 58,116,010 | – | ||
Rights issue | Voting | 1 for 10 | 84,649,465 | 928,693,154 | 58,116,010 | – | |
Rights issue | Non-voting | 1 for 10 | 5,811,601 | 928,693,154 | 63,927,611 | – | |
ESOP | Voting | 3,278,537 | 931,971,691 | 63,927,611 | – | ||
2018 | Scrip issue for final dividend 2017 | Voting | Rs. 2.00 per share | 11,998,388 | 943,970,079 | 63,927,611 | – |
Scrip issue for final dividend 2017 | Non-voting | 1,085,563 | 943,970,079 | 65,013,174 | – | ||
ESOP | Voting | 1,739,324 | 945,709,403 | 65,013,174 | – | ||
2019 | Scrip issue for final dividend 2018 | Voting | Rs. 2.00 per share | 15,249,529 | 960,958,932 | 65,013,174 | – |
Scrip issue for final dividend 2018 | Non-voting | 1,241,095 | 960,958,932 | 66,254,269 | – | ||
ESOP | Voting | 293,385 | 961,252,317 | 66,254,269 | – |
The declaration of a dividend should always ensure that a balance between the shareholders’ needs and the business needs of the Bank. For the year under review, the Bank paid two interim dividends totalling to Rs. 4.50 per share in cash. A final dividend of Rs. 2.00 per ordinary share has now been recommended by the Bank’s Board of Directors. This will be met in the form of the issue and allotment of new shares for both voting and non-voting shareholders of the Bank for the year ended December 31, 2019. It will be submitted for the approval of the shareholders at the 51st AGM, to be held on March 30, 2020.
(A dividend of Rs. 6.50 per share was declared and paid by the Bank for the year ended December 31, 2018. It consisted of a cash dividend of Rs. 4.50 per share and balance entitlement of Rs. 2.00 per share satisfied in the form of issue and allotment of new shares).
Dividends informationTable – 37
Dividends | 2019 | 2018 | 2017 | 2016 | 2015 | |
Cash – Rs. Per share | ||||||
First interim paid | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | |
Second interim paid | 3.00 | 3.00 | 3.00 | 3.00 | – | |
Final proposed/paid | – | – | – | – | 3.00 | |
Total | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | |
Scrip – Rs. Per share | ||||||
Final proposed/alloted | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | |
Total | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | |
Dividend payout ratio (%) | ||||||
Cash | 27.16 | 25.92 | 26.42 | 27.64 | 33.15 | |
Total (cash and shares) | 39.23 | 37.44 | 38.17 | 39.94 | 47.89 |
The Bank had 12,268 ordinary voting shareholders and 4,673 ordinary non-voting shareholders as at December 31, 2019 compared to 10,615 and 4,437 voting and non-voting shareholders as at December 31, 2018 (Tables 38 and 39 ). With five new investors joining ranks, the percentage of ordinary voting shares held by the 20 largest shareholders increased to 68.82% from 67.21% in 2018. A rise was also recorded in the non-voting ordinary shares held by the 20 largest shareholders to 45.62% in 2019 from 43.57% in 2018.
Number of ordinary shareholdersTable – 38
As at December 31, | 2019 | 2018 | |
Ordinary shareholders – Voting | 12,268 | 10,615 | |
Ordinary shareholders – Non-voting | 4,673 | 4,437 | |
Total | 16,941 | 15,052 |
Table – 39
As at December 31, 2019 | As at December 31, 2018 | |||||||||
No. of shareholders | % | No. of shares | % | No. of shareholders | % | No. of shares | % | |||
Ordinary shares – Voting | ||||||||||
Resident | 11,979 | 97.64 | 680,500,179 | 70.79 | 10,336 | 97.37 | 640,513,129 | 67.73 | ||
Non-resident | 289 | 2.36 | 280,752,138 | 29.21 | 279 | 2.63 | 305,196,274 | 32.27 | ||
Total | 12,268 | 100.00 | 961,252,317 | 100.00 | 10,615 | 100.00 | 945,709,403 | 100.00 | ||
Individuals | 11,599 | 94.55 | 217,888,250 | 22.67 | 10,055 | 94.72 | 203,708,919 | 21.54 | ||
Institutions | 669 | 5.45 | 743,364,067 | 77.33 | 560 | 5.28 | 742,000,484 | 78.46 | ||
Total | 12,268 | 100.00 | 961,252,317 | 100.00 | 10,615 | 100.00 | 945,709,403 | 100.00 | ||
Ordinary shares – Non-voting | ||||||||||
Resident | 4,600 | 98.44 | 52,731,695 | 79.59 | 4,360 | 98.26 | 49,852,293 | 76.68 | ||
Non-resident | 73 | 1.56 | 13,522,574 | 20.41 | 77 | 1.74 | 15,160,881 | 23.32 | ||
Total | 4,673 | 100.00 | 66,254,269 | 100.00 | 4,437 | 100.00 | 65,013,174 | 100.00 | ||
Individuals | 4,448 | 95.19 | 37,265,740 | 56.25 | 4,221 | 95.13 | 34,430,243 | 52.96 | ||
Institutions | 225 | 4.81 | 28,988,529 | 43.75 | 216 | 4.87 | 30,582,931 | 47.04 | ||
Total | 4,673 | 100.00 | 66,254,269 | 100.00 | 4,437 | 100.00 | 65,013,174 | 100.00 |
Table – 40
As at December 31, 2019 | As at December 31, 2018 | |||||||||
Number of shareholders | % | Number of shares | % | Number of shareholders | % | Number of shares | % | |||
Ordinary shares – Voting | ||||||||||
1 – 1,000 | 6,587 | 53.69 | 1,561,344 | 0.16 | 5,619 | 52.93 | 1,269,681 | 0.13 | ||
1,001 – 10,000 | 3,687 | 30.05 | 13,254,119 | 1.38 | 3,241 | 30.53 | 11,833,928 | 1.25 | ||
10,001 – 100,000 | 1,628 | 13.27 | 45,723,643 | 4.76 | 1,435 | 13.52 | 41,064,271 | 4.34 | ||
100,001 – 1,000,000 | 282 | 2.30 | 74,521,795 | 7.75 | 244 | 2.30 | 68,631,856 | 7.26 | ||
Over 1,000,000 | 84 | 0.69 | 826,191,416 | 85.95 | 76 | 0.72 | 822,909,667 | 87.02 | ||
Total | 12,268 | 100.00 | 961,252,317 | 100.00 | 10,615 | 100.00 | 945,709,403 | 100.00 | ||
Ordinary shares – Non-voting | ||||||||||
1 – 1,000 | 2,561 | 54.80 | 608,395 | 0.92 | 2,462 | 55.49 | 580,673 | 0.89 | ||
1,001 – 10,000 | 1,480 | 31.67 | 5,037,000 | 7.60 | 1,363 | 30.72 | 4,597,203 | 7.07 | ||
10,001 – 100,000 | 532 | 11.38 | 15,054,584 | 22.72 | 514 | 11.58 | 14,812,051 | 22.78 | ||
100,001 – 1,000,000 | 93 | 1.99 | 23,501,033 | 35.47 | 92 | 2.07 | 23,303,602 | 35.84 | ||
Over 1,000,000 | 7 | 0.16 | 22,053,257 | 33.29 | 6 | 0.14 | 21,719,645 | 33.42 | ||
Total | 4,673 | 100.00 | 66,254,269 | 100.00 | 4,437 | 100.00 | 65,013,174 | 100.00 |
Table – 41
As at December 31, | 2019 | 2018* | ||||
Ordinary shares – Voting | Number of shares | % | Number of shares | % | ||
1. | Employees Provident Fund | 92,558,649 | 9.63 | 91,090,278 | 9.63 | |
2. | DFCC Bank PLC A/C 1 | 82,560,377 | 8.59 | 128,215,649 | 13.56 | |
3. | Mr Y S H I Silva | 77,604,815 | 8.07 | 76,373,675 | 8.08 | |
4. | Deutsche Bank AG Singapore – DSS A/C NTAsian Discovery Master Fund | 53,015,739 | 5.52 | 53,948,136 | 5.70 | |
5. | DFCC Bank PLC A/C No. 02 | 47,628,006 | 4.95 | – | – | |
6. | Sri Lanka Insurance Corporation Ltd. – Life Fund | 47,345,380 | 4.93 | 42,927,124 | 4.54 | |
7. | Melstacorp PLC | 44,444,324 | 4.62 | 43,550,677 | 4.61 | |
8. | CB NY S/A International Finance Corporation | 42,651,626 | 4.44 | 41,974,991 | 4.44 | |
9. | Sri Lanka Insurance Corporation Ltd. – General Fund | 37,506,430 | 3.90 | 36,911,420 | 3.90 | |
10. | Citibank Newyork S/A Norges Bank Account 2 | 21,973,486 | 2.29 | 18,395,709 | 1.94 | |
11. | Employees Trust Fund Board | 18,020,355 | 1.87 | 16,783,623 | 1.77 | |
12. | Mrs L E M Yaseen | 16,538,000 | 1.72 | 15,765,606 | 1.67 | |
13. | JPMCB – T Rowe New Asia Fund | 15,163,496 | 1.58 | 14,922,939 | 1.58 | |
14. | BNYMSANV RE – First State Investments ICVC – Stewart Investors Indian Subcontinent Sustainability Fund | 14,184,363 | 1.48 | 12,243,878 | 1.29 | |
15. | BPSS LUX – Aberdeen Standard SICAV I – Asia Pacific Equity Fund | 9,720,591 | 1.01 | – | – | |
16. | Renuka Hotels PLC | 9,666,942 | 1.01 | 8,513,584 | 0.90 | |
17. | Mr M J Fernando | 9,181,964 | 0.96 | 9,036,300 | 0.96 | |
18. | Renuka Consultants & Services Limited | 8,414,742 | 0.88 | 8,031,249 | 0.85 | |
19. | BNYMSANV RE – LF Ruffer Investment Funds: LF Ruffer Pacific and Emerging Market Fund | 7,054,298 | 0.73 | 6,942,387 | 0.73 | |
20. | SSBT-BMO Investments II (Ireland) Public Limited Company | 6,290,471 | 0.65 | 9,989,558 | 1.06 | |
Sub total | 661,524,054 | 68.82 | 635,616,783 | 67.21 | ||
Other shareholders | 299,728,263 | 31.18 | 310,092,620 | 32.79 | ||
Total | 961,252,317 | 100.00 | 945,709,403 | 100.00 |
Table – 42
2019 | 2018 | ||||
Number | % | Number | % | ||
Number of shareholders representing the public holding (Voting) | 12,234 | 99.76 | 10,580 | 99.77 | |
Number of shareholders representing the public holding (Non-voting) | 4,663 | 86.62 | 4,427 | 84.41 | |
Float Adjusted Market Capitalisation Rs. Bn. (Compliant under option 1) | 96 | 114 |
Table – 43
As at December 31, | 2019 | 2018* | ||||
Ordinary shares – Non-voting | Number of shares | % | Number of shares | % | ||
1. | Citibank Newyork S/A Norges Bank Account 2 | 8,714,210 | 13.15 | 9,990,652 | 15.37 | |
2. | Employees Trust Fund Board | 5,154,149 | 7.78 | 5,057,600 | 7.78 | |
3. | Akbar Brothers (Pvt) Ltd. A/C No. 01 | 2,756,839 | 4.16 | 2,411,894 | 3.71 | |
4. | GF Capital Global Limited | 1,712,928 | 2.59 | 1,680,841 | 2.59 | |
5. | Serendip Investments Limited | 1,494,489 | 2.26 | – | – | |
6. | M J F Exports (Pvt) Ltd. | 1,133,395 | 1.71 | 1,112,164 | 1.71 | |
7. | Mr M F Hashim | 1,087,247 | 1.64 | 920,197 | 1.42 | |
8. | Saboor Chatoor (Pvt) Ltd. | 909,646 | 1.37 | 887,700 | 1.37 | |
9. | Mrs L V C Samarasinha | 891,208 | 1.35 | 874,514 | 1.35 | |
10. | Mr T W A Wickramasinghe | 740,000 | 1.12 | 645,000 | 0.99 | |
11. | Mr M J Fernando | 730,734 | 1.10 | 349,598 | 0.54 | |
12. | Mr J D Bandaranayake, Ms N Bandaranayake & Dr V Bandaranayake (Joint) | 648,153 | 0.98 | 618,135 | 0.95 | |
13. | Mr J D Bandaranayake, Dr V Bandaranayake & Ms I Bandaranayake (Joint) | 627,619 | 0.95 | 615,863 | 0.95 | |
14. | Mr R Gautam | 623,919 | 0.94 | 574,560 | 0.88 | |
15. | Mr K S M De Silva | 567,298 | 0.86 | 520,176 | 0.80 | |
16. | Mr G R Mallawaaratchy & Mrs B G P Mallawaaratchy (Joint) | 555,582 | 0.84 | 545,175 | 0.84 | |
17. | Mr J G De Mel | 523,547 | 0.79 | 473,519 | 0.73 | |
18. | Mr A P Somasiri | 463,685 | 0.70 | 455,000 | 0.70 | |
19. | Mr A L Gooneratne | 446,072 | 0.67 | 437,717 | 0.67 | |
20. | Mr E Chatoor | 434,381 | 0.66 | 144,345 | 0.22 | |
Sub total | 30,215,101 | 45.62 | 28,314,650 | 43.57 | ||
Other shareholders | 36,039,168 | 54.38 | 36,698,524 | 56.43 | ||
Total | 66,254,269 | 100.00 | 65,013,174 | 100.00 |
Table – 44
Ordinary shares – Voting | Ordinary shares – Non-voting | |||||
2019 | 2018 | 2019 | 2018 | |||
Mr K G D D Dheerasinghe – Chairman | 24,254 | 23,870 | Nil | Nil | ||
Mr M P Jayawardena – Deputy Chairman | Nil | Nil | Nil | Nil | ||
Mr S Renganathan – Managing Director/Chief Executive Officer | 353,736 | 323,903 | 12,143 | 11,916 | ||
Mr S C U Manatunga | 69,778 | 57,553 | Nil | Nil | ||
Mr S Swarnajothi | Nil | Nil | 11,152 | 10,944 | ||
Prof A K W Jayawardane | Nil | Nil | Nil | Nil | ||
Mr K Dharmasiri | Nil | Nil | Nil | Nil | ||
Mr L D Niyangoda | Nil | Nil | Nil | Nil | ||
Ms N T M S Cooray | 193,062 | 190,000 | 51,540 | 50,575 | ||
Mr G S Jadeja* | Nil | Nil | Nil | Nil | ||
Mr T L B Hurulle | Nil | Nil | Nil | Nil | ||
Justice K Sripavan | Nil | Nil | Nil | Nil |
During the year, the Bank complied with its Shareholder Communication Policy. This Policy outlines the various formal channels through which it engages with shareholders. It covers the timely communication of quarterly performance as set out on pages 300 to 305 It also records significant events that may reasonably be expected to impact the share price. (More details are given in Financial Calendar on page 131)
(As per Rule No. 7.6 (vi) of the Listing Rules of the CSE)
Information pertaining to the material foreseeable risk factors, that require disclosures as per the Rule No. 7.6 (vi) of the Listing Rules of the CSE is discussed in the Section on “Risk Governance and Management” on pages 110 to 128.
(As per Rule No. 7.6 (vii) of the Listing Rules of the CSE)
During the year under review, there were no material issues relating to employees and industrial relations pertaining to the Bank which warrant disclosure.
(As per Rule No. 7.4 (a) (i) of the Listing Rules of the CSE)
The Bank duly submitted the Interim Financial Statements for the year 2019 to the CSE within applicable statutory deadlines. (The Bank duly complied with this requirement for 2018). The Interim Financial Statements were prepared in compliance with the requirements of the Sri Lanka Accounting Standard – LKAS 34 on “Interim Financial Reporting” and provided the information as required in items of the Rule 7.4 of the CSE.
Please refer “Financial Calendar” on page 131 for further details. A Summary of the Income Statement and the Statement of Financial Position depicting quarterly performance during 2019 together with comparatives for 2018 is given on pages 300 to 305 for the information of stakeholders.
Interim Financial Statements for the first three quarters of 2018 has been restated by incorporating the impact on adopting Sri Lanka Accounting Standard ”SLFRS 9 – Financial Instruments“ which become effective from January 1, 2018. The Bank has previously prepared Interim Financial Statements for the first three quarters of 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 CA Sri Lanka.
The Audited Income Statement for the year ended December 31, 2019 and the Audited Statement of Financial Position as at December 31, 2019 will be submitted to the CSE within three months from the year end, which is well within the required deadline as required by Rule No. 7.5 (a) of the Listing Rules of the CSE. (The Bank duly complied with this requirement for 2018).
This Annual Report in its entirety is available on the Bank’s website http://www.combank.lk/newweb/en/investors).
Shareholders may also elect to receive a hard copy of the Annual Report via mail on request. The Company Secretary of the Bank will respond to individual letters received from shareholders.
Details of debentures issued by the Bank is as shown below:
Table – 45
Fixed Interest Rate | Fixed Interest Rate | Fixed Interest Rate | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||
Type of Issue | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | Public | |||
Debenture Type | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | Type “A” | Type “B” | |||
CSE Listing | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | Listed | |||
Issue Date | March 9, 2016 | March 9, 2016 | October 28, 2016 | October 28, 2016 | July 23, 2018 | July 23, 2018 | March 9, 2016 | March 9, 2016 | October 28, 2016 | October 28, 2016 | July 23, 2018 | July 23, 2018 | March 9, 2016 | March 9, 2016 | October 28, 2016 | October 28, 2016 | |||
Maturity Date | March 8, 2021 | March 8, 2026 | October 27, 2021 | October 27, 2026 | July 22, 2023 | July 22, 2028 | March 8, 2021 | March 8, 2026 | October 27, 2021 | October 27, 2026 | July 22, 2023 | July 22, 2028 | March 8, 2021 | March 8, 2026 | October 27, 2021 | October 27, 2026 | |||
Interest Payable Frequency | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | Bi-Annually | 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. | 10.75% p.a. | 11.25% p.a. | 12.00% p.a. | 12.25% p.a. | 12.00% p.a. | 12.50% p.a. | 10.75% p.a. | 11.25% p.a. | 12.00% p.a. | 12.25% p.a. | |||
Amount (Rs. Mn.) | 4,430.34 | 1,749.09 | 5,071.80 | 1,928.20 | 8,393.84 | 1,606.16 | 4,430.34 | 1,749.09 | 5,071.80 | 1,928.20 | 8,393.84 | 1,606.16 | 4,430.34 | 1,749.09 | 5,071.80 | 1,928.20 | |||
Market Values | |||||||||||||||||||
– Highest (Rs.) | 90.00 | 100.00 | 90.00 | Not traded during the year | Not traded during the year | Not traded during the year | Not traded during the year | 100.00 | 102.66 | Not traded during the year | Not traded during the year | Not traded during the year | 85.33 | Not traded during the year | 96.00 | Not traded during the year | |||
– Lowest (Rs.) | 90.00 | 100.00 | 90.00 | 90.00 | 99.96 | 81.40 | 87.17 | ||||||||||||
– Year-end (Rs.) | 90.00 | 100.00 | 90.00 | 90.00 | 102.66 | 81.40 | 87.17 | ||||||||||||
Interest Rates | |||||||||||||||||||
– Coupon Rate (%) | 10.75 | 11.25 | 12.00 | 12.25 | 12.00 | 12.50 | 10.75 | 11.25 | 12.00 | 12.25 | 12.00 | 12.50 | 10.75 | 11.25 | 12.00 | 12.25 | |||
– Effective Annual Yield (%) | 11.04 | 11.57 | 12.36 | 12.63 | 12.36 | 12.89 | 11.04 | 11.57 | 12.36 | 12.63 | 12.36 | 12.89 | 11.04 | 11.57 | 12.36 | 12.63 | |||
Interest rate of comparable Government Security (%) | 8.55 | 9.90 | 8.70 | 9.90 | 9.40 | 10.10 | 11.30 | 11.65 | 11.50 | 11.80 | 11.65 | 11.85 | 9.70 | 10.10 | 9.80 | 10.10 | |||
Other Ratios as at date of last trade | |||||||||||||||||||
– Interest Yield (%) | 16.57 | 11.24 | 16.86 | N/A | N/A | N/A | N/A | 13.45 | 11.02 | N/A | N/A | N/A | 17.96 | N/A | 15.98 | N/A | |||
– Yield to Maturity (%) | 16.32 | 11.25 | 16.64 | N/A | N/A | N/A | N/A | 13.30 | 11.06 | N/A | N/A | N/A | 17.52 | N/A | 15.74 | N/A |
Table – 46
2019 | 2018 | ||
Debt equity ratio (%) | 38.97 | 45.39 | |
Net assets value per share (Rs.) | 129.60 | 117.15 | |
Interest cover (Times) | 8.54 | 10.00 | |
Liquid assets ratio (%) (Minimum 20%) | |||
Domestic Banking Unit (DBU) | 30.42 | 24.47 | |
Off-shore Banking Unit (OBU) | 25.25 | 30.20 |
The Bank’s credit rating, AA (lka) was reaffirmed by Fitch Ratings Lanka Ltd. in September 2019. The Bank’s Bangladesh Operation’s credit rating was reaffirmed at AAA by Credit Rating Information Services Ltd. in May 2019.
The credit rating of the Bank’s Subordinated Debentures affirmed in September 2019 at AA-(lka) by Fitch Ratings Lanka Ltd.
Table – 47
1st Quarter March 31 Rs. ’000 | 2nd Quarter June 30 Rs. ’000 | 3rd Quarter September 30 Rs. ’000 | 4th Quarter December 31 Rs. ’000 | Total (Audited) Rs. ’000 | ||
Group | ||||||
Net interest income | 12,119,820 | 12,025,716 | 12,277,968 | 11,932,887 | 48,356,391 | |
Net fee and commission income | 2,447,840 | 2,390,610 | 2,840,646 | 3,072,742 | 10,751,838 | |
Other operating income (net) | 550,539 | 2,583,027 | 2,670,120 | 2,774,733 | 8,578,419 | |
Less: Impairment charges and other losses | 1,896,313 | 3,630,501 | 3,017,776 | 2,786,933 | 11,331,523 | |
Net operating income | 13,221,886 | 13,368,852 | 14,770,958 | 14,993,429 | 56,355,125 | |
Less: Expenses | 8,204,593 | 8,041,586 | 8,380,022 | 8,755,020 | 33,381,221 | |
Operating profit | 5,017,293 | 5,327,266 | 6,390,936 | 6,238,409 | 22,973,904 | |
Add: Share of profits/(losses) of associate companies | 1,343 | 4,529 | 3,636 | 484 | 9,992 | |
Profit before income tax | 5,018,636 | 5,331,795 | 6,394,572 | 6,238,893 | 22,983,896 | |
Less: Income tax expense | 1,827,824 | 1,850,007 | 1,548,871 | 336,798 | 5,563,500 | |
Profit for the period | 3,190,812 | 3,481,788 | 4,845,701 | 5,902,095 | 17,420,396 | |
Quarterly profit as a percentage of the profit after tax | 18.3 | 20.0 | 27.8 | 33.9 | 100.0 | |
Cumulative quarterly profit as a percentage of the profit after tax | 18.3 | 38.3 | 66.1 | 100.0 | – |
1st Quarter March 31 Rs. ’000 | 2nd Quarter June 30 (Audited) Rs. ’000 | 3rd Quarter September 30 Rs. ’000 | 4th Quarter December 31 Rs. ’000 | Total (Audited) Rs. ’000 | ||
Bank | ||||||
Net interest income | 11,881,071 | 11,758,079 | 11,991,650 | 11,577,472 | 47,208,272 | |
Net fee and commission income | 2,335,343 | 2,337,977 | 2,741,978 | 2,874,214 | 10,289,512 | |
Other operating income (net) | 460,042 | 2,573,614 | 2,641,059 | 2,845,445 | 8,520,160 | |
Less: Impairment charges and other losses | 1,852,370 | 3,515,041 | 2,955,795 | 2,738,260 | 11,061,466 | |
Net operating income | 12,824,086 | 13,154,629 | 14,418,892 | 14,558,871 | 54,956,478 | |
Less: Expenses | 8,049,713 | 7,882,695 | 8,177,767 | 8,507,198 | 32,617,373 | |
Profit before income tax | 4,774,373 | 5,271,934 | 6,241,125 | 6,051,673 | 22,339,105 | |
Less: Income tax expense | 1,751,497 | 1,828,428 | 1,484,148 | 250,065 | 5,314,138 | |
Profit for the period | 3,022,876 | 3,443,506 | 4,756,977 | 5,801,608 | 17,024,967 | |
Quarterly profit as a percentage of the profit after tax | 17.8 | 20.2 | 27.9 | 34.1 | 100.0 | |
Cumulative quarterly profit as a percentage of the profit after tax | 17.8 | 38.0 | 65.9 | 100.0 | – |
Table – 48
1st Quarter March 31 Rs. ’000 | 2nd Quarter June 30 Rs. ’000 | 3rd Quarter September 30 Rs. ’000 | 4th Quarter December 31 Rs. ’000 | Total (Audited) Rs. ’000 | ||
Group | ||||||
Net interest income | 10,974,263 | 11,392,684 | 11,476,809 | 11,774,453 | 45,618,209 | |
Net fees and commission income | 2,446,387 | 2,545,663 | 2,594,603 | 3,047,739 | 10,634,392 | |
Other operating income (net) | 474,851 | 1,350,590 | 3,073,497 | 3,712,928 | 8,611,866 | |
Less: Impairment charges for loans and other losses | 1,126,250 | 2,240,276 | 3,682,829 | 1,784,007 | 8,833,362 | |
Net operating income | 12,769,251 | 13,048,661 | 13,462,080 | 16,751,113 | 56,031,105 | |
Less: Expenses | 6,876,351 | 7,097,937 | 7,420,454 | 8,543,863 | 29,938,605 | |
Operating profit | 5,892,900 | 5,950,724 | 6,041,626 | 8,207,250 | 26,092,500 | |
Add: Share of profits/(losses) of associate companies | 1,616 | 3,564 | 663 | 205 | 6,048 | |
Profit before income tax | 5,894,516 | 5,954,288 | 6,042,289 | 8,207,455 | 26,098,548 | |
Less: Income tax expense | 1,755,985 | 2,067,671 | 2,044,353 | 2,367,708 | 8,235,717 | |
Profit for the period | 4,138,531 | 3,886,617 | 3,997,936 | 5,839,747 | 17,862,831 | |
Quarterly profit as a percentage of the profit after tax | 23.2 | 21.8 | 22.4 | 32.7 | 100.0 | |
Cumulative quarterly profit as a percentage of the profit after tax | 23.2 | 44.9 | 67.3 | 100.0 | – |
1st Quarter March 31 Rs. ’000 | 2nd Quarter June 30 (Audited) Rs. ’000 | 3rd Quarter September 30 Rs. ’000 | 4th Quarter December 31 Rs. ’000 | Total (Audited) Rs. ’000 | ||
Bank | ||||||
Net interest income | 10,813,322 | 11,232,272 | 11,302,758 | 11,593,406 | 44,941,758 | |
Net fees and commission income | 2,342,420 | 2,437,339 | 2,469,070 | 2,901,341 | 10,150,170 | |
Other operating income (net) | 492,173 | 1,290,882 | 2,968,470 | 3,844,042 | 8,595,567 | |
Less: Impairment charges for loans and other losses | 967,720 | 2,005,887 | 3,506,310 | 2,095,282 | 8,575,199 | |
Net operating income | 12,680,195 | 12,954,606 | 13,233,988 | 16,243,507 | 55,112,296 | |
Less: Expenses | 6,780,114 | 6,966,930 | 7,274,723 | 8,499,321 | 29,521,088 | |
Profit before income tax | 5,900,081 | 5,987,676 | 5,959,265 | 7,744,186 | 25,591,208 | |
Less: Income tax expense | 1,746,189 | 2,075,536 | 2,007,972 | 2,217,683 | 8,047,380 | |
Profit for the period | 4,153,892 | 3,912,140 | 3,951,293 | 5,526,503 | 17,543,828 | |
Quarterly profit as a percentage of the profit after tax | 23.7 | 22.3 | 22.5 | 31.5 | 100.0 | |
Cumulative quarterly profit as a percentage of the profit after tax | 23.7 | 46.0 | 68.5 | 100.0 | – |
Table – 49
As at | March 31 Rs. ’000 | June 30 Rs. ’000 | September 30 Rs. ’000 | December 31 (Audited) Rs. ’000 | |
Assets | |||||
Cash and cash equivalents | 51,197,799 | 53,188,327 | 49,275,010 | 53,681,118 | |
Balances with central banks | 51,599,785 | 45,126,978 | 42,467,189 | 46,101,232 | |
Placements with banks | 28,158,636 | 24,883,478 | 24,213,930 | 24,903,809 | |
Securities purchased under resale agreements | 23,988,458 | 18,497,618 | 16,020,541 | 13,147,534 | |
Derivative financial assets | 4,510,499 | 3,253,835 | 2,055,696 | 1,830,927 | |
Financial assets recognised through profit or loss – measured at fair value | 10,668,315 | 12,252,492 | 16,413,151 | 21,468,033 | |
Financial assets at amortised cost – Loans and advances to banks | 731,801 | 736,299 | 758,397 | 757,787 | |
Financial assets at amortised cost – Loans and advances to other customers | 861,142,772 | 854,238,500 | 865,095,075 | 893,919,311 | |
Financial assets at amortised cost – Debt and other financial instruments | 85,428,291 | 98,761,011 | 98,104,929 | 107,059,021 | |
Financial assets measured at fair value through other comprehensive income | 176,527,583 | 208,698,513 | 205,397,219 | 197,825,017 | |
Investments in subsidiaries | – | – | – | – | |
Investments in associates | 101,888 | 105,388 | 55,632 | 56,821 | |
Property, plant and equipment | 16,980,540 | 16,882,420 | 17,289,059 | 22,423,046 | |
Investment properties | – | – | 46,350 | 46,350 | |
Intangible assets | 1,473,609 | 1,505,196 | 1,573,573 | 1,645,714 | |
Leasehold property | 102,705 | 102,343 | 101,977 | 101,612 | |
Deferred tax assets | 132,577 | 180,225 | 196,965 | 530,165 | |
Other assets | 30,631,819 | 27,674,083 | 31,289,510 | 23,443,869 | |
Total assets | 1,343,377,077 | 1,366,086,706 | 1,370,354,203 | 1,408,941,366 | |
Liabilities | |||||
Due to banks | 42,694,636 | 62,009,934 | 49,473,621 | 53,807,425 | |
Derivative financial liabilities | 3,961,272 | 2,411,810 | 2,314,173 | 1,495,317 | |
Securities sold under repurchase agreements | 41,381,747 | 40,649,376 | 38,023,739 | 51,117,342 | |
Financial liabilities at amortised cost – due to depositors | 1,025,585,219 | 1,037,150,823 | 1,047,138,415 | 1,068,982,587 | |
Financial liabilities at amortised cost – other borrowings | 25,312,923 | 24,188,447 | 24,414,671 | 23,248,893 | |
Current tax liabilities | 7,009,677 | 7,480,547 | 5,861,745 | 5,197,188 | |
Deferred tax liabilities | 1,043,580 | 1,031,229 | 646,670 | 416,458 | |
Other liabilities | 37,467,290 | 27,250,407 | 32,521,860 | 30,775,884 | |
Due to subsidiaries | – | – | – | – | |
Subordinated liabilities | 37,444,838 | 37,494,509 | 37,960,312 | 37,886,789 | |
Total Liabilities | 1,221,901,182 | 1,239,667,082 | 1,238,355,206 | 1,272,927,883 | |
Equity | |||||
Stated capital | 40,916,957 | 40,916,957 | 40,916,957 | 40,916,958 | |
Statutory reserves | 7,444,178 | 7,445,163 | 7,445,163 | 8,387,701 | |
Retained earnings | 2,965,210 | 6,416,457 | 11,357,570 | 5,182,185 | |
Other reserves | 68,936,039 | 70,392,367 | 70,754,689 | 79,937,405 | |
Total equity attributable to equity holders of the Bank | 120,262,384 | 125,170,944 | 130,474,379 | 134,424,249 | |
Non-controlling interest | 1,213,511 | 1,248,680 | 1,524,618 | 1,589,234 | |
Total Equity | 121,475,895 | 126,419,624 | 131,998,997 | 136,013,483 | |
Total liabilities and equity | 1,343,377,077 | 1,366,086,706 | 1,370,354,203 | 1,408,941,366 | |
Contingent liabilities and commitments | 623,050,857 | 585,207,963 | 628,720,426 | 580,961,807 | |
Net assets value per ordinary share (Rs.) | 117.04 | 121.82 | 126.98 | 130.83 | |
Quarterly growth (%) | |||||
Financial assets at amortised cost – Loans and advances to banks and loans and advances to other customers | -0.75 | -0.80 | 1.27 | 3.33 | |
Financial liabilities at amortised cost – due to depositors | 3.14 | 1.13 | 0.96 | 2.09 | |
Total assets | 1.78 | 1.69 | 0.31 | 2.82 |
Table – 50
As at | March 31 Rs. ’000 | June 30 Rs. ’000 | September 30 Rs. ’000 | December 31 (Audited) Rs. ’000 | |
Assets | |||||
Cash and cash equivalents | 53,879,303 | 31,059,073 | 30,983,162 | 44,355,962 | |
Balances with central banks | 49,971,990 | 52,267,614 | 55,917,066 | 55,406,535 | |
Placements with banks | 5,831,754 | 13,115,949 | 10,486,952 | 19,898,515 | |
Securities purchased under resale agreements | 6,042,033 | – | 3,002,093 | 9,513,512 | |
Derivative financial assets | 2,301,690 | 1,214,820 | 4,948,856 | 7,909,962 | |
Financial assets recognised through profit or loss – measured at fair value | 4,653,855 | 6,657,345 | 8,455,135 | 5,520,167 | |
Financial assets at amortised cost – Loans and advances to banks | 650,103 | 660,945 | 705,773 | 763,074 | |
Financial assets at amortised cost – Loans and advances to other customers | 784,976,048 | 813,725,784 | 840,068,096 | 867,611,976 | |
Financial assets at amortised cost – Debt and other financial instruments | 143,333,674 | 139,529,807 | 142,720,252 | 89,274,413 | |
Financial assets measured at fair value through other comprehensive income | 140,771,111 | 117,699,965 | 117,833,039 | 176,760,611 | |
Investments in subsidiaries | – | – | – | – | |
Investments in associates | 108,089 | 107,669 | 104,043 | 105,320 | |
Property, plant and equipment | 16,249,842 | 16,301,595 | 16,681,518 | 17,015,236 | |
Investment properties | – | – | – | – | |
Intangible assets | 1,248,310 | 1,267,002 | 1,410,755 | 1,433,931 | |
Leasehold property | 104,157 | 103,795 | 103,429 | 103,064 | |
Deferred tax assets | – | – | – | 188,487 | |
Other assets | 20,599,871 | 19,771,975 | 21,866,481 | 24,051,472 | |
Total assets | 1,230,721,830 | 1,213,483,338 | 1,255,286,650 | 1,319,912,237 | |
Liabilities | |||||
Due to banks | 49,388,076 | 44,660,704 | 46,632,555 | 52,362,052 | |
Derivative financial liabilities | 1,970,672 | 1,706,183 | 4,914,552 | 8,021,783 | |
Securities sold under repurchase agreements | 75,886,269 | 53,526,353 | 35,031,678 | 48,951,394 | |
Financial liabilities at amortised cost – due to depositors | 913,144,030 | 920,077,634 | 952,331,708 | 994,370,875 | |
Financial liabilities at amortised cost – other borrowings | 24,301,153 | 23,768,936 | 24,885,897 | 25,361,912 | |
Current tax liabilities | 4,722,488 | 5,617,467 | 5,915,150 | 6,735,997 | |
Deferred tax liabilities | 3,458,398 | 3,187,652 | 3,067,150 | 971,424 | |
Other liabilities | 21,987,015 | 20,227,936 | 24,055,688 | 24,547,513 | |
Due to subsidiaries | – | – | – | – | |
Subordinated liabilities | 25,600,771 | 25,565,239 | 36,949,882 | 37,992,457 | |
Total Liabilities | 1,120,458,872 | 1,098,338,104 | 1,133,784,260 | 1,199,315,407 | |
Equity | |||||
Stated capital | 39,086,211 | 39,144,134 | 39,147,882 | 39,147,882 | |
Statutory reserves | 6,492,778 | 6,492,778 | 6,492,778 | 7,444,178 | |
Retained earnings | 4,441,436 | 8,656,988 | 13,771,531 | 4,949,955 | |
Other reserves | 59,342,906 | 59,924,046 | 61,090,874 | 67,855,834 | |
Total equity attributable to equity holders of the Bank | 109,363,331 | 114,217,946 | 120,503,065 | 119,397,849 | |
Non-controlling interest | 899,627 | 927,288 | 999,325 | 1,198,981 | |
Total Equity | 110,262,958 | 115,145,234 | 121,502,390 | 120,596,830 | |
Total liabilities and equity | 1,230,721,830 | 1,213,483,338 | 1,255,286,650 | 1,319,912,237 | |
Contingent liabilities and commitments | 552,478,758 | 618,594,182 | 656,790,941 | 604,021,400 | |
Net assets value per ordinary share (Rs.) | 108.26 | 113.01 | 119.22 | 118.13 | |
Quarterly growth (%) | |||||
Financial assets at amortised cost – Loans and advances to banks and loans and advances to other customers | 5.72 | 3.66 | 3.24 | 3.28 | |
Financial liabilities at amortised cost – due to depositors | 6.52 | 0.76 | 3.51 | 4.41 | |
Total assets | 6.48 | -1.40 | 3.44 | 5.15 |
Table – 51
As at | March 31 Rs. ’000 | June 30 (Audited) Rs. ’000 | September 30 Rs. ’000 | December 31 (Audited) Rs. ’000 | |
Assets | |||||
Cash and cash equivalents | 40,490,801 | 44,719,754 | 43,628,405 | 52,534,730 | |
Balances with central banks | 49,591,644 | 43,450,379 | 40,888,289 | 39,461,127 | |
Placements with banks | 27,972,963 | 24,386,003 | 23,774,064 | 24,527,241 | |
Securities purchased under re-sale agreements | 23,988,458 | 18,497,618 | 16,020,541 | 13,147,534 | |
Derivative financial assets | 4,510,499 | 3,253,835 | 2,055,696 | 1,830,927 | |
Financial assets recognised through profit or loss – measured at fair value | 10,668,315 | 12,252,492 | 16,413,151 | 21,468,033 | |
Financial assets at amortised cost – Loans and advances to banks | 731,801 | 736,299 | 758,397 | 757,787 | |
Financial assets at amortised cost – Loans and advances to other customers | 853,891,574 | 847,364,012 | 857,595,286 | 884,645,744 | |
Financial assets at amortised cost – Debt and other financial instruments | 79,286,240 | 93,363,847 | 91,286,998 | 101,144,819 | |
Financial assets measured at fair value through other comprehensive income | 176,288,466 | 208,459,018 | 205,157,059 | 197,568,330 | |
Investments in subsidiaries | 4,304,032 | 4,303,814 | 4,619,287 | 5,011,284 | |
Investments in associates | 44,331 | 44,331 | 44,331 | 44,331 | |
Property, plant and equipment | 15,271,969 | 15,185,135 | 15,176,692 | 20,436,493 | |
Investment properties | – | – | – | – | |
Intangible assets | 959,417 | 999,066 | 1,016,676 | 1,080,010 | |
Leasehold property | 71,421 | 71,186 | 70,948 | 70,710 | |
Deferred tax assets | – | – | – | 294,059 | |
Other assets | 30,526,679 | 27,545,229 | 31,117,533 | 23,322,247 | |
Total assets | 1,318,598,610 | 1,344,632,018 | 1,349,623,353 | 1,387,345,406 | |
Liabilities | |||||
Due to banks | 40,274,885 | 59,867,706 | 47,631,147 | 51,505,694 | |
Derivative financial liabilities | 3,961,272 | 2,411,810 | 2,314,173 | 1,495,317 | |
Securities sold under repurchase agreements | 41,531,673 | 40,747,726 | 38,133,178 | 51,220,023 | |
Financial liabilities at amortised cost – due to depositors | 1,006,076,868 | 1,020,918,723 | 1,031,733,089 | 1,053,307,660 | |
Financial liabilities at amortised cost – other borrowings | 25,312,923 | 24,188,447 | 24,414,671 | 23,248,893 | |
Current tax liabilities | 6,777,712 | 7,232,866 | 5,696,943 | 4,967,644 | |
Deferred tax liabilities | 716,986 | 702,188 | 226,978 | – | |
Other liabilities | 37,229,335 | 26,895,743 | 32,098,371 | 30,496,709 | |
Due to subsidiaries | 41,719 | 50,544 | 138,081 | 54,292 | |
Subordinated liabilities | 37,444,838 | 37,494,509 | 37,960,312 | 37,886,789 | |
Total liabilities | 1,199,368,211 | 1,220,510,262 | 1,220,346,943 | 1,254,183,021 | |
Equity | |||||
Stated capital | 40,916,957 | 40,916,957 | 40,916,957 | 40,916,958 | |
Statutory reserves | 7,354,143 | 7,354,143 | 7,354,143 | 8,205,391 | |
Retained earnings | 2,973,293 | 6,416,384 | 11,296,851 | 5,144,433 | |
Other reserves | 67,986,006 | 69,434,272 | 69,708,459 | 78,895,603 | |
Total equity attributable to equity holders of the Bank | 119,230,399 | 124,121,756 | 129,276,410 | 133,162,385 | |
Non-controlling Interest | – | – | – | – | |
Total equity | 119,230,399 | 124,121,756 | 129,276,410 | 133,162,385 | |
Total liabilities and equity | 1,318,598,610 | 1,344,632,018 | 1,349,623,353 | 1,387,345,406 | |
Contingent liabilities and commitments | 622,647,488 | 584,832,875 | 628,260,614 | 579,999,273 | |
Net assets value per ordinary share (Rs.) | 116.04 | 120.80 | 125.82 | 129.60 | |
Quarterly growth (%) | |||||
Financial assets at amortised cost – Loans and advances to banks & Loans and advances to other customers | -0.84 | -0.76 | 1.21 | 3.15 | |
Financial Liabilities at amortised cost – Due to depositors | 2.34 | 1.48 | 1.06 | 2.09 | |
Total assets | 1.16 | 1.97 | 0.37 | 2.80 |
Table – 52
As at | March 31 Rs. ’000 | June 30 (Audited) Rs. ’000 | September 30 Rs. ’000 | December 31 (Audited) Rs. ’000 | |
Assets | |||||
Cash and cash equivalents | 52,043,922 | 26,619,059 | 28,361,740 | 39,534,476 | |
Balances with central banks | 49,174,180 | 51,380,853 | 54,988,756 | 54,384,590 | |
Placements with banks | 5,831,754 | 13,115,949 | 10,250,010 | 19,898,515 | |
Securities purchased under re-sale agreements | 6,042,033 | – | 3,002,093 | 9,513,512 | |
Derivative financial assets | 2,301,690 | 1,214,820 | 4,948,856 | 7,909,962 | |
Financial assets recognised through profit or loss – measured at fair value | 4,653,855 | 6,657,345 | 8,455,135 | 5,520,167 | |
Financial assets at amortised cost – Loans and advances to banks | 650,103 | 660,945 | 705,773 | 763,074 | |
Financial assets at amortised cost – Loans and advances to other customers | 779,615,283 | 808,394,470 | 834,289,997 | 861,100,315 | |
Financial assets at amortised cost – Debt and other financial instruments | 138,132,644 | 135,484,485 | 138,002,348 | 83,855,436 | |
Financial assets measured at fair value through other comprehensive income | 140,576,594 | 117,460,848 | 117,593,922 | 176,506,729 | |
Investments in subsidiaries | 3,081,857 | 3,556,707 | 3,650,198 | 4,263,631 | |
Investments in associates | 44,331 | 44,331 | 44,331 | 44,331 | |
Property, plant and equipment | 14,585,348 | 14,637,781 | 14,987,794 | 15,301,246 | |
Investment properties | – | – | – | – | |
Intangible assets | 766,140 | 775,632 | 883,621 | 906,112 | |
Leasehold property | 72,363 | 72,128 | 71,890 | 71,652 | |
Deferred tax assets | – | – | – | – | |
Other assets | 20,503,432 | 19,639,599 | 21,394,473 | 23,911,122 | |
Total assets | 1,218,075,529 | 1,199,714,952 | 1,241,630,937 | 1,303,484,870 | |
Liabilities | |||||
Due to banks | 46,513,272 | 41,970,534 | 44,182,639 | 50,101,081 | |
Derivative financial liabilities | 1,970,672 | 1,706,183 | 4,914,552 | 8,021,783 | |
Securities sold under repurchase agreements | 76,030,848 | 53,672,210 | 35,178,841 | 49,104,462 | |
Financial liabilities at amortised cost – due to depositors | 905,633,678 | 911,180,396 | 943,615,158 | 983,037,314 | |
Financial liabilities at amortised cost – other borrowings | 24,301,153 | 23,768,936 | 24,885,897 | 25,361,912 | |
Current tax liabilities | 4,624,854 | 5,443,229 | 5,781,089 | 6,566,358 | |
Deferred tax liabilities | 3,192,493 | 3,008,375 | 2,898,350 | 646,248 | |
Other liabilities | 21,687,211 | 19,955,103 | 23,471,502 | 24,206,351 | |
Due to subsidiaries | 20,109 | 33,251 | 51,867 | 40,955 | |
Subordinated liabilities | 25,600,771 | 25,565,239 | 36,949,882 | 37,992,457 | |
Total liabilities | 1,109,575,061 | 1,086,303,456 | 1,121,929,777 | 1,185,078,921 | |
Equity | |||||
Stated capital | 39,086,211 | 39,144,134 | 39,147,882 | 39,147,882 | |
Statutory reserves | 6,476,952 | 6,476,952 | 6,476,952 | 7,354,143 | |
Retained earnings | 4,384,170 | 8,650,605 | 13,765,504 | 5,063,076 | |
Other reserves | 58,553,135 | 59,139,805 | 60,310,822 | 66,840,848 | |
Total equity attributable to equity holders of the Bank | 108,500,468 | 113,411,496 | 119,701,160 | 118,405,949 | |
Non-controlling Interest | – | – | – | – | |
Total equity | 108,500,468 | 113,411,496 | 119,701,160 | 118,405,949 | |
Total liabilities and equity | 1,218,075,529 | 1,199,714,952 | 1,241,630,937 | 1,303,484,870 | |
Contingent liabilities and commitments | 552,215,683 | 618,494,579 | 656,592,358 | 603,883,119 | |
Net assets value per ordinary share (Rs.) | 107.40 | 112.21 | 118.43 | 117.15 | |
Quarterly growth (%) | |||||
Financial assets at amortised cost – Loans and advances to banks & Loans and advances to other customers | 5.71 | 3.69 | 3.21 | 3.22 | |
Financial liabilities at amortised cost – Due to depositors | 6.53 | 0.61 | 3.56 | 4.18 | |
Total assets | 6.53 | –1.51 | 3.49 | 4.98 |