Dear Stakeholder,

We take this opportunity to convey our sincere gratitude to our loyal investors for electing to invest in the Bank's capital, both equity and debt, and wish to assure that we are taking every possible step to optimise returns for your investments through prudent and sustained growth. As one of the few Domestic Systemically Important Banks and the largest private sector Bank in the country, we are fully aware of 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 enabling you to make informed decisions. We trust that the information presented in this Annual 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 valued investors promoting mutual trust and confidence besides ensuring the rights conferred on the investors by various statutes. We believe that these initiatives have enabled the Bank to actively engage with our investors in a consistent, comprehensive and accurate manner, often going beyond the minimum regulations and in the underlying spirit, 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. We firmly believe that 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.

This year too, 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 surveys conducted and feedback provided in the past. 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.

Investor relations tools

Figure - 28

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, despite a very challenging economic and operating environment prevailed throughout the year primarily due to the outbreak of COVID-19 in the first quarter of the year. As you are aware, the stock market witnessed an unprecedented setback in its activities after being closed for almost two months and due to limiting trading of shares for just one hour a day initially by the regulators which was later relaxed by increasing the trading time to three and half hours compared to six hours of trading during the pre-pandemic period. However, this situation is in no manner extra-ordinary when compared with all other stock markets around the globe. Although the pandemic had an early shock resulting in both the ASPI and S&P SL20 declining by over 30% and 40%, respectively, both indices recovered remarkably and ended the year demonstrating its resilience by attracting record-breaking levels of trading activity, with a total turnover for the year of Rs. 397 Bn. which was also the highest since 2011. The ASPI closed 2020 on 6,774 points recording a growth of 10.52%, the highest annual increase the index has seen since 2014 and only the 12th occasion the index has seen a double-digit percentage growth in CSE's 35-year history. The ASPI on May 12, 2020 recorded its lowest point in over a decade but recovered from this to post a 59% gain by the end of the year. Although the S&P SL20 index, which features the CSE's 20 largest and most liquid stocks has declined by 10.18% in 2020, the index has recovered substantially indicating a trend similar to the ASPI with 57% growth since 12th May, closing the year at 2,638 points.

Despite, both the ASPI and S&P SL20 recovering as seen in the above graph, the banking sector shares did not follow the same trend, mainly due to the perceived uncertainties associated with the performance of banks owing to many relief programs offered to affected customers including moratoriums as mandated by the regulators. These factors contributed to the decline in the Bank's share price which traded at a discount to its book value at 0.60 times at the end of December 2020 (0.73 times in 2019). However, it continued to remain the highest among the peers in the Banking sector, and is a testament to our strong fundamentals and 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, 2020 was 99.80% in voting shares (99.76% in 2019) and 99.84% in non-voting shares (86.62% in 2019) 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. 93 Bn. (Rs. 96 Bn. in 2019). As shown in Table 58, with its shares actively traded in the CSE, investors are provided with a convenient "enter and exit" mechanism. It is pertinent to mention that the Bank witnessed a sharp increase in the number of shareholders holding both voting and non-voting shares of the Bank during the year, which amply demonstrates the confidence placed by investors in the Bank's shares despite the trying conditions experienced during the year 2020.

Compliance report on the contents of Annual Report in terms of the Listing Rules of the CSE

This year too 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 46 for a complete list of disclosure requirements and references to the relevant sections of this Annual Report where the 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 CSE

Table - 46

1. Our Listed Securities

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 47 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 Bank

Table - 47

		Number in issue as at			Stock symbol
		December 31, 2020	December 31, 2019
Equity
Ordinary shares - Voting		1,098,934,937	961,252,317		COMB-N0000
Ordinary shares - Non-voting		67,970,701	66,254,269		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	83,938,400		COMB/BD/22/07/23-C2404-12.00%
Fixed rate debentures March 2018/28		16,061,600	16,061,600		COMB/BD/22/07/28-C2405-12.50%

2. Performance of Securities and Returns to Shareholders

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 300% and Ordinary shares - Non-Voting 293%) compared to 2019 (Refer Table 51). Despite the early drop due to the outbreak of the Pandemic, the CSE concluded 2020 on a mixed note, the ASPI gaining by 10.52% from 6,129 in 2019 to 6,774 by the end of 2020, while the S&P SL20 closing 2020 on a negative note, decreasing by 10.18% from 2,937 in 2019 to 2,638 by the end of 2020.

The total market capitalisation of the CSE was at Rs. 2,960.65 Bn. and was above the level at the end of 2019 (Rs. 2,851.31 Bn). Local investors have contributed to approximately 79% of the total market turnover in 2020 which is higher when compared to approximately. 63% in 2019 and 55% the year prior to that. On the foreign investment front, 2020 has recorded a net foreign outflow of Rs. 51 Bn., largely in line with the foreign fund outflow trend recorded in emerging and frontier markets. However, it is noteworthy that Sri Lankan equities attracted purchases worth Rs. 53 Bn. during 2020 by foreign investors, ending close to the Rs. 56 Bn. recorded in 2019.

The Bank index reflected a drop of 16.11% during the year 2020 compared to a marginal drop in 2019.

The market price of an ordinary voting share of the Bank decreased by 19.10% (a drop of 17.39% in 2019) from Rs. 95 at the end of 2019 to Rs. 80.90 at the end of 2020 (Table 48). 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. 97 Bn. (USD 532.699 Mn.) in 2019 to Rs. 94 Bn. (USD 500.902 Mn.) in 2020, accounting for 3.16 % (3.40% in 2019) of the total market capitalisation. The Bank's shares ranked fifth among all listed entities and first among the listed corporates in the Bank, Finance and Insurance sector. During most of 2020, the movement of the non-voting share price followed the trend of the voting shares.

Share price of last five years

Table - 48

	2020 Rs.	2019 Rs.	2018 Rs.	2017 Rs.	2016 Rs.
Ordinary shares - Voting
Highest price during the year	96.00	115.90	142.50	150.00	151.90
Lowest price during the year	50.00	88.60	107.50	128.50	115.00
Last traded price	80.90	95.00	115.00	135.80	145.00
Ordinary shares - Non-voting
Highest price during the year	87.20	99.40	110.00	118.50	123.00
Lowest price during the year	48.00	74.00	88.00	102.30	101.50
Last traded price	70.10	83.00	95.00	105.00	115.00

Sustainable value for investors

Table - 49

	Ordinary shares - Voting			Ordinary shares - Non-voting
	Trade date	2020	2019	Trade date	2020	2019
		Rs.	Rs.		Rs.	Rs.
Highest price	02.01.2020	96.00		02.01.2020	87.20
	02.01.2019		115.90	23.01.2019		99.40
Lowest price	14.05.2020	50.00		15.05.2020	48.00
	17.05.2019		88.60	16.05.2019		74.00
Year end price		80.90	95.00		70.10	83.00

 

Information on shareholders' funds and Bank's market capitalisation

Table - 50

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	Commercia l Bank's market capitalisation (*)
	Rs. Bn.	Rs. Bn.	Rs. Bn.	%	Rank	USD Mn.
2020	157	94	2,961	3.16	5	500.902
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

(*) Market capitalisation as at December 31, 2020, 2019, 2018 and 2017 includes both voting and non-voting shares.

Number of transactions (No.)

Table - 51

	2020	2019	2018	2017	2016
Ordinary shares - Voting	85,914	21,481	13,364	11,811	15,189
Ordinary shares - Non-voting	21,407	5,452	4,553	4,432	3,721

 

Number of shares traded (No. '000)

Table - 52

	2020	2019	2018	2017	2016
Ordinary shares - Voting	385,017	89,289	95,286	144,205	96,146
Ordinary shares - Non-voting	26,614	5,893	10,637	6,717	5,396

3. Information on movement in number of shares represented by the stated capital

(As per rule No. 7.6 (ix) of the Listing Rules of CSE)

Table - 53

					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	-
2020	Scrip issue for final dividend 2019	Voting	Rs. 2.00 per share	22,485,434	983,737,751	66,254,269	-
	Scrip issue for final dividend 2019	Non Voting		1,716,432	983,737,751	67,970,701	-
	Issue of shares via a Private Placement	Voting		115,157,186	1,098,934,937	67,970,701	-

4. Dividends

The declaration of a dividend should always ensure that a balance between the shareholders' needs and the business needs of the Bank is maintained. Although the Bank has been paying interim dividends in the past, for the year under review, the Bank did not pay any interim dividends. This was in compliance with the Banking Act Direction No. 03 of 2020, dated May 13, 2020, issued by the CBSL on 'Restrictions on Discretionary Payments of Licenced Banks', wherein licenced banks were requested to refrain from declaring cash dividends not already declared for financial year 2019, and any interim cash dividends for the financial year 2020 in view of the possible adverse impact on liquidity and other key performance indicators of banks. However, as per the Banking Act Direction No. 01 of 2021, dated January 19, 2021, issued by the CBSL on the same subject, licenced banks incorporated or established in Sri Lanka were instructed to defer payment of cash dividends until the financial statements for the year 2020 are finalised and audited by the external auditors. Accordingly, the Board of Directors of the Bank has now recommended a final dividend of Rs. 6.50 per ordinary share for both ordinary voting and non-voting shares of the Bank. This will be paid in the form of a cash dividend of Rs. 4.50 per share and Rs. 2.00 per share by the issue and allotment of new shares for both voting and non-voting shareholders of the Bank for the year ended December 31, 2020. It will be submitted for the approval of the shareholders at the 52nd AGM, to be held on March 30, 2021.

(A dividend of Rs. 6.50 per share was declared and paid by the Bank for the year ended December 31, 2019. It too 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 information

Table - 54

Dividends	2020	2019	2018	2017	2016
Cash - Rs. Per share
First interim paid	-	1.50	1.50	1.50	1.50
Second interim paid	-	3.00	3.00	3.00	3.00
Final proposed	4.50	-	-	-	-
Total	4.50	4.50	4.50	4.50	4.50
Scrip - Rs. Per share
Final proposed/allotted	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	32.07	27.16	25.92	26.42	27.64
Total (cash and shares)	46.33	39.23	37.44	38.17	39.94

 

5. Shareholders

The Bank had 16,820 ordinary voting shareholders and 5,786 ordinary non-voting shareholders as at December 31, 2020 compared to 12,268 and 4,673 voting and non-voting shareholders as at December 31, 2019 (Tables 56 and Tables 57). With five new investors joining ranks, the percentage of ordinary voting shares held by the 20 largest shareholders increased to 71.96 % from 53.98% in 2019. A rise was also recorded in the non-voting ordinary shares held by the 20 largest shareholders to 38.22.% in 2020 from 32.24% in 2019.

Number of ordinary shareholders

Table - 55

As at December 31,	2020	2019
Ordinary shareholders - Voting	16,820	12,268
Ordinary shareholders - Non-voting	5,786	4,673
Total	22,606	16,941

5.1 Composition of shareholders

Table - 56

	As at December 31, 2020				As at December 31, 2019
	No. of shareholders	%	No. of shares	%	No. of shareholders	%	No. of shares	%
Ordinary shares - Voting
Resident	16,534	98.30	838,880,863	76.34	11,979	97.64	680,500,179	70.79
Non-resident	286	1.70	260,054,074	23.66	289	2.36	280,752,138	29.21
Total	16,820	100.00	1,098,934,937	100.00	12,268	100.00	961,252,317	100.00
Individuals	16,096	95.70	301,468,333	27.43	11,599	94.55	217,888,250	22.67
Institutions	724	4.30	797,466,604	72.57	669	5.45	743,364,067	77.33
Total	16,820	100.00	1,098,934,937	100.00	12,268	100.00	961,252,317	100.00
Ordinary shares - Non-voting
Resident	5,707	98.63	63,316,978	93.15	4,600	98.44	52,731,695	79.59
Non-resident	79	1.37	4,653,723	6.85	73	1.56	13,522,574	20.41
Total	5,786	100.00	67,970,701	100.00	4,673	100.00	66,254,269	100.00
Individuals	5,537	95.70	45,572,024	67.05	4,448	95.19	37,265,740	56.25
Institutions	249	4.30	22,398,677	32.95	225	4.81	28,988,529	43.75
Total	5,786	100.00	67,970,701	100.00	4,673	100.00	66,254,269	100.00

5.2 Distribution schedule of number of shareholders and percentage of holding in each class of equity securities
(As per Rule No. 7.6 (x) of the Listing Rules of CSE)

Table - 57

	As at December 31, 2020				As at December 31, 2019
	Number of shareholders	%	Number of shares	%	Number of shareholders	%	Number of shares	%
Ordinary shares - Voting
1 - 1,000	8,801	52.32	2,308,178	0.21	6,587	53.69	1,561,344	0.16
1,001 - 10,000	5,441	32.35	19,304,413	1.76	3,687	30.05	13,254,119	1.38
10,001 - 100,000	2,139	12.72	60,718,288	5.53	1,628	13.27	45,723,643	4.76
100,001 - 1,000,000	364	2.16	95,838,529	8.72	282	2.30	74,521,795	7.75
Over 1,000,000	75	0.45	920,765,529	83.78	84	0.69	826,191,416	85.95
Total	16,820	100.00	1,098,934,937	100.00	12,268	100.00	961,252,317	100.00
Ordinary shares - Non-voting
1 - 1,000	3,161	54.63	810,631	1.19	2,561	54.80	608,395	0.92
1,001 - 10,000	1,863	32.20	6,341,366	9.33	1,480	31.67	5,037,000	7.60
10,001 - 100,000	654	11.30	18,176,361	26.74	532	11.38	15,054,584	22.72
100,001 - 1,000,000	99	1.71	24,419,830	35.93	93	1.99	23,501,033	35.47
Over 1,000,000	9	0.16	18,222,513	26.81	7	0.16	22,053,257	33.29
Total	5,786	100.00	67,970,701	100.00	4,673	100.00	66,254,269	100.00

5.3 Public Shareholding

(As per 7.6 (iv) and 7.13.1 of the Listing Rules)

Table - 58

	2020		2019
	Number	%	Number	%
Number of Shareholders representing the public holding (Voting)	16,785	99.80	12,234	99.76
Number of Shareholders representing the public holding (Non Voting)	5,781	99.84	4,663	86.62
Float Adjusted Market Capitalization Rs.Bn - (Compliant under Option 1)	93		96

5.4 The names, number and percentage of shares held by the twenty largest shareholders (As per Rule No. 7.6 (iii) of the Listing Rules of CSE)

Voting shareholders

Table - 59

As at December 31,		2020		2019*
Ordinary shares - Voting		Number of shares	%	Number of shares	%
1.	DFCC Bank PLC A/C 1	132,119,619	12.02	82,560,377	8.59
2.	Mr Y S H I Silva	97,441,255	8.87	77,604,815	8.07
3.	Employees Provident Fund	94,723,763	8.62	92,558,649	9.63
4.	CB NY S/A International Finance Corporation	78,208,480	7.12	42,651,626	4.44
5.	Sri Lanka Insurance Corporation Ltd. - Life Fund	61,403,691	5.59	47,345,380	4.93
6.	Citibank Newyork S/A Norges Bank Account 2	45,759,984	4.16	21,973,486	2.29
7.	Melstacorp PLC	45,483,957	4.14	44,444,324	4.62
8.	CB NY S/A IFC Emerging Asia Fund. LP	40,319,015	3.67	-	-
9.	CB NY S/A IFC Financial Intitutions Growth Fund LP	40,319,015	3.67	-	-
10.	Sri Lanka Insurance Corporation Ltd. - General Fund	38,906,463	3.54	37,506,430	3.89
11.	Mr D P Pieris	21,003,054	1.91	228,626	0.02
12.	Employees Trust Fund Board	19,159,319	1.74	18,020,355	1.87
13.	Mrs L E M Yaseen	17,077,784	1.55	16,538,000	1.72
14.	Renuka Hotels PLC	9,893,069	0.90	9,666,942	1.01
15.	Mr M J Fernando	9,882,761	0.90	9,181,964	0.96
16.	BP2S London-Asia Dragon Trust PLC	9,093,567	0.83	-	-
17.	Renuka Consultants & Services Limited	8,631,578	0.79	8,414,742	0.88
18.	Hallsville Trading Group INC.	7,564,706	0.69	3,170,942	0.33
19.	BNYMSANV RE - LF Ruffer Investment Funds: LF Ruffer Pacific and Emerging Market Fund	7,219,310	0.66	7,054,298	0.73
20.	Seylan Bank PLC/Andaradeniya Estate (PVT) LTD	6,586,740	0.60	-	-
	Sub total	790,797,130	71.96	518,920,956	53.98
	Other shareholders	308,137,807	28.04	442,331,361	46.02
	Total	1,098,934,937	100.00	961,252,317	100.00

* Comparative shareholdings as at December 31, 2019 of the twenty largest shareholders as at December 31, 2020.

Non-voting shareholders

Table 60

As at December 31,		2020		2019*
Ordinary shares - Non-voting		Number of shares	%	Number of shares	%
1.	Employees Trust Fund Board	5,287,676	7.78	5,154,149	7.78
2.	Akbar Brothers (Pvt) Ltd. A/C No. 01	3,117,457	4.59	2,756,839	4.16
3.	Deutsche Bank AG As Trustee To Assetline Income Plus Growth Fund	1,770,354	2.60	-	-
4.	GF Capital Global Limited	1,757,304	2.59	1,712,928	2.59
5.	Mr A H Munasinghe	1,651,143	2.43	309,448	0.47
6.	Mr M F Hashim	1,282,270	1.89	1,087,247	1.64
7.	Serendip Investments Limited	1,167,646	1.72	1,494,489	2.26
8.	M.J.F. Exports (Pvt) Ltd	1,162,757	1.71	1,133,395	1.71
9.	Mrs L V C Samarasinha	1,025,906	1.51	891,208	1.35
10.	Saboor Chatoor (Pvt) Ltd	947,600	1.39	909,646	1.37
11.	Mr E Chatoor	805,000	1.18	434,381	0.66
12.	Mr M J Fernando	801,511	1.18	730,734	1.10
13.	Mr T W A Wickramasinghe	780,000	1.15	740,000	1.12
14.	Mr J D Bandaranayake , Ms N Bandaranayake and Dr V Bandaranayake (Joint)	723,540	1.06	648,153	0.98
15.	Mr R Gautam	708,999	1.04	623,919	0.94
16.	Mr J D Bandaranayake, Dr V Bandaranayake and Ms I Bandaranayake (Joint)	702,474	1.03	627,619	0.95
17.	Mr K S M De Silva	626,249	0.92	567,298	0.86
18.	Mr J G De Mel	590,000	0.87	523,547	0.79
19.	Mr G R Mallawaaratchy and Mrs B G P Mallawaaratchy (Joint)	569,975	0.84	555,582	0.84
20.	Mr A L Gooneratne	500,628	0.74	446,072	0.67
	Sub total	25,978,489	38.22	21,346,654	32.24
	Other shareholders	41,992,212	61.78	44,907,615	67.76
	Total	67,970,701	100.00	66,254,269	100.00

* Comparative shareholdings as at December 31, 2019 of the twenty largest shareholders as at December 31, 2020.

5.5 Directors' shareholding including the Chief Executive Officer's shareholding (As per Rule No. 7.6 (v) of the Listing Rules of CSE)

Table - 61

	Ordinary shares - Voting		Ordinary shares - Non-voting
	2020	2019	2020	2019
Justice K. Sripavan - Chairman °	14,000	Nil	Nil	Nil
Prof A K W Jayawardane - Deputy Chairman °°	12,792	Nil	Nil	Nil
Mr S Renganathan - Managing Director/Chief Executive Officer	362,010	353,736	12,457	12,143
Mr S C U Manatunge	71,410	69,778	Nil	Nil
Mr K Dharmasiri	Nil	Nil	Nil	Nil
Mr L D Niyangoda	Nil	Nil	Nil	Nil
Ms N T M S Cooray	342,465	193,062	52,875	51,540
Mr T L B Hurulle	Nil	Nil	Nil	Nil
Ms J Lee °°°	Nil	Nil	Nil	Nil
Mr R Senanayake °°°°	Nil	Nil	Nil	Nil
Mr K G D D Dheerasinghe *	24,821	24,254	Nil	Nil
Mr M P Jayawardena**	Nil	Nil	Nil	Nil
Mr S Swarnajothi ***	Nil	Nil	Nil	11,152

* Relinquished office w.e.f. December 21, 2020,
** Relinquished office w.e.f. December29, 2020,
*** Retired w.e.f. August 20, 2020
° Appointed as Chairman w.e.f. December 21, 2020,
°° Appointed as Deputy Chairman w.e.f. December 29, 2020
°°° Appointed as a Director w.e.f. August 13, 2020,
°°°° Appointed as a Director w.e.f. September 16, 2020

6. Engaging with shareholders

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 304 to 309 It also records significant events that may reasonably be expected to impact the share price. (More details are given in Financial Calendar)

7. Material foreseeable risk factors

(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".

8. Material issues pertaining to employees and industrial relations pertaining to the Bank

(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.

9. Quarterly performance in 2020 compared to 2019

(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 2020 to the CSE within applicable statutory deadlines. (The Bank duly complied with this requirement for 2019). Please refer "Financial Calendar" for further details. A Summary of the Income Statement and the Statement of Financial Position depicting quarterly performance during 2020 together with comparatives for 2019 is given on pages 304 and 309 for the information of stakeholders.

The Audited Income Statement for the year ended December 31, 2020 and the Audited Statement of Financial Position as at December 31, 2020 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 2019).

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 on request. The Company Secretary of the Bank will respond to individual letters received from shareholders.

10. Debt securities

Details of debentures issued by the Bank is as shown below:

10.1 Debenture Composition

Table - 62

	Fixed Interest Rate						Fixed Interest Rate			Fixed Interest Rate			Fixed Interest Rate						Fixed Interest Rate
	2020						2019			2019			2018						2017
Type of Issue	Public	Public	Public	Public	Public	Public	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 "B"	Type "A"	Type "B"	Type "A"	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	Listed	Listed	Listed	Listed	Listed	Listed
Issue Date	9-Mar-16	9-Mar-16	28-Oct-16	28-Oct-16	23-Jul-18	23-Jul-18	9-Mar-16	9-Mar-16	28-Oct-16	28-Oct-16	23-Jul-18	23-Jul-18	9-Mar-16	9-Mar-16	28-Oct-16	28-Oct-16	23-Jul-18	23-Jul-18	9-Mar-16	9-Mar-16	28-Oct-16	28-Oct-16
Maturity Date	8-Mar-21	8-Mar-26	27-Oct-21	27-Oct-26	22-Jul-23	22-Jul-28	8-Mar-21	8-Mar-26	27-Oct-21	27-Oct-26	22-Jul-23	22-Jul-28	8-Mar-21	8-Mar-26	27-Oct-21	27-Oct-26	22-Jul-23	22-Jul-28	8-Mar-21	8-Mar-26	27-Oct-21	27-Oct-26
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	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.	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	8,393.84	1,606.16	4,430.34	1,749.09	5,071.80	1,928.20
Market Values
- Highest (Rs.)	100.49	100.00	Not traded during the year	Not traded during the year	Not traded during the year	100.00	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.)	100.00	95.00				100.00	90.00	100.00	90.00					90.00	99.96				81.40		87.17
- Year-end (Rs.)	100.49	95.00				100.00	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	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	12.36	12.89	11.04	11.57	12.36	12.63
Interest rate of comparable Government Security (%)	4.70	6.75	5.00	6.80	5.95	7.15	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 (%)	9.80	12.43	N/A	N/A	N/A	12.49	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 (%)	9.86	12.37	N/A	N/A	N/A	12.50	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

10.2 Other ratios

Table - 63

	2020	2019
Debt equity ratio (%)	35.51	38.97
Net assets value per share (Rs.)	134.67	129.60
Interest cover (Times)	10.37	8.54
Liquid assets ratio (%) (Minimum 20%)
Domestic Banking Unit (DBU)	44.99	30.42
Off-shore Banking Unit (OBU)	32.70	25.25

11. Credit ratings

11.1 National long-term ratings

Fitch Ratings Lanka Ltd., has revised the National Long-term Rating of the Sri Lankan financial institutions following the recalibration of its Sri Lankan national rating scale. As a result, Fitch Ratings revised the National Long-term rating of the Bank to AA-(lka) from AA+(lka) and its outlook from negative to stable in January 2021.

The Bank's Bangladesh Operation's credit rating was reaffirmed at AAA by Credit Rating Information Services Ltd in May 2020 for the 10th consecutive year.

11.2 Credit ratings - Debentures

The credit rating of the Bank's Subordinated Debentures was also revised to A(lka) from AA-(lka) by Fitch Ratings Lanka Ltd.

Summary of the Income Statements - Group and Bank - 2019 and 2020

Table - 64

	1st Quarter ended March 31		2nd Quarter ended June 30		3rd Quarter ended September 30		4th Quarter ended December 31		Total
	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000
Group											Group
Net interest income	12,782,660	12,119,820	9,984,100	12,025,716	14,029,002	12,277,968	14,073,040	11,932,887	50,868,802	48,356,391	Net interest income
Net fee and commission income	2,447,061	2,447,840	1,640,638	2,390,610	2,672,054	2,840,646	3,061,922	3,072,742	9,821,675	10,751,838	Net fee and commission income
Other operating income (net)	4,618,052	550,539	3,964,571	2,583,027	3,679,491	2,670,120	3,776,897	2,774,733	16,039,011	8,578,419	Other operating income (net)
Less: Impairment charges and other losses	6,653,253	1,896,313	2,607,571	3,630,501	7,471,776	3,017,776	4,686,932	2,786,933	21,419,532	11,331,523	Less: Impairment charges and other losses
Net operating income	13,194,520	13,221,886	12,981,738	13,368,852	12,908,771	14,770,958	16,224,927	14,993,429	55,309,956	56,355,125	Net operating income
Less: Expenses	7,755,912	8,204,593	7,303,047	8,041,586	7,634,075	8,380,022	8,100,960	8,755,020	30,793,994	33,381,221	Less: Expenses
Operating profit	5,438,608	5,017,293	5,678,691	5,327,266	5,274,696	6,390,936	8,123,967	6,238,409	24,515,962	22,973,904	Operating profit
Add: Share of profits/(losses) of associate companies	(914)	1,343	177	4,529	2,665	3,636	1,970	484	3,898	9,992	Add: Share of profits/(losses) of associate companies
Profit before income tax	5,437,694	5,018,636	5,678,868	5,331,795	5,277,361	6,394,572	8,125,937	6,238,893	24,519,860	22,983,896	Profit before income tax
Less: Income tax expense	1,623,311	1,827,824	2,045,674	1,850,007	1,549,657	1,548,871	2,214,421	336,798	7,433,063	5,563,500	Less: Income tax expense
Profit for the period	3,814,383	3,190,812	3,633,194	3,481,788	3,727,704	4,845,701	5,911,516	5,902,095	17,086,797	17,420,396	Profit for the period
Quarterly profit as a percentage of the profit after tax	22.3	18.3	21.3	20.0	21.8	27.8	34.6	33.9	100.0	100.0	Quarterly profit as a percentage of the profit after tax
Cumulative quarterly profit as a percentage of the profit after tax	22.3	18.3	43.6	38.3	65.4	66.1	100.0	100.0	-	-	Cumulative quarterly profit as a percentage of the profit after tax

	1st Quarter ended March 31		2nd Quarter ended June 30		3rd Quarter ended September 30		4th Quarter ended December 31		Total
	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000	2020 Rs. '000	2019 Rs. '000
Bank											Bank
Net interest income	12,425,953	11,881,071	9,701,778	11,758,079	13,762,118	11,991,650	13,681,492	11,577,472	49,571,341	47,208,272	Net interest income
Net fee and commission income	2,293,173	2,335,343	1,527,747	2,337,977	2,540,162	2,741,978	2,895,323	2,874,214	9,256,405	10,289,512	Net fee and commission income
Other operating income (net)	4,600,441	460,042	4,039,888	2,573,614	3,686,508	2,641,059	3,785,715	2,845,445	16,112,552	8,520,160	Other operating income (net)
Less: Impairment charges and other losses	6,544,696	1,852,370	2,895,956	3,515,041	7,441,088	2,955,795	4,601,958	2,738,260	21,483,698	11,061,466	Less: Impairment charges and other losses
Net operating income	12,774,871	12,824,086	12,373,457	13,154,629	12,547,700	14,418,892	15,760,572	14,558,871	53,456,600	54,956,478	Net operating income
Less: Expenses	7,546,314	8,049,713	7,155,931	7,882,695	7,427,613	8,177,767	7,815,430	8,507,198	29,945,288	32,617,373	Less: Expenses
Profit before income tax	5,228,557	4,774,373	5,217,526	5,271,934	5,120,087	6,241,125	7,945,142	6,051,673	23,511,312	22,339,105	Profit before income tax
Less: Income tax expense	1,521,991	1,751,497	1,962,981	1,828,428	1,486,601	1,484,148	2,166,250	250,065	7,137,823	5,314,138	Less: Income tax expense
Profit for the period	3,706,566	3,022,876	3,254,545	3,443,506	3,633,486	4,756,977	5,778,892	5,801,608	16,373,489	17,024,967	Profit for the period
Quarterly profit as a percentage of the profit after tax	22.6	17.8	19.9	20.2	22.2	27.9	35.3	34.1	100.0	100.0	Quarterly profit as a percentage of the profit after tax
Cumulative quarterly profit as a percentage of the profit after tax	22.6	17.8	42.5	38.0	64.7	65.9	100.0	100.0	-	-	Cumulative quarterly profit as a percentage of the profit after tax

Statement of Financial Position - Group - 2019 and 2020

Table - 65

	1st Quarter ended		2nd Quarter ended		3rd Quarter ended		4th Quarter ended
As at	March 31, 2020 Rs. '000	March 31, 2019 Rs. '000	June 30, 2020 Rs. '000	June 30, 2019 Rs. '000	September 30, 2020 Rs. '000	September 30, 2019 Rs. '000	December 31, 2020 (Audited) Rs. '000	December 31, 2019 (Audited) Rs. '000	As at
Assets									Assets
Cash and cash equivalents	69,291,420	51,197,799	52,425,162	53,188,327	44,382,431	49,275,010	51,255,030	53,681,118	Cash and cash equivalents
Balances with Central Banks	38,459,820	51,599,785	57,547,194	45,126,978	83,313,147	42,467,189	115,358,732	46,101,232	Balances with Central Banks
Placements with banks	28,862,006	28,158,636	26,860,049	24,883,478	17,645,097	24,213,930	16,421,867	24,903,809	Placements with banks
Securities purchased under re-sale agreements	10,448,494	23,988,458	7,209,397	18,497,618	445,577	16,020,541	-	13,147,534	Securities purchased under resale agreements
Derivative financial assets	2,140,505	4,510,499	1,898,100	3,253,835	2,011,946	2,055,696	2,636,717	1,830,927	Derivative financial assets
Financial assets recognised through profit or loss - measured at fair value	25,660,517	10,668,315	32,898,907	12,252,492	43,470,925	16,413,151	35,189,471	21,468,033	Financial assets recognised through profit or loss - measured at fair value
Financial assets at amortised cost - loans and advances to banks	792,189	731,801	776,550	736,299	773,422	758,397	779,705	757,787	Financial assets at amortised cost - loans and advances to banks
Financial assets at amortised cost - loans and advances to other customers	917,442,418	861,142,772	897,297,570	854,238,500	899,988,223	865,095,075	909,829,172	893,919,311	Financial assets at amortised cost - loans and advances to other customers
Financial assets at amortised cost - Debt and other financial instruments	116,242,352	85,428,291	195,822,341	98,761,011	269,243,315	98,104,929	302,059,529	107,059,021	Financial assets at amortised cost - Debt and other financial instruments
Financial assets measured at fair value through other comprehensive income	212,994,354	176,527,583	245,777,765	208,698,513	252,685,502	205,397,219	278,716,794	197,825,017	Financial assets measured at fair value through other comprehensive income
Investments in subsidiaries	-	-	-	-	-	-	-	-	Investments in subsidiaries
Investments in associates	55,907	101,888	53,190	105,388	62,361	55,632	64,155	56,821	Investments in associates
Property, plant and equipment and right-of-use assets	22,051,532	16,980,540	21,993,257	16,882,420	21,705,618	17,289,059	25,386,630	22,423,046	Property, plant and equipment and right-of-use assets
Investment properties	46,350	-	46,350	-	46,350	46,350	67,116	46,350	Investment properties
Intangible assets	1,641,425	1,473,609	1,698,360	1,505,196	1,827,427	1,573,573	1,800,516	1,645,714	Intangible assets
Leasehold property	101,251	102,705	100,889	102,343	100,525	101,977		101,612	Leasehold property
Deferred tax assets	1,291,100	132,577	159,921	180,225	2,503,276	196,965	2,735,566	530,165	Deferred tax assets
Other assets	25,749,941	30,631,819	24,090,018	27,674,083	22,879,328	31,289,510	20,195,153	23,443,869	Other assets
Total assets	1,473,271,581	1,343,377,077	1,566,655,020	1,366,086,706	1,663,084,470	1,370,354,203	1,762,496,153	1,408,941,366	Total assets
Liabilities									Liabilities
Due to banks	76,515,510	42,694,636	73,955,005	62,009,934	82,499,159	49,473,621	88,248,056	53,807,425	Due to banks
Derivative financial liabilities	2,987,717	3,961,272	1,915,067	2,411,810	1,533,809	2,314,173	1,501,262	1,495,317	Derivative financial liabilities
Securities sold under repurchase agreements	42,014,953	41,381,747	64,224,587	40,649,376	81,100,405	38,023,739	91,411,522	51,117,342	Securities sold under repurchase agreements
Financial liabilities at amortised cost - loans to depositors	1,120,368,799	1,025,585,219	1,155,219,967	1,037,150,823	1,221,756,923	1,047,138,415	1,286,616,399	1,068,982,587	Financial liabilities at amortised cost - loans to depositors
Financial liabilities at amortised cost - other borrowings	23,473,191	25,312,923	31,578,599	24,188,447	48,116,673	24,414,671	54,555,933	23,248,893	Financial liabilities at amortised cost - other borrowings
Current tax liabilities	5,324,474	7,009,677	5,221,850	7,480,547	6,444,772	5,861,745	6,991,005	5,197,188	Current tax liabilities
Deferred tax liabilities	417,779	1,043,580	825,722	1,031,229	421,972	646,670	403,846	416,458	Deferred tax liabilities
Other liabilities	26,541,214	37,467,290	50,978,826	27,250,407	37,249,718	32,521,860	33,572,283	30,775,884	Other liabilities
Due to subsidiaries	-	-	-	-	-	-	-	-	Due to subsidiaries
Subordinated liabilities	38,562,279	37,444,838	38,199,628	37,494,509	38,136,630	37,960,312	38,247,138	37,886,789	Subordinated liabilities
Total liabilities	1,336,205,916	1,221,901,182	1,422,119,251	1,239,667,082	1,517,260,061	1,238,355,206	1,601,547,444	1,272,927,883	Total Liabilities
Equity									Equity
Stated capital	40,916,958	40,916,957	42,971,971	40,916,957	42,971,971	40,916,957	52,187,747	40,916,958	Stated capital
Statutory reserves	8,387,701	7,444,178	8,391,150	7,445,163	8,391,150	7,445,163	9,285,233	8,387,701	Statutory reserves
Retained earnings	5,864,374	2,965,210	7,414,964	6,416,457	11,213,907	11,357,570	8,124,261	5,182,185	Retained earnings
Other reserves	80,208,291	68,936,039	84,077,287	70,392,367	81,537,813	70,754,689	89,595,571	79,937,405	Other reserves
Total equity attributable to equity holders of the Group/Bank	135,377,324	120,262,384	142,855,372	125,170,944	144,114,841	130,474,379	159,192,812	134,424,249	Total equity attributable to equity holders of the Group/Bank
Non-controlling interest	1,688,341	1,213,511	1,680,397	1,248,680	1,709,568	1,524,618	1,755,897	1,589,234	Non-controlling interest
Total equity	137,065,665	121,475,895	144,535,769	126,419,624	145,824,409	131,998,997	160,948,709	136,013,483	Total Equity
Total liabilities and equity	1,473,271,581	1,343,377,077	1,566,655,020	1,366,086,706	1,663,084,470	1,370,354,203	1,762,496,153	1,408,941,366	Total liabilities and equity
Contingent liabilities and commitments	622,815,977	623,050,857	602,842,021	585,207,963	680,543,307	628,720,426	730,561,685	580,961,807	Contingent liabilities and commitments
Net assets value per ordinary share (Rs.)	131.75	117.04	135.83	121.82	137.03	126.98	136.42	130.83	Net assets value per ordinary share (Rs.)
Quarterly growth (%)									Quarterly growth (%)
Financial assets at amortised cost - loans and advances to banks & loans and advances to other customers	2.63	-0.75	-2.20	-0.80	0.30	1.27	1.09	3.33	Financial assets at amortised cost - loans and advances to banks & loans and advances to other customers
Financial liabilities at amortised cost - loans to depositors	4.81	3.14	3.11	1.13	5.76	0.96	5.31	2.09	Financial liabilities at amortised cost - loans to depositors
Total assets	4.57	1.78	6.34	1.69	6.16	0.31	5.98	2.82	Total assets

Statement of Financial Position - Bank - 2019 and 2020

Table - 66

	1st Quarter ended		2nd Quarter ended		3rd Quarter ended		4th Quarter ended
As at	March 31, 2020 Rs. '000	March 31, 2019 Rs. '000	June 30, 2020 (Audited) Rs. '000	June 30, 2019 (Audited) Rs. '000	September 30, 2020 Rs. '000	September 30, 2019 Rs. '000	December 31, 2020 (Audited) Rs. '000	December 31, 2019 (Audited) Rs. '000	As at
Assets									Assets
Cash and cash equivalents	67,909,585	40,490,801	50,830,153	44,719,754	43,339,446	43,628,405	50,250,627	52,534,730	Cash and cash equivalents
Balances with Central Banks	32,656,696	49,591,644	53,453,467	43,450,379	79,611,753	40,888,289	110,971,105	39,461,127	Balances with Central Banks
Placements with banks	28,287,644	27,972,963	26,427,430	24,386,003	17,235,679	23,774,064	15,938,982	24,527,241	Placements with banks
Securities purchased under re-sale agreements	10,448,494	23,988,458	7,209,397	18,497,618	445,577	16,020,541	-	13,147,534	Securities purchased under re-sale agreements
Derivative financial assets	2,140,505	4,510,499	1,898,100	3,253,835	2,011,946	2,055,696	2,636,717	1,830,927	Derivative financial assets
Financial assets recognised through profit or loss - measured at fair value	25,660,517	10,668,315	32,898,907	12,252,492	43,470,925	16,413,151	35,189,471	21,468,033	Financial assets recognised through profit or loss - measured at fair value
Financial assets at amortised cost - loans and advances to banks	792,189	731,801	776,550	736,299	773,422	758,397	779,705	757,787	Financial assets at amortised cost - loans and advances to banks
Financial assets at amortised cost - loans and advances to other customers	907,415,058	853,891,574	887,251,878	847,364,012	888,862,548	857,595,286	896,845,453	884,645,744	Financial assets at amortised cost - loans and advances to other customers
Financial assets at amortised cost - Debt and other financial instruments	110,201,662	79,286,240	187,528,301	93,363,847	260,169,367	91,286,998	292,727,566	101,144,819	Financial assets at amortised cost - Debt and other financial instruments
Financial assets measured at fair value through other comprehensive income	212,748,101	176,288,466	245,533,383	208,459,018	252,327,507	205,157,059	278,461,369	197,568,330	Financial assets measured at fair value through other comprehensive income
Investments in subsidiaries	5,011,284	4,304,032	4,683,429	4,303,814	4,683,429	4,619,287	5,808,429	5,011,284	Investments in subsidiaries
Investments in associates	44,331	44,331	44,331	44,331	44,331	44,331	44,331	44,331	Investments in associates
Property, plant and equipment	20,053,178	15,271,969	19,964,308	15,185,135	19,672,332	15,176,692	23,212,394	20,436,493	Property, plant and equipment
Investment properties	-	-	-	-	-	-	-	-	Investment properties
Intangible assets	1,076,363	959,417	1,137,090	999,066	1,260,024	1,016,676	1,232,863	1,080,010	Intangible assets
Leasehold property	70,477	71,421	70,242	71,186	70,006	70,948	-	70,710	Leasehold property
Deferred tax assets	1,100,255	-	-	-	2,321,548	-	2,499,860	294,059	Deferred tax assets
Other assets	25,647,724	30,526,679	23,893,406	27,545,229	22,751,766	31,117,533	19,619,149	23,322,247	Other assets
Total assets	1,451,264,063	1,318,598,610	1,543,600,372	1,344,632,018	1,639,051,606	1,349,623,353	1,736,218,021	1,387,345,406	Total assets
Liabilities									Liabilities
Due to banks	74,075,132	40,274,885	72,163,605	59,867,706	81,003,276	47,631,147	87,451,306	51,505,694	Due to banks
Derivative financial liabilities	2,987,717	3,961,272	1,915,067	2,411,810	1,533,809	2,314,173	1,501,262	1,495,317	Derivative financial liabilities
Securities sold under repurchase agreements	42,159,141	41,531,673	64,448,218	40,747,726	81,145,001	38,133,178	91,437,612	51,220,023	Securities sold under repurchase agreements
Financial liabilities at amortised cost - loans to depositors	1,104,634,005	1,006,076,868	1,138,170,145	1,020,918,723	1,203,658,867	1,031,733,089	1,265,965,918	1,053,307,660	Financial liabilities at amortised cost - loans to depositors
Financial liabilities at amortised cost - other borrowings	23,473,191	25,312,923	31,578,599	24,188,447	48,116,673	24,414,671	54,555,933	23,248,893	Financial liabilities at amortised cost - other borrowings
Current tax liabilities	5,053,931	6,777,712	4,938,966	7,232,866	6,328,897	5,696,943	6,777,992	4,967,644	Current tax liabilities
Deferred tax liabilities	-	716,986	410,559	702,188	-	226,978	-	-	Deferred tax liabilities
Other liabilities	26,300,217	37,229,335	50,610,310	26,895,743	36,733,042	32,098,371	33,037,669	30,496,709	Other liabilities
Due to subsidiaries	80,711	41,719	65,786	50,544	121,071	138,081	97,015	54,292	Due to subsidiaries
Subordinated liabilities	38,562,279	37,444,838	38,199,628	37,494,509	38,136,630	37,960,312	38,247,138	37,886,789	Subordinated liabilities
Total liabilities	1,317,326,324	1,199,368,211	1,402,500,883	1,220,510,262	1,496,777,266	1,220,346,943	1,579,071,845	1,254,183,021	Total liabilities
Equity									Equity
Stated capital	40,916,958	40,916,957	42,971,971	40,916,957	42,971,971	40,916,957	52,187,747	40,916,958	Stated capital
Statutory reserves	8,205,391	7,354,143	8,205,391	7,354,143	8,205,391	7,354,143	9,024,065	8,205,391	Statutory reserves
Retained earnings	5,768,479	2,973,293	6,968,011	6,416,384	10,707,378	11,296,851	7,596,260	5,144,433	Retained earnings
Other reserves	79,046,911	67,986,006	82,954,116	69,434,272	80,389,600	69,708,459	88,338,104	78,895,603	Other reserves
Total equity attributable to equity holders of the Group/Bank	133,937,739	119,230,399	141,099,489	124,121,756	142,274,340	129,276,410	157,146,176	133,162,385	Total equity attributable to equity holders of the Group/Bank
Non-controlling Interest	-	-	-	-	-	-	-	-	Non-controlling Interest
Total equity	133,937,739	119,230,399	141,099,489	124,121,756	142,274,340	129,276,410	157,146,176	133,162,385	Total equity
Total liabilities and equity	1,451,264,063	1,318,598,610	1,543,600,372	1,344,632,018	1,639,051,606	1,349,623,353	1,736,218,021	1,387,345,406	Total liabilities and equity
Contingent liabilities and commitments	620,610,185	622,647,488	600,818,662	584,832,875	678,379,768	628,260,614	728,711,698	579,999,273	Contingent liabilities and commitments
Net assets value per ordinary share (Rs.)	130.35	116.04	134.16	120.80	135.28	125.82	134.67	129.60	Net assets value per ordinary share (Rs.)
Quarterly growth (%)									Quarterly growth (%)
Financial assets at amortised cost - loans and advances to banks & loans and advances to other customers	2.57	-0.84	-2.22	-0.76	0.18	1.21	0.90	3.15	Financial assets at amortised cost - loans and advances to banks & Loans and advances to other customers
Financial liabilities at amortised cost - loans to depositors	4.87	2.34	3.04	1.48	5.75	1.06	5.18	2.09	Financial Liabilities at amortised cost - loans to depositors
Total assets	4.61	1.16	6.36	1.97	6.18	0.37	5.93	2.80	Total assets