Commercial Bank of Ceylon PLC

Annual Report 2020

Supplementary Information

Annex 8: Financial Statements (US Dollars)

Income Statement

Group BANK
For the year ended December 31, 2020
USD '000		 2019
USD '000 		Change
% 		2020
USD '000		 2019
USD '000 		Change
%
Gross income 812,655 806,102 0.81 800,596 795,221 0.68
Interest income 663,571 691,378 (4.02) 654,173 683,313 (4.26)
Less: Interest expense 391,545 432,788 (9.53) 389,086 430,862 (9.70)
Net interest income 272,026 258,590 5.20 265,087 252,451 5.01
Fee and commission income 63,314 68,850 (8.04) 60,260 66,345 (9.17)
Less: Fee and commission expense 10,792 11,354 (4.95) 10,760 11,321 (4.96)
Net fee and commission income 52,522 57,496 (8.65) 49,500 55,024 (10.04)
Net gains/(losses) from trading 10,043 7,277 38.01 10,043 7,277 38.01
Net gains/(losses) from derecognition of financial assets 34,172 6,073 462.69 34,172 6,073 462.69
Net other operating income 41,555 32,523 27.77 41,948 32,212 30.22
Total operating income 410,318 361,959 13.36 400,750 353,037 13.52
Less: Impairment charges and other losses 114,543 60,596 89.03 114,886 59,152 94.22
Net operating income 295,775 301,363 (1.85) 285,864 293,885 (2.73)
Less: Expenses
Personnel expenses 80,175 77,053 4.05 77,882 75,308 3.42
Depreciation and amortisation 16,592 15,194 9.20 15,984 14,730 8.51
Other operating expenses 43,675 47,462 (7.98) 42,176 45,928 (8.17)
Total operating expenses 140,442 139,709 0.52 136,043 135,966 0.06
Operating profit before taxes on financial services 155,333 161,654 (3.91) 149,822 157,919 (5.13)
Less: Taxes on financial services 24,232 38,801 (37.55) 24,093 38,458 (37.35)
Operating profit after taxes on financial services 131,101 122,853 6.71 125,729 119,461 5.25
Share of profits of associate, net of tax 21 53 (60.38) - - -
Profit before tax 131,122 122,906 6.68 125,729 119,461 5.25
Less: Income tax expense 39,749 29,751 33.61 38,170 28,418 34.32
Profit for the year 91,373 93,155 (1.91) 87,559 91,043 (3.83)
Profit attributable to:
Equity holders of the Bank 90,588 92,315 (1.87) 87,559 91,043 (3.83)
Non-controlling interest 785 840 (6.55) - - -
Profit for the year 91,373 93,155 (1.91) 87,559 91,043 (3.83)
Earnings per share
Basic earnings per ordinary share (USD) 0.08 0.09 (4.33) 0.08 0.09 (6.24)
Diluted earnings per ordinary share (USD) 0.08 0.09 (4.33) 0.08 0.09 (6.24)

US Dollar Accounts

The Income Statement and the Statement of Financial Position given on pages 358 and 359 are solely for the convenience of stakeholders and do not form part of the Financial Statements.

Statement of Financial Position

Group BANK
As at December 31, 2020
USD '000		 2019
USD '000 		Change
% 		2020
USD '000		 2019
USD '000 		Change
%
Assets
Cash and cash equivalents 274,091 287,065 (4.52) 268,720 280,934 (4.35)
Balances with Central Banks 616,892 246,531 150.23 593,428 211,022 181.22
Placements with banks 87,817 133,175 (34.06) 85,235 131,162 (35.02)
Securities purchased under resale agreements - 70,308 - - 70,308 -
Derivative financial assets 14,100 9,791 44.01 14,100 9,791 44.01
Financial assets recognised through profit or loss - Measured at fair value 188,179 114,802 63.92 188,179 114,802 63.92
Financial assets at amortised cost - Loans and advances to banks 4,170 4,052 2.91 4,170 4,052 2.91
Financial assets at amortised cost - Loans and advances to other customers 4,865,397 4,780,317 1.78 4,795,965 4,730,726 1.38
Financial assets at amortised cost - Debt and other financial instruments 1,615,292 572,508 182.14 1,565,388 540,881 189.41
Financial assets measured at fair value through other comprehensive income 1,490,464 1,057,888 40.89 1,489,098 1,056,515 40.94
Investments in subsidiaries - - - 31,061 26,798 15.91
Investment in associate 343 304 12.83 237 237 -
Property, plant and equipment and right-of-use assets 135,757 120,453 12.71 124,130 109,664 13.19
Investment properties 359 248 44.76 - - -
Intangible assets 9,628 8,801 9.40 6,593 5,775 14.16
Deferred tax assets 14,629 2,835 416.01 13,368 1,573 749.84
Other assets 107,995 125,368 (13.86) 104,916 124,719 (15.88)
Total assets 9,425,113 7,534,446 25.09 9,284,588 7,418,959 25.15
Liabilities
Due to banks 471,915 287,740 64.01 467,654 275,432 69.79
Derivative financial liabilities 8,028 7,996 0.40 8,028 7,996 0.40
Securities sold under repurchase agreements 488,832 273,355 78.83 488,971 273,904 78.52
Financial liabilities at amortised cost - Due to depositors 6,880,302 5,716,484 20.36 6,769,871 5,632,661 20.19
Financial liabilities at amortised cost - Other borrowings 291,743 124,326 134.66 291,743 124,326 134.66
Current tax liabilities 37,385 27,792 34.52 36,246 26,565 36.44
Deferred tax liabilities 2,160 2,227 (3.01) - - -
Other liabilities 179,531 164,577 9.09 176,670 163,083 8.33
Due to subsidiaries - - - 519 290 78.97
Subordinated liabilities 204,528 202,603 0.95 204,532 202,604 0.95
Total liabilities 8,564,424 6,807,100 25.82 8,444,234 6,706,861 25.90
Equity
Stated capital 279,079 218,807 27.55 279,079 218,807 27.55
Statutory reserves 49,654 44,854 10.70 48,257 43,879 9.98
Retained earnings 43,445 27,712 56.77 40,622 27,510 47.66
Other reserves 479,121 427,473 12.08 472,396 421,902 11.97
Total equity attributable to equity holders of the Bank 851,299 718,846 18.43 840,354 712,098 18.01
Non-controlling interest 9,390 8,499 10.48 - - -
Total equity 860,689 727,345 18.33 840,354 712,098 18.01
Total liabilities and equity 9,425,113 7,534,446 25.09 9,284,588 7,418,959 25.15
Contingent liabilities and commitments 3,906,747 3,106,748 25.75 3,896,854 3,101,600 25.64
Net assets value per share (USD) 0.73 0.70 4.27 0.72 0.69 3.91

An exchange rate of 1 USD equals 187 LKR for both the years, has been used to facilitate comparison.

 

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