As providers of equity and debt capital, our investors expect optimal returns through the Bank's sustained and prudent growth. Presenting them with a timely, relevant, and balanced view of the Bank’s fundamentals in terms of operational results, financial position, and cash flows is of paramount importance to us. Helping investors to comprehend the Bank’s underlying strengths helps to bolsters confidence and loyalty, bringing together a group of investors with a long-term view in investment.
Besides ensuring the rights conferred on the investors by various statutes, the Bank strives to maintain effective two-way communication between investors and the investees contributing towards building mutual trust and confidence. The Bank is keen to ensure that all its investors are sufficiently informed so that they are able to make informed decisions.
The Bank has a strong reputation for actively engaging with its investors in a consistent, comprehensive and accurate manner, often going beyond the minimum regulatory requirements. In addition to our Annual Report, which is the Bank’s main investor communications tool, the Annual General Meeting is a valued opportunity for the Bank to engage in dialogue with the investor community. These engagements will certainly help our investors to gain insight into the Bank’s performance, strategic direction, approach to governance, risk management strategies adopted and future business strategies. During the year, we also invited shareholders to provide us with their views on the future direction of our Annual Reports, which feedback was taken into account in structuring and developing content of the Annual Report 2018. We also enclose a stakeholder feedback form in this Annual Report. Our stakeholders’ 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 for stakeholders and the Bank continues to ensure that its pages are updated in a timely fashion along with the rest of the site.
Effective communication and active engagement with this important stakeholder group have made the Bank’s shares a creditable investment proposition. As a result of a challenging economic environment, the stock market too witnessed a decline, with the ASPI and S&P SL20 dropping by 5% and 15%, respectively. This contributed to the decline in the Bank’s share price which traded at a discount of 0.98 to book value at the end of December 2018. However, it still remained the highest among peers in the Banking, 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) is 99.77% in voting shares and 84.41% in non-voting shares against the regulatory minimum of 10%. With its shares actively traded in the CSE, investors are provided with a convenient “enter and exit” mechanism.
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 38 on page 355 for references to the relevant sections of this Annual Report where specific information is disclosed together with the relevant page numbers.
Compliance with requirements of the Section 7.6 of the Listing Rules of the CSE Table – 38
| 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 |
Not applicable since the Bank has complied 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 40.5 (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 40.5 (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 did not raise funds through a share issue during the year |
| 7.6 (xiv) | a. Information in respect of Employee Share Option Schemes 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 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 2018 |
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 pages that follow contain information on the performance of the Bank's listed securities.
The Bank’s ordinary shares (both voting and non-voting) are listed on the Main Board of the Colombo Stock Exchange (CSE) under the ticker symbol “COMB”. All debentures issued are also listed on the CSE. (Refer Table 39 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.
Despite the lackluster performance of the bourse, there was strong investor interest in the shares of the Bank during the year, as depicted in the increased number of transactions compared to the previous year with turnover of shares traded recording an increase (Refer Table 44 on page 359). Both ASPI and S&P SL 20 indices decreased by 5.06% and 15.32% from 6,411 and 3,702 in 2017 to 6,052 and 3,135 respectively by the year end, primarily due to rising US interest rates and the depreciation of the Sri Lankan rupee. Foreign activities recorded a net outflow of USD 125 Mn. yet the total market capitalisation of the CSE remained almost at the end 2017 level at USD 2.839 Tn. Foreign companies were net sellers, while local companies and foreign and local individuals were net buyers. The Banks, 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 15.32% from Rs. 135.80 at the end of 2017 to Rs. 115 at the end of 2018 (Table 40). 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. 133 Bn. (USD 867.670 Mn.) in 2017 to Rs. 115 Bn. (USD 628.415 Mn.) in 2018, accounting for 4.05% of the total market capitalisation. Yet, the Bank’s shares ranked third among all listed entities and first among the listed corporates in the Banking, Finance and Insurance sector.
During most of 2018, the movement of the non-voting share price followed the trend of the voting shares.
Summary of listed securities of the Bank Table – 39| Number in issue as at | Stock symbol | ||
| December 31, 2018 |
December 31, 2017 |
||
| Equity | |||
| Ordinary shares – Voting | 945,709,403 | 931,971,691 | COMB-N0000 |
| Ordinary shares – Non-voting | 65,013,174 | 63,927,611 | 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 March 2016/21 | 50,718,000 | 50,718,000 | COMB/BD/27/10/21-C2360-12.00% |
| Fixed rate debentures March 2016/26 | 19,282,000 | 19,282,000 | COMB/BD/27/10/26-C2359-12.25% |
| Fixed rate debentures March 2018/23 | 83,938,400 | N/A | COMB/BD/22/07/23-C2404-12.00% |
| Fixed rate debentures March 2018/28 | 16,061,600 | N/A | COMB/BD/22/07/28-C2405-12.50% |
| 2018 | 2017 | 2016 | 2015 | 2014 | |
| Ordinary shares – Voting | |||||
| Highest price (Rs.) | 142.50 | 150.00 | 151.90 | 194.00 | 179.90 |
| Lowest price (Rs.) | 107.50 | 128.50 | 115.00 | 139.90 | 113.50 |
| Last traded price (Rs.) | 115.00 | 135.80 | 145.00 | 140.20 | 171.00 |
| Ordinary shares – Non-voting | |||||
| Highest price (Rs.) | 110.00 | 118.50 | 123.00 | 149.00 | 125.50 |
| Lowest price (Rs.) | 88.00 | 102.30 | 101.50 | 122.10 | 91.30 |
| Last traded price (Rs.) | 95.00 | 105.00 | 115.00 | 123.00 | 125.10 |
 |
 |
| For the year ended December 31, | 2018 | 2017 |
| Rs. | Rs. | |
| Highest price | ||
| (10.01.2018 and 11.01.2018) | 142.50 | |
| (31.10.2017) | 150.00 | |
| Lowest price | ||
| (25.10.2018) | 107.50 | |
| (30.03.2017) | 128.50 | |
| Year end price | 115.00 | 135.80 |
| For the year ended December 31, | 2018 | 2017 |
| Rs. | Rs. | |
| Highest price | ||
| (12.01.2018) | 110.00 | |
| (16.05.2017) | 118.50 | |
| Lowest price | ||
| (01.10.2018 and 02.10.2018) | 88.00 | |
| (31.03.2017) | 102.30 | |
| Year end price | 95.00 | 105.00 |
| 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. | |
| 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 |
| 2014 | 71 | 139 | 3,105 | 4.46 | 3 | 1,048.483 |
*Market capitalisation as at December 31, 2018 and 2017 includes both voting and non-voting shares.
 |
 |
Number of transactions (No.) Table – 44
| 2018 | 2017 | 2016 | 2015 | 2014 | |
| Shares voting | 13,364 | 11,811 | 15,189 | 15,575 | 17,846 |
| Shares non-voting | 4,553 | 4,432 | 3,721 | 5,073 | 7,382 |
| 2018 | 2017 | 2016 | 2015 | 2014 | |
| Shares voting | 95,286 | 144,205 | 96,146 | 117,373 | 129,328 |
| Shares non-voting | 10,637 | 6,717 | 5,396 | 9,553 | 19,649 |
 |
 |
| 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 | – | |||
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, 2018. It will be submitted for the approval of the shareholders at the 50th AGM, to be held on March 28, 2019.
(A dividend of Rs. 6.50 per share was declared and paid by the Bank for the year ended December 31, 2017. 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).
Dividend information Table – 47| Dividends | 2018 | 2017 | 2016 | 2015 | 2014 |
| 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 | – | 1.00 |
| Final proposed/paid | – | – | 3.00 | 2.00 | |
| 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 | 25.92 | 26.42 | 27.64 | 33.15 | 34.86 |
| Total (cash and shares) | 37.44 | 38.17 | 39.94 | 47.89 | 50.36 |
The Bank had 10,615 ordinary voting shareholders and 4,437 ordinary non-voting shareholders as at December 31, 2018 compared to 9,812 and 4,320 voting and non-voting shareholders as at December 31, 2017 (Tables 5.1 and 5.2 on page 363). With three new investors joining ranks, the percentage of ordinary voting shares held by the 20 largest shareholders increased to 70.23% from 67.32% in 2017. A rise was also recorded in the non-voting ordinary shares held by the 20 largest shareholders from 34.83% in 2017 to 46.90% in 2018.
Number of ordinary shareholders Table – 48| 2018 | 2017 | |
| Voting shareholders | 10,615 | 9,812 |
| Non-voting shareholders | 4,437 | 4,320 |
| Total | 15,052 | 14,132 |
| As at December 31, 2018 | As at December 31, 2017 | |||||||
| No. of
shareholders |
% | No. of shares | % | No. of shareholders |
% | No. of shares | % | |
| Ordinary shares – Voting | ||||||||
| Resident | 10,336 | 97.37 | 640,513,129 | 67.73 | 9,524 | 97.06 | 614,635,782 | 65.95 |
| Non-resident | 279 | 2.63 | 305,196,274 | 32.27 | 288 | 2.94 | 317,335,909 | 34.05 |
| Total | 10,615 | 100.00 | 945,709,403 | 100.00 | 9,812 | 100.00 | 931,971,691 | 100.00 |
| Individuals | 10,055 | 94.72 | 203,708,919 | 21.54 | 9,260 | 94.37 | 186,657,813 | 20.03 |
| Institutions | 560 | 5.28 | 742,000,484 | 78.46 | 552 | 5.63 | 745,313,878 | 79.97 |
| Total | 10,615 | 100.00 | 945,709,403 | 100.00 | 9,812 | 100.00 | 931,971,691 | 100.00 |
| Ordinary shares – Non-voting | ||||||||
| Resident | 4,360 | 98.26 | 49,852,293 | 76.68 | 4,243 | 98.22 | 47,078,661 | 73.64 |
| Non-resident | 77 | 1.74 | 15,160,881 | 23.32 | 77 | 1.78 | 16,848,950 | 26.36 |
| Total | 4,437 | 100.00 | 65,013,174 | 100.00 | 4,320 | 100.00 | 63,927,611 | 100.00 |
| Individuals | 4,221 | 95.13 | 34,430,243 | 52.96 | 4,102 | 94.95 | 34,197,527 | 53.49 |
| Institutions | 216 | 4.87 | 30,582,931 | 47.04 | 218 | 5.05 | 29,730,084 | 46.51 |
| Total | 4,437 | 100.00 | 65,013,174 | 100.00 | 4,320 | 100.00 | 63,927,611 | 100.00 |
| As at December 31, 2018 | As at December 31, 2017 | |||||||
| Number of
shareholders |
% | Number of
shares |
% | Number of shareholders |
% | Number of shares |
% | |
| Ordinary shares – Voting | ||||||||
| 1 – 1,000 | 5,619 | 52.93 | 1,269,681 | 0.13 | 5,003 | 50.99 | 1,118,801 | 0.12 |
| 1,001 – 10,000 | 3,241 | 30.53 | 11,833,928 | 1.25 | 3,091 | 31.50 | 11,273,062 | 1.21 |
| 10,001 – 100,000 | 1,435 | 13.52 | 41,064,271 | 4.34 | 1,411 | 14.38 | 40,094,004 | 4.30 |
| 100,001 – 1,000,000 | 244 | 2.30 | 68,631,856 | 7.26 | 233 | 2.38 | 65,888,648 | 7.07 |
| Over – 1,000,000 | 76 | 0.72 | 822,909,667 | 87.02 | 74 | 0.75 | 813,597,176 | 87.30 |
| Total | 10,615 | 100.00 | 945,709,403 | 100.00 | 9,812 | 100.00 | 931,971,691 | 100.00 |
| Ordinary shares – Non-voting | ||||||||
| 1 – 1,000 | 2,462 | 55.49 | 580,673 | 0.89 | 2,349 | 54.38 | 557,060 | 0.87 |
| 1,001 – 10,000 | 1,363 | 30.72 | 4,597,203 | 7.07 | 1,354 | 31.34 | 4,608,957 | 7.21 |
| 10,001 – 100,000 | 514 | 11.58 | 14,812,051 | 22.78 | 518 | 11.99 | 14,886,791 | 23.29 |
| 100,001 – 1,000,000 | 92 | 2.07 | 23,303,602 | 35.84 | 91 | 2.11 | 22,204,420 | 34.74 |
| Over – 1,000,000 | 6 | 0.14 | 21,719,645 | 33.42 | 8 | 0.18 | 21,670,383 | 33.89 |
| Total | 4,437 | 100.00 | 65,013,174 | 100.00 | 4,320 | 100.00 | 63,927,611 | 100.00 |
| As at December 31, | 2018 | 2017* | |||
| Ordinary shares voting | Number of shares | % | Number of shares | % | |
| 1. | DFCC Bank PLC A/C 1 | 128,215,649 | 13.56 | 126,930,224 | 13.62 |
| 2. | Employees’ Provident Fund | 91,090,278 | 9.63 | 89,933,984 | 9.65 |
| 3. | Mr Y S H I Silva | 76,373,675 | 8.08 | 70,742,605 | 7.59 |
| 4. | Deutsche Bank AG Singapore – DSS A/C NT Asian Discovery Master Fund | 53,948,136 | 5.70 | 53,263,322 | 5.72 |
| 5. | Melstacorp PLC | 43,550,677 | 4.61 | 41,516,889 | 4.45 |
| 6. | Sri Lanka Insurance Corporation Ltd. – Life Fund | 42,927,124 | 4.54 | 46,620,431 | 5.00 |
| 7. | CB NY S/A International Finance Corporation | 41,974,991 | 4.44 | 41,442,164 | 4.45 |
| 8. | Sri Lanka Insurance Corporation Ltd. – General Fund | 36,911,420 | 3.90 | 40,087,155 | 4.30 |
| 9. | Citibank New York S/A Norges Bank A/C 2 | 18,395,709 | 1.95 | – | – |
| 10. | Employee’s Trust Fund Board | 16,783,623 | 1.77 | 15,579,452 | 1.67 |
| 11. | BNYMSANV RE-LF Ruffer Absolute Return Fund | 16,625,393 | 1.76 | 16,414,352 | 1.76 |
| 12. | Mrs L E M Yaseen | 15,765,606 | 1.67 | 17,008,550 | 1.83 |
| 13. | HSBC International Nominees Ltd. – JPMCB T ROWE New Asia Fund | 14,922,939 | 1.58 | 14,990,626 | 1.61 |
| 14. | BNYMSANV RE – First State Investments ICVC – Stewart Investors Indian Subcontinent Fund | 12,243,878 | 1.29 | 9,897,978 | 1.06 |
| 15. | HSBC International Nominees Ltd. – SSBT – BMO Investments II (Ireland) Public Limited Company |
9,989,558 | 1.06 | 9,862,752 | 1.06 |
| 16. | HSBC International Nominees Ltd. – BPSS LUX – Aberdeen Global Asia Pacific Equity Fund | 9,566,382 | 1.01 | 9,444,947 | 1.01 |
| 17. | Mr M J Fernando | 9,036,300 | 0.96 | – | – |
| 18. | HSBC International Nominees Ltd. – SSBT – Morgan Stanley Asset Management SA – Galaxy Fund |
8,904,006 | 0.94 | 14,181,819 | 1.52 |
| 19. | Renuka Hotels Limited | 8,513,584 | 0.90 | – | – |
| 20. | HSBC International Nominees Ltd. – JPMLU – T ROWE price SICAV | 8,465,919 | 0.90 | 9,503,641 | 1.02 |
| Sub total | 664,204,847 | 70.23 | 627,420,891 | 67.32 | |
| Other shareholders | 281,504,556 | 29.77 | 304,550,800 | 32.68 | |
| Total | 945,709,403 | 100.00 | 931,971,691 | 100.00 | |
* Comparative shareholdings as at December 31, 2017 of the twenty largest shareholders as at December 31, 2018.
Percentage of public holding of voting shares as at December
Number of shareholders representing public holding as at December
| As at December 31, | 2018 | 2017* | |||
| Ordinary shares non-voting | Number of
shares |
% | Number of shares |
% | |
| 1. | Citi Bank Newyork S/A Norges Bank Account No. 02 | 9,990,652 | 15.37 | 6,428,323 | 10.06 |
| 2. | Employees’ Trust Fund Board | 5,057,600 | 7.78 | 4,656,784 | 7.28 |
| 3. | Akbar Brothers (Pvt) Ltd. A/C No.01 | 2,411,894 | 3.71 | 689,509 | 1.08 |
| 4. | GF Capital Global Limited | 1,680,841 | 2.59 | 1,627,959 | 2.55 |
| 5. | BNYMSANV RE-Butterfield Trust (Bermuda) Limited | 1,466,494 | 2.26 | 1,442,008 | 2.26 |
| 6. | M J F Exports (Pvt) Ltd. | 1,112,164 | 1.71 | 1,093,594 | 1.71 |
| 7. | Mr M F Hashim | 920,197 | 1.42 | 904,832 | 1.42 |
| 8. | Saboor Chatoor (Pvt) Ltd. | 887,700 | 1.37 | 872,800 | 1.37 |
| 9. | Mrs L V C Samarasinha | 874,514 | 1.35 | 750,000 | 1.17 |
| 10. | Union Assurance PLC/No – 01A/C | 661,016 | 1.02 | 649,979 | 1.02 |
| 11. | Mr T W A Wickramasinghe | 645,000 | 0.99 | 522,000 | 0.82 |
| 12. | Mr J D Bandaranayake, Ms N Bandaranayake & Dr V Bandaranayake (Joint) | 618,135 | 0.95 | – | – |
| 13. | Mr J D Bandaranayake, Dr V Bandaranayake & Ms I Bandaranayake (Joint) | 615,863 | 0.95 | – | – |
| 14. | Mr R Gautam | 574,560 | 0.88 | 495,200 | 0.77 |
| 15. | Mr G R Mallawaaratchy & Mrs B G P Mallawaaratchy (Joint) | 545,175 | 0.84 | 536,072 | 0.84 |
| 16. | Northern Trust Company S/A Polar Capital Funds PLC | 527,557 | 0.81 | 718,286 | 1.12 |
| 17. | Mr K S M De Silva | 520,176 | 0.80 | 442,974 | 0.69 |
| 18. | Mr J G De Mel | 473,519 | 0.73 | – | – |
| 19. | Mr A P Somasiri | 455,000 | 0.70 | – | – |
| 20. | Mr A L Gooneratne | 437,717 | 0.67 | 430,409 | 0.67 |
| Sub total | 30,475,774 | 46.90 | 22,260,729 | 34.83 | |
| Other shareholders | 34,537,400 | 53.10 | 41,666,882 | 65.17 | |
| Total | 65,013,174 | 100.00 | 63,927,611 | 100.00 | |
* Comparative shareholdings as at December 31, 2017 of the twenty largest shareholders as at December 31, 2018.
Percentage of public holding of non-voting shares as at December
Number of shareholders representing public holding as at December 31, 2018 – 4,427 (4,309 31, 2017). (As per Rule No. 7.13.1 of the Listing Rules of the CSE).
| Ordinary shares – Voting | Ordinary shares – Non-voting | |||
| 2018 | 2017 | 2018 | 2017 | |
| Mr K G D D Dheerasinghe – Chairman | 23,870 | 23,567 | Nil | Nil |
| Mr M P Jayawardena – Deputy Chairman | Nil | Nil | Nil | Nil |
| Mr. S Renganathan – Managing Director/Chief Executive Officer* | 323,903 | 319,792 | 11,916 | 11,718 |
| Mr S Swarnajothi | Nil | Nil | 10,944 | 10,762 |
| 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 | 190,000 | Nil | 50,575 | 49,731 |
| Mr G S Jadeja | Nil | Nil | Nil | Nil |
| Mr T L B Hurulle | Nil | Nil | Nil | Nil |
| Justice K Sripavan | Nil | Nil | Nil | Nil |
| Mr S C U Manatunga** | 57,553 | 144,693 | Nil | Nil |
*Appointed as MD/CEO w.e.f. July 27, 2018
**Appointed as Executive Director w.e.f. July 27, 2018
During the year, the Bank has 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 32 and 368 to 373. It also records significant events that may reasonably be expected to impact the share price. (More details are given in Financial Calendar on page 151.)
(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 Management” on pages 115 to 139.
(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 2018 to the CSE within applicable statutory deadlines. (The Bank duly complied with this requirement for 2017).
The Audited Income Statement for the year ended December 31, 2018 and the Audited Statement of Financial Position as at December 31, 2018 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 2017).
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.
During the year the Bank issued two types of Tier II, listed, rated, unsecured, subordinated, redeemable debentures as shown below:
| Fixed Interest Rate | Fixed Interest Rate | Fixed Interest Rate | ||||||||||||
| 2018 | 2017 | 2016 | ||||||||||||
| Type of Issue | 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” |
| CSE Listing | 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 | 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 | 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 |
| 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. | 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 | 4,430.34 | 1,749.09 | 5,071.80 | 1,928.20 |
| Market Values | ||||||||||||||
| – Highest (Rs.) | 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 | Not traded during the year | Not traded during the year | Not traded during the year | Not traded during the year |
| – Lowest (Rs.) | 90 | 99.96 | 81.40 | 87.17 | ||||||||||
| – Year-end (Rs.) | 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 | 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 | 11.04 | 11.57 | 12.36 | 12.63 |
| Interest rate of comparable Government Security | 10.25 | 10.80 | 10.45 | 10.90 | 10.75 | 10.95 | 9.70 | 10.10 | 9.80 | 10.10 | 12.05 | 12.45 | 12.15 | 12.50 |
| Other Ratios as at date of last trade | ||||||||||||||
| – Interest Yield (%) | N/A | 13.45 | 11.02 | N/A | N/A | N/A | 17.96 | - N/A - | 15.98 | - N/A - | - N/A - | - N/A - | - N/A - | - N/A - |
| – Yield to Maturity (%) | N/A | 13.30 | 11.06 | N/A | N/A | N/A | 17.52 | - N/A - | 15.74 | - N/A - | - N/A - | - N/A - | - N/A - | - N/A - |
| 2018 | 2017 | |
| Debt equity ratio (%) | 45.39 | 38.61 |
| Net assets value per share (Rs.) | 117.15 | 107.54 |
| Interest cover (Times) | 10.00 | 11.56 |
| Liquid assets ratio (%) (Minimum 20%) | ||
| Domestic Banking Unit (DBU) | 24.47 | 27.28 |
| Off-shore Banking Unit (OBU) | 30.20 | 30.95 |
| 1st Quarter March 31 Rs. Mn. |
2nd Quarter
June 30 Rs. Mn. |
3rd Quarter September 30 Rs. Mn. |
4th Quarter December 31 Rs. Mn. |
Total
(Audited) Rs. Mn. |
|
| Group | |||||
| Net interest income | 11,728.5 | 12,142.3 | 12,290.5 | 9,456.9 | 45,618.2 |
| Net fee and commission income | 2,446.4 | 2,545.7 | 2,594.6 | 3,047.7 | 10,634.4 |
| Other operating income (Net) | 715.1 | 1,444.4 | 3,394.0 | 3,058.4 | 8,611.9 |
| Less: Impairment charges and other losses | 1,622.2 | 2,406.2 | 3,405.4 | 1,399.6 | 8,833.4 |
| Net operating income | 13,267.8 | 13,726.2 | 14,873.7 | 14,163.4 | 56,031.1 |
| Less: expenses | 6,937.8 | 7,202.0 | 7,635.5 | 8,163.3 | 29,938.6 |
| Operating profit | 6,330 | 6,524.2 | 7,238.2 | 6,000.1 | 26,092.5 |
| Add: share of profits/(losses) of associate companies | 1.5 | 3.6 | 0.7 | 0.2 | 6.0 |
| Profit before income tax | 6,331.5 | 6,527.8 | 7,238.9 | 6,000.3 | 26,098.5 |
| Less: income tax expense | 1,965.7 | 2,288.2 | 2,077.3 | 1,904.5 | 8,235.7 |
| Profit for the period | 4,365.8 | 4,239.6 | 5,161.6 | 4,095.8 | 17,862.8 |
| Quarterly profit as a percentage of the profit after tax | 24.4 | 23.8 | 28.9 | 22.9 | 100.0 |
| Cumulative quarterly profit as a percentage of the profit after tax | 24.4 | 48.2 | 77.1 | 100.0 | – |
| 1st Quarter
March 31 Rs. Mn. |
2nd Quarter
June 30 Rs. Mn. |
3rd Quarter
September 30 Rs. Mn. |
4th Quarter December 31 Rs. Mn. |
Total
(Audited) Rs. Mn. |
|
| Bank | |||||
| Net interest income | 11,567.6 | 11,981.9 | 12,116.4 | 9,275.9 | 44,941.8 |
| Net fee and commission income | 2,342.4 | 2,437.3 | 2,469.1 | 2,901.4 | 10,150.2 |
| Other operating income (net) | 732.3 | 1,384.7 | 3,289.0 | 3,189.5 | 8,595.5 |
| Less: impairment charges and other losses | 1,463.6 | 2,171.8 | 3,228.9 | 1,710.9 | 8,575.2 |
| Net operating income | 13,178.7 | 13,632.1 | 14,645.6 | 13,655.9 | 55,112.3 |
| Less: expenses | 6,841.5 | 7,071.0 | 7,489.8 | 8,118.8 | 29,521.1 |
| Profit before income tax | 6,337.2 | 6,561.1 | 7,155.8 | 5,537.1 | 25,591.2 |
| Less: income tax expense | 1,956.1 | 2,296.0 | 2,040.9 | 1,754.4 | 8,047.4 |
| Profit for the period | 4,381.1 | 4,265.1 | 5,114.9 | 3,782.7 | 17,543.8 |
| Quarterly profit as a percentage of the profit after tax | 25.0 | 24.3 | 29.1 | 21.6 | 100.0 |
| Cumulative quarterly profit as a percentage of the profit after tax | 25.0 | 49.3 | 78.4 | 100.0 | – |
| 1st Quarter March 31 Rs. Mn. |
2nd Quarter June 30 Rs. Mn. |
3rd Quarter September 30 Rs. Mn. |
4th Quarter December 31 Rs. Mn. |
Total (Audited) Rs. Mn. |
|
| Group | |||||
| Net interest income | 8,786.8 | 9,303.0 | 10,553.9 | 10,923.6 | 39,567.3 |
| Net fees and commission income | 2,060.9 | 2,021.6 | 2,235.5 | 2,606.5 | 8,924.5 |
| Other operating income (Net) | 845.8 | 766.3 | (56.7) | (510.2) | 1,045.2 |
| Less: Impairment charges for loans and other losses | 251.9 | 708.6 | 658.5 | (629.7) | 989.3 |
| Net operating income | 11,441.6 | 11,382.3 | 12,074.2 | 13,649.6 | 48,547.7 |
| Less: expenses | 6,137.1 | 6,082.2 | 6,277.8 | 6,774.0 | 25,271.1 |
| Operating profit | 5,304.5 | 5,300.1 | 5,796.4 | 6,875.6 | 23,276.6 |
| Add: share of profits/(losses) of associate companies | 2.2 | 2.2 | 0.4 | (1.1) | 3.7 |
| Profit before income tax | 5,306.7 | 5,302.3 | 5,796.8 | 6,874.5 | 23,280.3 |
| Less: income tax expense | 1,493.0 | 1,461.8 | 1,677.4 | 2,021.6 | 6,653.8 |
| Profit for the period | 3,813.7 | 3,840.5 | 4,119.4 | 4,852.9 | 16,626.5 |
| Quarterly profit as a percentage of the profit after tax | 22.9 | 23.1 | 24.8 | 29.2 | 100.0 |
| Cumulative quarterly profit as a percentage of the profit after tax | 22.9 | 46.0 | 70.8 | 100.0 | – |
| 1st Quarter March 31 Rs. Mn. |
2nd Quarter
June 30 Rs. Mn. |
3rd Quarter
September 30 Rs. Mn. |
4th Quarter December 31 Rs. Mn. |
Total
(Audited) Rs. Mn. |
|
| Bank | |||||
| Net interest income | 8,661.4 | 9,159.8 | 10,420.6 | 10,781.6 | 39,023.4 |
| Net fees and commission income | 2,021.2 | 1,956.2 | 2,173.7 | 2,451.3 | 8,602.4 |
| Other operating income (net) | 848.5 | 756.7 | (36.3) | (415.2) | 1,153.7 |
| Less: impairment charges for loans and other losses | 241.7 | 695.3 | 557.4 | (816.8) | 677.6 |
| Net operating income | 11,289.4 | 11,177.4 | 12,000.6 | 13,634.5 | 48,101.9 |
| Less: expenses | 6,067.6 | 5,974.2 | 6,193.6 | 6,683.6 | 24,919.0 |
| Profit before income tax | 5,221.8 | 5,203.2 | 5,807.0 | 6,950.9 | 23,182.9 |
| Less: income tax expense | 1,446.4 | 1,438.6 | 1,672.2 | 2,044.5 | 6,601.7 |
| Profit for the period | 3,775.4 | 3,764.6 | 4,134.8 | 4,906.4 | 16,581.2 |
| Quarterly profit as a percentage of the profit after tax | 22.8 | 22.7 | 24.9 | 29.6 | 100.0 |
| Cumulative quarterly profit as a percentage of the profit after tax | 22.8 | 45.5 | 70.4 | 100.0 | – |
| As at | March 31
Rs. Mn |
June 30
Rs. Mn |
September 30
Rs. Mn |
December 31 (Audited) Rs. Mn |
| Assets | ||||
| Cash and cash equivalents | 53,879 | 31,059 | 30,983 | 44,356 |
| Balances with central banks | 49,972 | 52,268 | 55,917 | 55,407 |
| Placements with banks | 5,832 | 13,116 | 10,487 | 19,899 |
| Securities purchased under resale agreements | 6,042 | – | 3,002 | 9,514 |
| Derivative financial assets | 2,302 | 1,215 | 4,949 | 7,910 |
| Financial assets recognised through profit or loss/Held for trading – Measured at fair value | 4,654 | 6,657 | 8,455 | 5,520 |
| Financial assets at amortised cost – Loans and advances to banks | 650 | 661 | 706 | 763 |
| Financial assets at amortised cost – Loans and advances to other customers | 784,976 | 813,726 | 840,068 | 867,612 |
| Financial assets measured at fair value through other comprehensive income/financial investments Available for sale | 140,771 | 117,700 | 117,833 | 176,761 |
| Financial assets at amortised cost – Debt and other financial instruments/financial investments – Held to maturity and loans and receivables | 143,334 | 139,530 | 142,720 | 89,274 |
| Investments in subsidiaries | – | – | – | – |
| Investments in associates | 108 | 108 | 104 | 105 |
| Property, plant and equipment | 16,250 | 16,302 | 16,682 | 17,015 |
| Intangible assets | 1,248 | 1,267 | 1,411 | 1,434 |
| Leasehold property | 104 | 104 | 103 | 103 |
| Deferred tax assets | – | – | – | 188 |
| Other assets | 20,600 | 19,772 | 21,866 | 24,051 |
| Total assets | 1,230,722 | 1,213,485 | 1,255,286 | 1,319,912 |
| Liabilities | ||||
| Due to banks | 49,388 | 44,661 | 46,633 | 52,362 |
| Derivative financial liabilities | 1,971 | 1,706 | 4,915 | 8,022 |
| Securities sold under repurchase agreements | 75,886 | 53,526 | 35,032 | 48,951 |
| Financial liabilities at amortised cost – due to depositors | 913,144 | 920,078 | 952,332 | 994,371 |
| Financial liabilities at amortised cost – other borrowings | 24,301 | 23,769 | 24,886 | 25,362 |
| Debt securities issued | – | – | – | – |
| Current tax liabilities | 4,722 | 5,617 | 5,915 | 6,736 |
| Deferred tax liabilities | 3,458 | 3,188 | 3,067 | 971 |
| Other provisions | – | – | – | – |
| Other liabilities | 21,988 | 20,230 | 24,053 | 24,548 |
| Due to subsidiaries | – | – | – | – |
| Subordinated liabilities | 25,601 | 25,565 | 36,950 | 37,992 |
| Total Liabilities | 1,120,459 | 1,098,340 | 1,133,783 | 1,199,315 |
| Equity | ||||
| Stated capital | 39,086 | 39,144 | 39,148 | 39,148 |
| Statutory reserves | 6,493 | 6,493 | 6,493 | 7,444 |
| Retained earnings | 4,441 | 8,657 | 13,772 | 4,950 |
| Other reserves | 59,343 | 59,924 | 61,091 | 67,856 |
| Total equity attributable to equity holders of the Bank | 109,363 | 114,218 | 120,504 | 119,398 |
| Non-controlling interest | 900 | 927 | 999 | 1,199 |
| Total Equity | 110,263 | 115,145 | 121,503 | 120,597 |
| Total liabilities and equity | 1,230,722 | 1,213,485 | 1,255,286 | 1,319,912 |
| Contingent liabilities and commitments | 552,479 | 618,594 | 656,791 | 658,860 |
| 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 |
| As at | March 31 Rs. Mn |
June 30 Rs. Mn |
September 30 Rs. Mn |
December 31 (Audited) Rs. Mn |
| Assets | ||||
| Cash and cash equivalents | 31,194 | 38,761 | 27,738 | 34,673 |
| Balances with central banks | 39,676 | 50,210 | 46,747 | 45,546 |
| Placements with banks | 11,332 | 9,333 | 12,379 | 17,633 |
| Securities purchased under resale agreements | 42 | 42 | – | – |
| Derivative financial assets | 1,143 | 1,396 | 2,363 | 2,335 |
| Financial assets recognised through profit or loss/Held for trading – Measured at fair value | 13,091 | 6,284 | 5,246 | 4,411 |
| Financial assets at amortised cost – Loans and advances to banks | 634 | 640 | 638 | 641 |
| Financial assets at amortised cost – Loans and advances to other customers | 646,839 | 673,250 | 712,066 | 742,444 |
| Financial assets measured at fair value through other comprehensive income/financial investments Available for sale | 171,489 | 162,539 | 156,346 | 154,914 |
| Financial assets at amortised cost – Debt and other financial instruments/financial investments – Held to maturity and loans and receivables | 109,395 | 122,197 | 116,574 | 118,078 |
| Investments in subsidiaries | – | – | – | – |
| Investments in associates | 105 | 108 | 108 | 110 |
| Property, plant and equipment | 11,604 | 11,757 | 11,948 | 16,317 |
| Intangible assets | 1,132 | 1,094 | 1,060 | 1,251 |
| Leasehold property | 106 | 105 | 105 | 105 |
| Deferred tax assets | 712 | – | – | – |
| Other assets | 19,484 | 17,408 | 17,135 | 17,363 |
| Total assets | 1,057,978 | 1,095,124 | 1,110,453 | 1,155,821 |
| Liabilities | ||||
| Due to banks | 52,951 | 58,503 | 45,185 | 60,245 |
| Derivative financial liabilities | 920 | 975 | 3,490 | 3,678 |
| Securities sold under repurchase agreements | 78,220 | 77,902 | 59,990 | 49,532 |
| Financial liabilities at amortised cost – due to depositors | 784,778 | 804,554 | 824,860 | 857,270 |
| Financial liabilities at amortised cost – other borrowings | 9,331 | 8,936 | 24,424 | 23,786 |
| Debt securities issued | – | – | – | – |
| Current tax liabilities | 3,805 | 3,747 | 3,733 | 4,203 |
| Deferred tax liabilities | – | 117 | 1,157 | 3,565 |
| Other provisions | 2 | 2 | 2 | – |
| Other liabilities | 21,449 | 17,564 | 18,128 | 19,508 |
| Due to subsidiaries | – | – | – | – |
| Subordinated liabilities | 25,273 | 25,142 | 25,371 | 25,166 |
| Total Liabilities | 976,729 | 997,442 | 1,006,340 | 1,046,953 |
| Equity | ||||
| Stated capital | 26,806 | 37,033 | 37,042 | 37,144 |
| Statutory reserves | 5,648 | 5,654 | 5,654 | 6,493 |
| Retained earnings | 3,913 | 7,759 | 11,870 | 5,087 |
| Other reserves | 44,062 | 46,411 | 48,714 | 59,272 |
| Total equity attributable to equity holders of the Bank | 80,429 | 96,857 | 103,280 | 107,996 |
| Non-controlling interest | 820 | 825 | 833 | 872 |
| Total Equity | 81,249 | 97,682 | 104,113 | 108,868 |
| Total liabilities and equity | 1,057,978 | 1,095,124 | 1,110,453 | 1,155,821 |
| Contingent liabilities and commitments | 511,791 | 527,618 | 562,482 | 565,278 |
| Net assets value per ordinary share (Rs.) | 88.98 | 97.34 | 103.79 | 108.44 |
| Quarterly growth (%) | ||||
| Financial assets at amortised cost – Loans and advances to banks and loans and advances to other customers | 4.30 | 4.08 | 5.76 | 4.26 |
| Financial liabilities at amortised cost – due to depositors | 5.58 | 2.52 | 2.52 | 3.93 |
| Total assets | 3.62 | 3.51 | 1.40 | 4.09 |
| As at | March 31
Rs. Mn |
June 30
(Audited) Rs. Mn |
September 30
Rs. Mn |
December 31 (Audited) Rs. Mn |
| Assets | ||||
| Cash and cash equivalents | 52,044 | 26,619 | 28,362 | 39,534 |
| Balances with central banks | 49,174 | 51,381 | 54,989 | 54,385 |
| Placements with banks | 5,832 | 13,116 | 10,250 | 19,899 |
| Securities purchased under re-sale agreements | 6,042 | – | 3,002 | 9,514 |
| Derivative financial assets | 2,302 | 1,215 | 4,949 | 7,910 |
| Financial assets recognised through profit or loss/Held for trading – measured at fair value | 4,654 | 6,657 | 8,455 | 5,520 |
| Financial assets at amortised cost – Loans and advances to banks | 650 | 661 | 706 | 763 |
| Financial assets at amortised cost – Loans and advances to other customers | 779,615 | 808,394 | 834,290 | 861,100 |
| Financial assets measured at fair value through other comprehensive income/financial investments Available for sale | 140,577 | 117,461 | 117,594 | 176,507 |
| Financial assets at amortised cost – Debt and other financial instruments/financial investments – Held to maturity and loans and receivables | 138,133 | 135,484 | 138,002 | 83,855 |
| Investments in subsidiaries | 3,082 | 3,557 | 3,650 | 4,264 |
| Investments in associates | 44 | 44 | 44 | 44 |
| Property, plant and equipment | 14,585 | 14,638 | 14,988 | 15,301 |
| Intangible assets | 766 | 776 | 884 | 906 |
| Leasehold property | 72 | 72 | 72 | 72 |
| Deferred tax assets | – | – | – | – |
| Other assets | 20,503 | 19,640 | 21,394 | 23,911 |
| Total Assets | 1,218,075 | 1,199,715 | 1,241,631 | 1,303,485 |
| Liabilities | ||||
| Due to banks | 46,513 | 41,971 | 44,183 | 50,101 |
| Derivative financial liabilities | 1,971 | 1,706 | 4,915 | 8,022 |
| Securities sold under repurchase agreements | 76,031 | 53,672 | 35,179 | 49,104 |
| Financial liabilities at amortised cost – due to depositors | 905,634 | 911,180 | 943,615 | 983,037 |
| Financial liabilities at amortised cost – other borrowings | 24,301 | 23,769 | 24,886 | 25,362 |
| Debt securities issued | – | – | – | – |
| Current tax liabilities | 4,625 | 5,443 | 5,781 | 6,566 |
| Deferred tax liabilities | 3,192 | 3,008 | 2,898 | 646 |
| Other provisions | – | – | – | – |
| Other liabilities | 21,687 | 19,956 | 23,470 | 24,208 |
| Due to subsidiaries | 20 | 33 | 52 | 41 |
| Subordinated liabilities | 25,601 | 25,565 | 36,950 | 37,992 |
| Total Liabilities | 1,109,575 | 1,086,303 | 1,121,929 | 1,185,079 |
| Equity | ||||
| Stated capital | 39,086 | 39,144 | 39,148 | 39,148 |
| Statutory reserves | 6,477 | 6,477 | 6,477 | 7,354 |
| Retained earnings | 4,384 | 8,651 | 13,766 | 5,063 |
| Other reserves | 58,553 | 59,140 | 60,311 | 66,841 |
| Total equity attributable to equity holders of the Bank | 108,500 | 113,412 | 119,702 | 118,406 |
| Non-controlling Interest | – | – | – | – |
| Total Equity | 108,500 | 113,412 | 119,702 | 118,406 |
| Total Liabilities and Equity | 1,218,075 | 1,199,715 | 1,241,631 | 1,303,485 |
| Contingent Liabilities and Commitments | 552,216 | 618,495 | 656,592 | 658,722 |
| 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 |
| As at | March 31 Rs. Mn |
June 30 (Audited) Rs. Mn |
September 30 Rs. Mn |
December 31 (Audited) Rs. Mn |
| Assets | ||||
| Cash and cash equivalents | 29,312 | 36,755 | 25,896 | 33,225 |
| Balances with central banks | 39,252 | 49,731 | 46,164 | 44,801 |
| Placements with banks | 11,332 | 9,333 | 12,379 | 17,633 |
| Securities purchased under re-sale agreements | 42 | 42 | – | – |
| Derivative financial assets | 1,143 | 1,396 | 2,363 | 2,335 |
| Financial assets recognised through profit or loss/Held for trading – measured at fair value | 13,091 | 6,284 | 5,246 | 4,411 |
| Financial assets at amortised cost – Loans and advances to banks | 634 | 640 | 638 | 641 |
| Financial assets at amortised cost – Loans and advances to other customers | 642,171 | 668,687 | 707,431 | 737,447 |
| Financial assets measured at fair value through other comprehensive income/financial investments Available for sale | 171,420 | 162,344 | 156,151 | 154,714 |
| Financial assets at amortised cost – Debt and other financial instruments/financial investments – Held to maturity and loans and receivables | 106,478 | 118,735 | 111,773 | 112,275 |
| Investments in subsidiaries | 2,493 | 2,503 | 2,565 | 3,066 |
| Investments in associates | 44 | 44 | 44 | 44 |
| Property, plant and equipment | 10,351 | 10,456 | 10,628 | 14,635 |
| Intangible assets | 635 | 609 | 580 | 777 |
| Leasehold property | 73 | 73 | 73 | 73 |
| Deferred tax assets | 971 | 136 | – | – |
| Other assets | 19,372 | 17,348 | 17,054 | 17,297 |
| Total Assets | 1,048,814 | 1,085,116 | 1,098,985 | 1,143,374 |
| Liabilities | ||||
| Due to banks | 49,243 | 54,876 | 41,847 | 57,121 |
| Derivative financial liabilities | 920 | 975 | 3,490 | 3,678 |
| Securities sold under repurchase agreements | 78,463 | 78,121 | 60,213 | 49,677 |
| Financial liabilities at amortised cost – due to depositors | 780,813 | 799,902 | 818,564 | 850,128 |
| Financial liabilities at amortised cost – other borrowings | 9,331 | 8,936 | 24,424 | 23,786 |
| Debt securities issued | – | – | – | – |
| Current tax liabilities | 3,750 | 3,696 | 3,677 | 4,144 |
| Deferred tax liabilities | – | – | 921 | 3,275 |
| Other provisions | 2 | 2 | 2 | – |
| Other liabilities | 21,245 | 17,363 | 17,922 | 19,225 |
| Due to subsidiaries | 31 | 29 | 35 | 75 |
| Subordinated liabilities | 25,273 | 25,142 | 25,371 | 25,166 |
| Total Liabilities | 969,071 | 989,042 | 996,466 | 1,036,275 |
| Equity | ||||
| Stated capital | 26,806 | 37,033 | 37,042 | 37,144 |
| Statutory reserves | 5,648 | 5,648 | 5,648 | 6,477 |
| Retained earnings | 3,780 | 7,558 | 11,692 | 4,987 |
| Other reserves | 43,509 | 45,835 | 48,137 | 58,491 |
| Total equity attributable to equity holders of the Bank | 79,743 | 96,074 | 102,519 | 107,099 |
| Non-controlling Interest | – | – | – | – |
| Total Equity | 79,743 | 96,074 | 102,519 | 107,099 |
| Total Liabilities and Equity | 1,048,814 | 1,085,116 | 1,098,985 | 1,143,374 |
| Contingent Liabilities and Commitments | 511,791 | 527,618 | 562,482 | 564,795 |
| Net Assets Value per Ordinary Share (Rs.) | 88.22 | 96.55 | 103.02 | 107.54 |
| Quarterly Growth (%) | ||||
| Financial assets at amortised cost – Loans and advances to banks & Loans and advances to other customers | 4.24 | 4.13 | 5.79 | 4.24 |
| Financial Liabilities at amortised cost – due to depositors | 5.58 | 2.44 | 2.43 | 3.86 |
| Total assets | 3.62 | 3.46 | 1.28 | 4.06 |
