Supplementary Information

Annex 8: Financial Statements (US Dollars)

Income Statement

Group BANK
For the year ended December 31, 2019 USD ’000 2018 USD ’000 Change % 2019 USD ’000 2018 USD ’000 Change %
Gross income 829,387 768,403 7.94 818,191 759,556 7.72
Interest income 711,349 652,276 9.06 703,051 646,304 8.78
Less: Interest expense 445,289 401,282 10.97 443,308 399,031 11.10
Net interest income 266,060 250,994 6.00 259,743 247,273 5.04
Fee and commission income 70,839 68,743 3.05 68,262 65,959 3.49
Less: Fee and commission expense 11,682 10,232 14.17 11,648 10,112 15.19
Net fee and commission income 59,157 58,511 1.10 56,614 55,847 1.37
Net gains/(losses) from trading 7,487 (16,689) 144.86 7,488 (16,689) 144.87
Net gains/(losses) from derecognition of financial assets 6,249 1,497 317.43 6,249 1,497 317.43
Net other operating income 33,463 62,576 (46.52) 33,142 62,486 (46.96)
Total operating income 372,416 356,889 4.35 363,236 350,414 3.66
Less: Impairment charges and other losses 62,347 48,602 28.28 60,861 47,181 28.99
Net operating income 310,069 308,287 0.58 302,375 303,233 (0.28)
Less: Expenses
Personnel expenses 79,279 73,121 8.42 77,484 71,917 7.74
Depreciation and amortisation 15,633 8,820 77.24 15,156 8,083 87.50
Other operating expenses 48,833 49,485 (1.32) 47,254 49,129 (3.82)
Total operating expenses 143,744 131,426 9.37 139,893 129,129 8.34
Operating profit before taxes on financial services 166,324 176,861 (5.96) 162,481 174,104 (6.68)
Less: Taxes on financial services 39,921 33,298 19.89 39,569 33,298 18.83
Operating profit after taxes on financial services 126,403 143,563 (11.95) 122,912 140,806 (12.71)
Share of profits of associates, net of tax 55 33 66.67
Profit before tax 126,458 143,596 (11.93) 122,912 140,806 (12.71)
Less: Income tax expense 30,611 45,313 (32.45) 29,239 44,277 (33.96)
Profit for the year 95,847 98,283 (2.48) 93,673 96,529 (2.96)
Profit attributable to:
Equity holders of the Bank 94,982 97,578 (2.66) 93,673 96,529 (2.96)
Non-controlling interest 865 705 22.70
Profit for the year 95,847 98,283 (2.48) 93,673 96,529 (2.96)
Earnings per share
Basic earnings per ordinary share (USD) 0.09 0.10 (2.72) 0.09 0.09 (2.99)
Diluted earnings per ordinary share (USD) 0.09 0.10 (2.72) 0.09 0.09 (2.99)

US Dollar Accounts

The Income Statement and the Statement of Financial Position given on pages 354 and 355 are solely for the convenience of stakeholders and do not form part of the Financial Statements.

Statement of Financial Position

Group BANK
As at December 31, 2019 USD ’000 2018 USD ’000 Change % 2019 USD ’000 2018 USD ’000 Change %
Assets
Cash and cash equivalents 295,357 244,049 21.02 289,049 217,521 32.88
Balances with Central Banks 253,652 304,850 (16.79) 217,118 299,227 (27.44)
Placements with banks 137,022 109,483 25.15 134,950 109,483 23.26
Securities purchased under resale agreements 72,339 52,344 38.20 72,339 52,344 38.20
Derivative financial assets 10,074 43,521 (76.85) 10,074 43,521 (76.85)
Financial assets recognised through profit or loss – Measured at fair value 118,118 30,372 288.90 118,118 30,372 288.90
Financial assets at amortised cost – Loans and advances to banks 4,169 4,198 (0.69) 4,169 4,198 (0.69)
Financial assets at amortised cost – Loans and advances to other customers 4,918,401 4,773,656 3.03 4,867,377 4,737,828 2.73
Financial assets at amortised cost – Debt and other financial instruments 589,046 491,193 19.92 556,505 461,378 20.62
Financial assets measured at fair value through other comprehensive income 1,088,446 972,548 11.92 1,087,033 971,151 11.93
Investments in subsidiaries 27,572 23,459 17.53
Investments in associates 313 579 (45.94) 244 244
Property, plant and equipment and right-of-use assets 123,373 93,619 31.78 112,443 84,188 33.56
Investment properties 255
Intangible assets 9,055 7,890 14.77 5,942 4,985 19.19
Leasehold property 559 567 (1.41) 389 394 (1.27)
Deferred tax assets 2,917 1,037 181.29 1,618
Other assets 128,989 132,335 (2.53) 128,322 131,563 (2.46)
Total assets 7,752,085 7,262,241 6.75 7,633,262 7,171,856 6.43
Liabilities
Due to banks 296,052 288,099 2.76 283,388 275,659 2.80
Derivative financial liabilities 8,227 44,136 (81.36) 8,227 44,136 (81.36)
Securities sold under repurchase agreements 281,251 269,334 4.42 281,816 270,176 4.31
Financial liabilities at amortised cost – Due to depositors 5,881,610 5,471,091 7.50 5,795,365 5,408,734 7.15
Financial liabilities at amortised cost – Other borrowings 127,917 139,543 (8.33) 127,917 139,543 (8.33)
Current tax liabilities 28,595 37,062 (22.85) 27,332 36,129 (24.35)
Deferred tax liabilities 2,291 5,345 (57.14) 3,556
Other liabilities 169,331 135,062 25.37 167,793 133,184 25.99
Due to subsidiaries 299 225 32.89
Subordinated liabilities 208,455 209,037 (0.28) 208,456 209,037 (0.28)
Total liabilities 7,003,729 6,598,709 6.14 6,900,593 6,520,379 5.83
Equity
Stated capital 225,128 215,394 4.52 225,128 215,394 4.52
Statutory reserves 46,150 40,958 12.68 45,147 40,463 11.58
Retained earnings 28,513 27,235 4.69 28,305 27,857 1.61
Other reserves 439,821 373,347 17.80 434,089 367,763 18.03
Total equity attributable to equity holders of the Bank 739,612 656,934 12.59 732,669 651,477 12.46
Non-controlling interest 8,744 6,597 32.55
Total equity 748,356 663,531 12.78 732,669 651,477 12.46
Total liabilities and equity 7,752,085 7,262,241 6.75 7,633,262 7,171,856 6.43
Contingent liabilities and commitments 3,196,489 3,323,364 (3.82) 3,191,193 3,322,603 (3.96)
Net assets value per share (USD) 0.72 0.65 10.75 0.71 0.64 10.63

An exchange rate of 1 USD equals 181.75 LKR for both the years, has been used to facilitate comparison.

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