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BANK | GROUP | ||||
For the year ended 31 December |
Note |
2023 LKR ’000 |
2022 LKR ’000 |
2023 LKR ’000 |
2022 LKR ’000 |
Cash flows from operating activities | |||||
Interest receipts | 94,707,773 | 61,237,255 | 94,801,907 | 61,317,563 | |
Interest payments | (59,513,733) | (34,013,778) | (59,449,795) | (33,952,168) | |
Net commission receipts | 5,087,447 | 3,683,160 | 5,087,447 | 3,683,160 | |
Net trading income | 48,469 | 28,469 | 48,469 | 28,469 | |
Recoveries from loans previously written off | 16,767 | 162,518 | 16,767 | 162,518 | |
Receipts from other operating activities | 125,212 | 527,653 | 521,132 | 1,077,113 | |
Payments on other operating activities | (6,250,903) | (5,308,678) | (5,837,596) | (5,044,500) | |
Cash payments to employees | (4,772,478) | (4,660,084) | (5,257,537) | (5,080,846) | |
Taxes on financial services | (3,234,294) | (1,173,413) | (3,234,294) | (1,173,413) | |
Operating cash flows before changes in operating assets and liabilities |
26,214,260 | 20,483,102 | 26,696,500 | 21,017,896 | |
Decrease/(Increase) in operating assets: | |||||
Balances with Central Bank/deposits held for regulatory or monetary control purposes |
6,923,093 | 1,569,108 | 6,923,093 | 1,569,108 | |
Financial assets at amortised cost – Loans to and receivables from other customers |
735,466 | 29,673,313 | 735,466 | 29,673,313 | |
Others | 3,409,013 | (6,847,527) | 3,460,440 | (6,880,994) | |
Increase/(decrease) in operating liabilities: | |||||
Financial liabilities at amortised cost – due to depositors | 37,195,041 | 9,689,742 | 37,065,783 | 9,214,443 | |
Others | 433,525 | (991,233) | 433,606 | (1,058,272) | |
Net cash flows from operating activities before income tax | 74,910,398 | 53,576,505 | 75,314,888 | 53,535,494 | |
Surcharge tax paid | – | (1,232,490) | – | (1,309,892) | |
Income tax paid | 46 | (4,305,780) | (1,531,379) | (4,446,618) | (1,630,622) |
Net cash flows from operating activities | 70,604,618 | 50,812,636 | 70,868,270 | 50,594,980 | |
Cash flows from investing activities | |||||
Dividend received from investment in subsidiaries, joint venture, and associate |
15 | 78,118 | 89,861 | – | – |
Dividend received from other investments | 111,605 | 695,331 | 111,605 | 695,331 | |
Government securities – net | (82,162,743) | (30,362,319) | (82,162,743) | (30,362,319) | |
Proceeds from sale and redemption of securities | 654,149 | 700,697 | 654,149 | 715,734 | |
Purchase of financial investments | (1,535,338) | (1,342,486) | (1,509,437) | (1,359,957) | |
Purchase of property, equipment, intangibles and investment property |
(1,454,768) | (1,050,400) | (1,546,054) | (1,114,992) | |
Proceeds from sale of equipment, investment property and others | 15,502 | 12,469 | 15,502 | 12,469 | |
Net cash flows used in investing activities | (84,293,475) | (31,256,847) | (84,436,978) | (31,413,734) | |
Cash flows from financing activities | |||||
Redemption of debentures | (8,956,610) | – | (8,956,610) | – | |
Issue of new shares under rights issue | 50 | – | 3,620,001 | – | 3,620,001 |
Borrowing, medium and long-term | 1,754,143 | 4,834,232 | 1,754,143 | 4,834,232 | |
Other borrowing – net | 44,673,126 | 12,771,705 | 44,673,126 | 12,771,705 | |
Repayment of borrowing, medium and long-term | (11,512,493) | (26,410,731) | (11,512,493) | (26,410,731) | |
Dividends paid | – | – | (101,536) | (85,800) | |
Net Cash flows from/(used in) financing activities | 25,958,166 | (5,184,793) | 25,856,630 | (5,270,593) | |
Net increase in cash and cash equivalents | 12,269,309 | 14,370,996 | 12,287,922 | 13,910,653 | |
Cash and cash equivalents at the beginning of the year | 31,347,257 | 16,976,261 | 31,369,128 | 17,458,475 | |
Cash and cash equivalents at the end of the year | 43,616,566 | 31,347,257 | 43,657,050 | 31,369,128 | |
Reconciliation of cash and cash equivalents with items reported in the statement of financial position |
|||||
Cash and cash equivalents | 25 | 14,478,468 | 16,122,565 | 14,483,062 | 16,126,635 |
Placements with banks | 27 | 29,138,098 | 15,224,692 | 29,173,988 | 15,242,493 |
43,616,566 | 31,347,257 | 43,657,050 | 31,369,128 |
The Statement of Cash Flows of the Bank includes the results of associate, joint venture, and subsidiary companies only to the extent of the cash flows between Bank and respective companies as required by Sri Lanka Accounting Standards.
The notes to the financial statements form part of these financial statements.
RECONCILIATION OF PROFIT FOR THE YEAR TO OPERATING CASH FLOWS BEFORE CHANGES IN OPERATING ASSETS AND LIABILITIES
BANK | GROUP | ||||
Note |
2023 LKR ’000 |
2022 LKR ’000 |
2023 LKR ’000 |
2022 LKR ’000 |
|
Profit before income tax | 10,960,326 | 2,439,473 | 12,508,149 | 3,112,212 | |
Add/(deduct) items not using (providing) cash: | 14,315,917 | 18,605,282 | 13,264,760 | 18,342,253 | |
Depreciation | |||||
– Property plant and equipment and investment property | 18 | 382,427 | 400,320 | 438,893 | 455,785 |
– Right-of-use assets | 18 | 326,149 | 309,678 | 328,099 | 309,678 |
Amortisation – | |||||
Intangible assets | 18 | 415,277 | 414,668 | 423,671 | 422,970 |
Accretion of interest on right-of-use assets | 11.1.2 | 153,345 | 141,899 | 154,570 | 141,899 |
Net gains from trading | |||||
Unrealised loss on trading securities | 13 | 231,506 | 239,223 | 231,506 | 239,223 |
Forward exchange fair value changes from banks and other customers |
13 | 384,709 | (299,859) | 384,709 | (299,859) |
Foreign exchange (gains)/losses | 15, 13 | (1,563,021) | 170,534 | (1,548,076) | 151,953 |
Impairment for loans and other losses | 16 | 13,984,830 | 17,041,471 | 13,984,830 | 17,058,972 |
Share of profits of associate and joint venture | – | – | (1,140,981) | (332,719) | |
Provision for defined benefit plans | 17 | 695 | 187,348 | 7,540 | 194,351 |
Deduct items reported under investing activities | (3,598,282) | (1,316,969) | (3,598,282) | (1,227,108) | |
Dividend income | (741,555) | (1,209,113) | (741,555) | (1,119,252) | |
Gains on sale of Government securities | 14 | (2,838,626) | (99,112) | (2,838,626) | (99,112) |
Gains on sale of property, plant and equipment | 15 | (18,101) | (8,744) | (18,101) | (8,744) |
Deduct changes in operating assets and liabilities: | 4,536,299 | 755,316 | 4,521,872 | 790,539 | |
Increase in account receivables | (2,258,639) | (6,527,119) | (2,220,165) | (6,594,969) | |
Increase in account payables | 6,794,938 | 7,282,435 | 6,742,037 | 7,385,508 | |
Operating cash flows before changes in operating assets and liabilities |
26,214,260 | 20,483,102 | 26,696,500 | 21,017,896 |
The notes to the financial statements form part of these financial statements.