| Group | Bank | ||||||
| For the year ended December 31, | 2012 | 2011 | Change | 2012 | 2011 | Change | |
| US $ '000 | US $ '000 | % | US $ '000 | US $ '000 | % | ||
| Gross income | 495,107 | 402,096 | 23.13 | 495,274 | 402,274 | 23.12 | |
| Interest income | 411,429 | 336,086 | 22.42 | 411,605 | 336,452 | 22.34 | |
| Less: interest expenses | 232,901 | 172,240 | 35.22 | 233,050 | 172,371 | 35.20 | |
| Net interest income | 178,528 | 163,846 | 8.96 | 178,555 | 164,081 | 8.82 | |
| Fees and commission income | 32,397 | 33,027 | (1.91) | 32,395 | 33,028 | (1.92) | |
| Less: fees and commission expenses | 4,286 | 3,858 | 11.09 | 4,286 | 3,858 | 11.09 | |
| Net fees and commission income | 28,111 | 29,169 | (3.63) | 28,109 | 29,170 | (3.64) | |
| Net gain/(loss) from trading | 19,487 | (4,049) | (581.28) | 19,487 | (4,049) | (581.28) | |
| Net gain/(loss) from financial instruments designated at fair value through profit or loss | – | – | – | – | – | – | |
| Net gain/(loss) from financial investments | 246 | 334 | (26.35) | 246 | 334 | (26.35) | |
| Other operating income (net) | 31,548 | 36,699 | (14.04) | 31,541 | 36,510 | (13.61) | |
| Total operating income | 257,920 | 225,999 | 14.12 | 257,938 | 226,046 | 14.11 | |
| Impairment charges for loans and other losses | 24,674 | 15,322 | 61.04 | 24,975 | 15,859 | 57.48 | |
| Net operating income | 233,246 | 210,677 | 10.71 | 232,963 | 210,187 | 10.84 | |
| Less: Expenses | |||||||
| Personnel expenses | 61,228 | 55,670 | 9.98 | 60,701 | 55,173 | 10.02 | |
| Other expenses | 44,770 | 45,424 | (1.44) | 45,054 | 46,064 | (2.19) | |
| Operating profit before value added tax (VAT) | 127,248 | 109,583 | 16.12 | 127,208 | 108,950 | (16.76) | |
| Less: Value added tax (VAT) on financial services | 15,526 | 13,359 | 16.22 | 15,526 | 13,359 | 16.22 | |
| Operating profit after value added tax (VAT) | 111,722 | 96,224 | 16.11 | 111,682 | 95,591 | (16.83) | |
| Share of profits/(losses) of associates | 97 | 95 | 2.11 | – | – | – | |
| Profit before income tax | 111,819 | 96,319 | 16.09 | 111,682 | 95,591 | 16.83 | |
| Less: Income tax expense | 33,061 | 26,736 | 23.66 | 32,789 | 26,442 | 24.00 | |
| Profit for the year | 78,758 | 69,583 | 13.19 | 78,893 | 69,149 | 14.09 | |
| Profit attributable to: | |||||||
| Equity owners of the Bank | 78,748 | 69,581 | 13.17 | 78,893 | 69,149 | 14.09 | |
| Non-controlling interest | 10 | 2 | 400.00 | – | – | – | |
| 78,758 | 69,583 | 13.19 | 78,893 | 69,149 | 14.09 | ||
| Basic earnings per share (Rs.) | 0.09 | 0.08 | 12.50 | 0.09 | 0.08 | 12.50 | |
| Diluted earnings per share (Rs.) | 0.09 | 0.08 | 12.50 | 0.09 | 0.08 | 12.50 | |
| Dividend per ordinary share (Rs.) | – | – | – | 0.05 | 0.05 | – |
The Income Statement and the Statement of Financial Position given on Financial Reports section are solely for the convenience of shareholders, investors, bankers and other users of Financial Statements and do not form part of the Financial Statements.
| Group | Bank | ||||||||
| For the year ended December 31, | 2012 | 2011 | 2010 | Change | 2012 | 2011 | 2010 | Change | |
| US $ '000 | US $ '000 | US $ '000 | % | US $ '000 | US $ '000 | US $ '000 | % | ||
| ASSETS | |||||||||
| Cash and cash equivalents | 154,314 | 113,465 | 74,794 | 36.00 | 154,163 | 113,254 | 74,369 | 36.12 | |
| Balances with central banks | 141,938 | 152,131 | 109,612 | (6.70) | 141,938 | 152,131 | 109,612 | (6.70) | |
| Placements with banks | 126,273 | 102,407 | 16,504 | 23.31 | 126,273 | 102,407 | 16,504 | 23.31 | |
| Derivative financial instruments | 10,555 | 347 | 1,528 | 2,941.79 | 10,555 | 347 | 1,528 | 2,941.79 | |
| Other financial assets held for trading | 47,196 | 56,298 | 93,318 | (16.17) | 47,196 | 56,298 | 93,318 | (16.17) | |
| Loans and receivables to banks | 4,912 | 5,089 | 5,114 | (3.48) | 4,912 | 5,089 | 5,114 | (3.48) | |
| Loans and receivables to other customers | 2,912,948 | 2,757,254 | 2,233,004 | 5.65 | 2,913,399 | 2,758,649 | 2,235,009 | 5.61 | |
| Financial investments - Available-for-sale | 452,837 | 538,732 | 686,643 | (15.94) | 452,837 | 538,732 | 686,643 | (15.94) | |
| Financial investments - Held-to-maturity | – | – | – | – | – | – | – | – | |
| Investments in subsidiaries | – | – | – | – | 2,368 | 2,767 | 3,183 | (14.42) | |
| Investments in associates | 732 | 1,052 | 961 | (30.42) | 346 | 389 | 399 | (11.05) | |
| Property, plant & equipment | 69,898 | 74,590 | 59,256 | (6.29) | 64,227 | 69,360 | 53,323 | (7.40) | |
| Intangible assets | 3,954 | 4,167 | 3,824 | (5.11) | 3,883 | 4,097 | 3,771 | (5.22) | |
| Leasehold property | 873 | 993 | 1,031 | (12.08) | 604 | 686 | 712 | (11.95) | |
| Deferred tax assets | 3,580 | 3,190 | 1,156 | 12.23 | 3,504 | 3,155 | 1,053 | 11.06 | |
| Other assets | 71,714 | 63,950 | 51,775 | 12.14 | 71,783 | 63,952 | 51,885 | 12.25 | |
| Total assets | 4,001,724 | 3,873,666 | 3,338,519 | 3.31 | 3,997,990 | 3,871,313 | 3,336,421 | 3.27 | |
| LIABILITIES | |||||||||
| Due to Banks | 37,215 | 101,527 | 55,026 | (63.34) | 37,215 | 101,527 | 55,026 | (63.34) | |
| Derivative financial instruments | 659 | 3,817 | 244 | (82.74) | 659 | 3,817 | 244 | (82.74) | |
| Other financial liabilities held for trading | – | – | – | – | – | – | – | – | |
| Due to other customers | 3,051,318 | 2,839,453 | 2,370,789 | 7.46 | 3,051,653 | 2,839,954 | 2,371,098 | 7.45 | |
| Other borrowings | 371,609 | 433,816 | 484,837 | (14.34) | 372,759 | 435,115 | 485,906 | (14.33) | |
| Debt securities issued | – | – | – | – | – | – | – | – | |
| Current tax liabilities | 22,047 | 11,466 | 22,077 | 92.28 | 21,887 | 11,451 | 22,015 | 91.14 | |
| Deferred tax liabilities | 14,765 | 14,384 | 10,083 | 2.65 | 13,266 | 13,983 | 9,078 | (5.13) | |
| Other provisions | 19 | 5 | 21 | 280.00 | 19 | 5 | 21 | 280.00 | |
| Other liabilities | 81,383 | 72,051 | 66,409 | 12.95 | 80,960 | 71,600 | 66,005 | 13.07 | |
| Due to subsidiaries | – | – | – | – | 174 | 261 | 373 | (33.33) | |
| Subordinated term debts | 8,641 | 9,699 | 21,216 | (10.91) | 8,641 | 9,699 | 21,216 | (10.91) | |
| Total liabilities | 3,587,656 | 3,486,218 | 3,030,702 | 2.91 | 3,587,233 | 3,487,412 | 3,030,982 | 2.86 | |
| EQUITY | |||||||||
| Stated capital | 140,694 | 144,508 | 97,223 | (2.64) | 140,694 | 144,508 | 97,223 | (2.64) | |
| Statutory reserves | 26,823 | 25,354 | 22,229 | 5.79 | 26,823 | 25,354 | 22,229 | 5.79 | |
| Retained earnings | 32,600 | 22,703 | 12,131 | 43.59 | 32,641 | 22,345 | 12,255 | 46.08 | |
| Other reserves | 213,699 | 194,623 | 175,995 | 9.80 | 210,599 | 191,694 | 173,732 | 9.86 | |
| Total equity to equity owners of the Bank | 413,816 | 387,188 | 307,578 | 6.88 | 410,757 | 383,901 | 305,439 | 7.00 | |
| Non-controlling interest | 251 | 260 | 239 | (3.46) | – | – | – | – | |
| Total equity | 414,067 | 387,448 | 307,817 | 6.87 | 410,757 | 383,901 | 305,439 | 7.00 | |
| Total liabilities and equity | 4,001,724 | 3,873,666 | 3,338,519 | 3.31 | 3,997,990 | 3,871,313 | 3,336,421 | 3.27 | |
| Contingent liabilities and commitments | 2,184,321 | 2,057,466 | 1,724,712 | 6.17 | 1,832,431 | 1,724,712 | – | 6.25 | |
| Net assets value per ordinary share (Rs.) | 0.50 | 0.47 | 0.87 | 6.38 | 0.49 | 0.48 | 0.81 | 2.08 |
Exchange Rate of 1 US $ was Rs. 128.00 as at December 31, 2012 (Rs. 114.00 as at December 31, 2011 and Rs. 111.20 as at December 31, 2010)
| Year Ended December 31, | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| Rs. Mn. | ||||||||
| Operating Results | ||||||||
| Income | 10,059 | 12,290 | 16,100 | 24,470 | 35,223 | 44,115 | 43,741 | 41,522 |
| Interest income | 7,931 | 9,584 | 13,034 | 19,532 | 30,503 | 37,188 | 35,925 | 34,740 |
| Interest expenses | (4,218) | (4,878) | (7,226) | (11,955) | (18,951) | (24,336) | (23,515) | (18,328) |
| Foreign exchange profit | 397 | 874 | 587 | 1,439 | 1,545 | 2,633 | 2,962 | 1,741 |
| Commission and other income | 1,731 | 1,832 | 2,479 | 3,499 | 3,175 | 4,294 | 4,854 | 5,041 |
| Operating expenses and provisions | (3,887) | (4,908) | (5,232) | (8,301) | (9,567) | (12,259) | (13,035) | (13,876) |
| Profit before income tax | 1,954 | 2,504 | 3,642 | 4,214 | 6,705 | 7,520 | 7,191 | 9,318 |
| Income tax on profit | (477) | (819) | (1,278) | (2,201) | (2,601) | (3,252) | (2,887) | (3,794) |
| Net profit for the year | 1,477 | 1,685 | 2,364 | 2,013 | 4,104 | 4,268 | 4,304 | 5,524 |
| As at December 31, | ||||||||
| ASSETS | ||||||||
| Cash and short term funds | 9,002 | 12,136 | 18,663 | 13,739 | 16,208 | 24,115 | 24,057 | 10,557 |
| Balances with Central Banks | 5,233 | 6,320 | 9,045 | 12,574 | 11,576 | 10,322 | 11,795 | 12,189 |
| Government Treasury Bills, Bonds and Other Securities | 16,530 | 19,900 | 21,218 | 32,065 | 49,863 | 51,633 | 96,671 | 114,541 |
| Commercial paper | 546 | 560 | 408 | 423 | – | – | – | – |
| Securities purchased under re-sale agreements | 6,184 | 399 | 808 | 4,593 | 3,804 | 3,400 | 5,203 | 68 |
| Dealing securities | – | 110 | 182 | 145 | 207 | 58 | 81 | 283 |
| Investments held for sale | – | – | – | 218 | 205 | – | – | – |
| Investments held to maturity | 2,006 | 2,340 | 3,091 | 1,394 | 1,756 | 1,197 | 1,025 | 2,366 |
| Bills of Exchange | 2,495 | 2,799 | 2,790 | 3,204 | 3,195 | 3,059 | 2,847 | 5,291 |
| Lease receivable | 3,364 | 5,317 | 7,088 | 9,482 | 10,945 | 9,484 | 7,794 | 11,019 |
| Loans and advances | 60,585 | 82,605 | 108,884 | 137,846 | 160,184 | 167,858 | 161,329 | 200,729 |
| 105,945 | 132,486 | 172,177 | 215,683 | 257,943 | 271,126 | 310,802 | 357,043 | |
| Investments in Associate Companies | 78 | 109 | 107 | 44 | 44 | 44 | 44 | 44 |
| Investments in Subsidiary Companies | 429 | 429 | 434 | 434 | 434 | 434 | 279 | 354 |
| Other assets | 2,167 | 2,553 | 4,177 | 4,336 | 5,751 | 5,512 | 6,808 | 6,191 |
| Property, Plant & Equipment and Intangible Assets | 1,661 | 2,896 | 3,182 | 3,477 | 3,768 | 4,098 | 4,382 | 6,428 |
| Total Assets | 110,280 | 138,473 | 180,077 | 223,974 | 267,940 | 281,214 | 322,315 | 370,060 |
| LIABILITIES | ||||||||
| Deposits from customers | 75,185 | 98,730 | 127,601 | 157,496 | 183,110 | 199,881 | 234,745 | 259,779 |
| Dividends payable | 190 | 230 | 230 | 113 | 113 | – | – | – |
| Borrowings | 5,406 | 9,090 | 13,387 | 18,944 | 18,752 | 13,620 | 11,639 | 14,371 |
| Securities sold under re-purchase agreements | 10,580 | 9,050 | 11,389 | 14,330 | 23,342 | 25,075 | 29,905 | 45,774 |
| Other liabilities | 4,843 | 3,735 | 6,331 | 9,122 | 10,308 | 10,646 | 12,888 | 12,259 |
| Tax payable | 148 | 483 | 818 | 1,446 | 1,698 | 1,665 | 1,203 | 2,448 |
| Debentures | 2,244 | 3,244 | 4,553 | 6,680 | 6,680 | 4,436 | 3,436 | 2,127 |
| 98,596 | 124,562 | 164,309 | 208,131 | 244,003 | 255,323 | 293,816 | 336,758 |
| Year Ended December 31, | 2011 | 2012 |
| Rs. Mn. | ||
| Operating Results | ||
| Income | 45,860 | 63,395 |
| Interest income | 38,356 | 52,685 |
| Interest expenses | (19,650) | (29,830) |
| Foreign exchange profit | 2,322 | 4,694 |
| Commission and other income | 5,182 | 6,016 |
| Operating expenses and provisions | (15,313) | (19,270) |
| Profit before income tax | 10,897 | 14,295 |
| Income tax on profit | (3,014) | (4,197) |
| Net profit for the year | 7,883 | 10,098 |
| As at December 31, | ||
| ASSETS | ||
| Cash and cash equivalents | 12,911 | 19,733 |
| Balances with central banks | 17,343 | 18,168 |
| Placements with banks | 11,674 | 16,163 |
| Derivative financial instruments | 40 | 1,351 |
| Other financial assets held for trading | 6,418 | 6,041 |
| Loans and receivables to banks | 580 | 629 |
| Loans and receivables to other customers | 314,486 | 372,915 |
| Financial investments - Available-for-sale | 61,415 | 57,963 |
| Financial investments - Held-to-maturity | – | – |
| 424,867 | 492,963 | |
| Investments in Subsidiaries | 315 | 303 |
| Investments in Associates | 44 | 44 |
| Property, plant & equipment | 7,907 | 8,221 |
| Intangible assets | 467 | 497 |
| Leasehold property | 78 | 77 |
| Deferred tax assets | 360 | 449 |
| Other assets | 7,291 | 9,189 |
| Total Assets | 441,329 | 511,743 |
| LIABILITIES | ||
| Due to Banks | 11,574 | 4,764 |
| Derivative financial instruments | 435 | 84 |
| Other financial liabilities held for trading | – | – |
| Due to other customers | 323,755 | 390,612 |
| Other borrowings | 49,603 | 47,713 |
| Debt Securities Issued | – | – |
| Current tax liabilities | 1,305 | 2,802 |
| Deferred tax liabilities | 1,594 | 1,698 |
| Other provisions | 1 | 2 |
| Other liabilities | 8,162 | 10,363 |
| Due to Subsidiaries | 30 | 22 |
| Subordinated term debts | 1,106 | 1,106 |
| Total Liabilities | 397,565 | 459,166 |
| Year Ended December 31, | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| Rs. Mn. | ||||||||
| SHAREHOLDERS' FUNDS | ||||||||
| Share capital | 2,603 | 2,603 | 3,327 | 2,428 | 10,515 | 10,548 | 10,608 | 10,811 |
| Statutory Reserves Fund | 1,009 | 1,009 | 1,421 | 1,429 | 1,634 | 1,896 | 2,164 | 2,472 |
| Reserves | 8,072 | 10,299 | 11,020 | 11,986 | 11,788 | 13,447 | 15,727 | 20,019 |
| Total Liabilities and Shareholders' Funds | 110,280 | 138,473 | 180,077 | 223,974 | 267,940 | 281,214 | 322,315 | 370,060 |
| Commitments and contingencies | 38,158 | 43,942 | 47,154 | 56,418 | 116,212 | 115,809 | 146,072 | 196,617 |
| RATIOS | ||||||||
| Return on average Shareholders' Funds (%) | 15.20 | 13.16 | 15.93 | 12.73 | 20.63 | 17.13 | 15.83 | 17.87 |
| Income growth (%) | 20.26 | 22.17 | 31.00 | 51.99 | 43.95 | 25.25 | (0.85) | (5.07) |
| Return on average assets (%) | 1.61 | 1.35 | 1.48 | 1.00 | 1.67 | 1.55 | 1.43 | 1.60 |
| Rate of dividend (%) | 50.00 | 60.00 | 45.00 | 50.00 | – | – | – | – |
| Dividend per share (Rs.) | – | – | – | – | 7.00 | 7.00 | 7.00 | 7.00 |
| Ordinary share dividend cover (times) | 3.70 | 3.48 | 3.34 | 2.54 | 2.29 | 2.42 | 2.46 | 2.09 |
| Gross dividends to ordinary shareholders (Rs. Mn.) | 348.25 | 420.00 | 639.36 | 714.00 | 1,743.13 | 1,745.81 | 1,751.47 | 2,642.25 |
| Advances to deposits and refinance (%) | 86.16 | 89.52 | 90.64 | 92.49 | 91.75 | 87.12 | 70.88 | 80.97 |
| Property,Plant & Equipment to Shareholders' Funds (%) | 14.22 | 20.81 | 20.75 | 21.33 | 15.74 | 15.83 | 15.38 | 19.30 |
| Total assets to Shareholders' Funds (times) | 9.44 | 9.95 | 11.42 | 14.14 | 11.19 | 10.86 | 11.31 | 11.11 |
| Capital funds to liabilities including contingent liabilities (%) | 8.54 | 8.26 | 7.46 | 6.05 | 7.87 | 6.98 | 6.48 | 6.26 |
| Cost/Income Ratio (%) | 55.87 | 56.78 | 54.28 | 61.10 | 47.87 | 50.46 | 56.86 | 54.69 |
| Liquid assets to liabilities (%) | 23.95 | 23.17 | 24.51 | 22.64 | 24.24 | 24.83 | 38.80 | 29.74 |
| (As specified in the Banking Act No. 30 of 1988) | ||||||||
| Group Capital Adequacy (%) Tier I | 13.43 | 10.78 | 9.68 | 7.62 | 10.60 | 10.55 | 11.92 | 10.86 |
| Tier I & II | 15.46 | 13.16 | 12.08 | 11.58 | 13.71 | 13.13 | 13.93 | 12.26 |
| SHARE INFORMATION | ||||||||
| Market value of a share (Rs.) | 144.00 | 159.75 | 135.50 | 190.00 | 147.00 | 67.00 | 189.50 | 259.90 |
| Earnings per share (Rs.) | 2 | 2 | 3 | 3 | 5 | 6 | 6 | 7 |
| Price earnings ratio (times) | 8 | 8 | 9 | 15 | 9 | 4 | 11 | 18 |
| Net assets value per share (Rs.) | 16 | 19 | 22 | 24 | 30 | 34 | 38 | 44 |
| Earnings yield (%) | 13 | 13 | 11 | 5 | 11 | 25 | 9 | 6 |
| Dividend payout ratio (%) - Cash | 27 | 29 | 30 | 39 | 44 | 41 | 41 | 34 |
| Total dividend payout ratio (%) | – | – | – | – | – | – | – | 48 |
| OTHER INFORMATION | ||||||||
| Number of employees | 2,648 | 2,863 | 3,168 | 3,415 | 3,745 | 4,041 | 4,071 | 4,321 |
| Number of delivery points - Sri Lanka | 116 | 125 | 134 | 150 | 163 | 170 | 172 | 187 |
| Number of delivery points - Bangladesh | 4 | 4 | 5 | 7 | 9 | 11 | 15 | 17 |
| Number of Automated Teller Machines | 166 | 188 | 223 | 278 | 301 | 346 | 368 | 414 |
| Year Ended December 31, | 2011 | 2012 |
| Rs. Mn. | ||
| SHAREHOLDERS' FUNDS | ||
| Stated Capital | 16,474 | 18,009 |
| Statutory Reserves | 2,890 | 3,433 |
| Retained Earnings | 2,547 | 4,178 |
| Other Reserves | 21,853 | 26,957 |
| Total Liabilities & Shareholders' Funds | 441,329 | 511,743 |
| Commitments and contingencies | 234,551 | 279,593 |
| RATIOS | ||
| Return on average Shareholders' Funds (%) | 20.28 | 20.96 |
| Income growth (%) | 10.45 | 38.25 |
| Return on average assets (%) | 1.94 | 2.12 |
| Rate of dividend (%) | – | – |
| Dividend per share (Rs.) | 6.00 | 6.50 |
| Ordinary share dividend cover (times) | 1.61 | 1.86 |
| Gross dividends to ordinary shareholders (Rs. Mn.) | 4,904.70 | 5,418.20 |
| Advances to deposits and refinance (%) | 83.30 | 82.01 |
| Property,Plant & Equipment to Shareholders' Funds (%) | 19.31 | 16.73 |
| Total assets to shareholders' funds (times) | 9.92 | 10.27 |
| Capital funds to liabilities including contingent liabilities (%) | 6.92 | 7.12 |
| Cost/Income Ratio (%) | 50.70 | 47.02 |
| Liquid assets to liabilities (%) | 26.35 | 25.79 |
| (As specified in the Banking Act No. 30 of 1988) | ||
| Group Capital Adequacy (%) Tier I | 12.11 | 12.64 |
| Tier I & II | 13.01 | 13.85 |
| SHARE INFORMATION | ||
| Market value of a share (Rs.) | 100.00 | 103.00 |
| Earnings per share (Rs.) | 9 | 12 |
| Price earnings ratio (times) | 11 | 9 |
| Net assets value per share (Rs.) | 54 | 63 |
| Earnings yield (%) | 9 | 12 |
| Dividend payout ratio (%) - Cash | 42 | 37 |
| Total dividend payout ratio (%) | 62 | 54 |
| OTHER INFORMATION | ||
| Number of employees | 4,524 | 4,602 |
| Number of delivery points - Sri Lanka | 213 | 227 |
| Number of delivery points - Bangladesh | 17 | 17 |
| Number of Automated Teller Machines | 514 | 555 |