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Supplementary Information

Annex 6: Financial Statements (US Dollars)

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Income Statement

Group

BANK

For the year ended December 31, 2021
USD ’000
2020
USD ’000
Change
%
2021
USD ’000
2020
USD ’000
Change
%

Gross income

818,377 759,832 7.70 804,429 748,557 7.46
Interest income 664,091 620,439 7.04 652,215 611,652 6.63
Less: Interest expense 332,009 366,095 (9.31) 329,162 363,795 (9.52)

Net interest income

332,082 254,344 30.56 323,053 247,857 30.34
Fee and commission income 79,587 59,198 34.44 77,052 56,343 36.76
Less: Fee and commission expense 18,376 10,090 82.12 18,295 10,061 81.84
Net fee and commission income 61,211 49,108 24.64 58,757 46,282 26.95
Net gains/(losses) from trading 9,680 9,390 3.09 9,680 9,390 3.08
Net gains/(losses) from derecognition of financial assets 15,008 31,951 (53.03) 15,008 31,951 (53.03)
Net other operating income 50,011 38,854 28.72 50,474 39,221 28.69

Total operating income

467,992 383,647 21.98 456,973 374,701 21.96
Less: Impairment charges and other losses 125,700 107,098 17.37 123,462 107,418 14.94

Net operating income

342,292 276,550 23.77 333,511 267,283 24.78

Less: Expenses

Personnel expenses 83,996 74,964 12.05 81,607 72,820 12.07
Depreciation and amortisation 16,100 15,513 3.78 15,893 14,945 6.34
Other operating expenses 48,192 40,836 18.01 46,959 39,435 19.08

Total operating expenses

148,289 131,313 12.93 144,459 127,200 13.57

Operating profit before taxes on financial services

194,003 145,237 33.58 189,052 140,083 34.96
Less: Taxes on financial services 29,226 22,657 28.99 29,046 22,527 28.94

Operating profit after taxes on financial services

164,777 122,580 34.42 160,006 117,557 36.11
Share of profits of associate, net of tax 9 19 (51.36)

Profit before tax

164,787 122,599 34.41 160,006 117,557 36.11
Less: Income tax expense 43,335 37,165 16.60 41,976 35,689 17.62

Profit for the year

121,451 85,434 42.16 118,030 81,867 44.17

Profit attributable to:

Equity holders of the Bank 120,312 84,700 42.05 118,030 81,867 44.17
Non-controlling interest 1,139 734 55.14

Profit for the year

121,451 85,434 42.16 118,030 81,867 44.17

Earnings per share

Basic earnings per ordinary share (USD) 0.10 0.08 31.53 0.10 0.07 33.49
Diluted earnings per ordinary share (USD) 0.10 0.08 31.53 0.10 0.07 33.49

US Dollar Accounts

The Income Statement and the Statement of Financial Position given on pages 386 and 387 are solely for the convenience of stakeholders.

Statement of Financial Position

Group

BANK

As at December 31, 2021
USD ’000
2020
USD ’000
Change
%
2021
USD ’000
2020
USD ’000
Change
%
Assets
Cash and cash equivalents 346,677 256,275 35.28 340,390 251,253 35.48
Balances with Central Banks 283,887 576,794 (50.78) 264,490 554,856 (52.33)
Placements with banks 62,494 82,109 (23.89) 57,925 79,695 (27.32)
Securities purchased under resale agreements 15,002 15,002
Derivative financial assets 16,226 13,184 23.07 16,226 13,184 23.07
Financial assets recognised through profit or loss –
Measured at fair value
117,181 175,947 (33.40) 117,181 175,947 (33.40)
Financial assets at amortised cost – Loans and advances to banks 3,899 3,899
Financial assets at amortised cost – Loans and advances to
other customers
5,147,920 4,549,146 13.16 5,073,093 4,484,227 13.13
Financial assets at amortised cost – Debt and other financial instruments 1,926,953 1,510,298 27.59 1,847,089 1,463,638 26.20
Financial assets measured at fair value through other
comprehensive income
1,679,769 1,393,584 20.54 1,677,317 1,392,307 20.47
Investments in subsidiaries 29,042 29,042
Investment in associate 302 321 (5.81) 222 222
Property, plant and equipment and right–of–use assets 123,723 126,933 (2.53) 115,377 116,062 (0.59)
Investment properties 362 336 7.87
Intangible assets 11,363 9,003 26.22 8,624 6,164 39.91
Deferred tax assets 50,181 13,678 266.87 48,966 12,499 291.75
Other assets 135,416 100,976 34.11 135,122 98,096 37.75

Total assets

9,917,456 8,812,481 12.54 9,746,066 8,681,090 12.27
Liabilities
Due to banks 369,006 441,240 (16.37) 368,887 437,257 (15.64)
Derivative financial liabilities 10,461 7,506 39.36 10,461 7,506 39.36
Securities sold under repurchase agreements 757,124 457,058 65.65 759,559 457,188 66.14
Financial liabilities at amortised cost – Due to depositors 7,363,202 6,433,082 14.46 7,215,467 6,329,830 13.99
Financial liabilities at amortised cost – Other borrowings 162,935 272,780 (40.27) 162,935 272,780 (40.27)
Current tax liabilities 47,434 34,955 35.70 46,471 33,890 37.12
Deferred tax liabilities 1,746 2,019 (13.55)
Other liabilities 166,268 167,861 (0.95) 166,054 165,188 0.52
Due to subsidiaries 243 485 (49.80)
Subordinated liabilities 191,517 191,236 0.15 191,517 191,236 0.15

Total liabilities

9,069,693 8,007,737 13.26 8,921,596 7,895,359 13.00
Equity
Stated capital 272,835 260,939 4.56 272,835 260,939 4.56
Statutory reserves 52,952 46,426 14.06 51,022 45,120 13.08
Retained earnings 49,454 40,621 21.74 45,141 37,981 18.85
Other reserves 462,133 447,978 3.16 455,472 441,691 3.12

Total equity attributable to equity holders of the Bank

837,374 795,964 5.20 824,470 785,731 4.93

Non–controlling interest

10,389 8,779 18.33

Total equity

847,763 804,744 5.35 824,470 785,731 4.93

Total liabilities and equity

9,917,456 8,812,481 12.54 9,746,066 8,681,090 12.27

Contingent liabilities and commitments

3,426,895 3,652,808 (6.18) 3,411,999 3,643,558 (6.36)

Net assets value per share (USD)

0.70 0.68 2.80 0.69 0.67 2.53
An exchange rate of 1USD equals 200 LKR for both the years, has been used to facilitate comparison.