SANASA Development Bank PLC
Integrated Annual Report 2020
Financial Reports
Statement of Changes in Equity
| For the year ended 31 December | Stated capital | Reserves | ||||
| Ordinary voting shares LKR |
Statutory reserve fund LKR |
Retained earnings LKR |
Available for sale reserve/Fair value through OCI LKR |
General reserves LKR |
Total equity LKR |
|
| Opening Balance as at 31 December 2019 | 5,921,538,126 | 215,611,469 | 1,280,762,267 | (15,842,090) | 46,656,973 | 7,448,726,745 |
| Profit for the year | – | – | 253,405,096 | – | – | 253,405,096 |
| Other comprehensive income (net of tax) | – | – | (29,943,202) | (3,209,534) | – | (33,152,736) |
Total comprehensive income for the year |
– | – | 223,461,894 | (3,209,534) | – | 220,252,360 |
| Transactions with equity holders, recognised directly in equity |
||||||
| Transfer to statutory reserve fund | – | 12,670,255 | (12,670,255) | – | – | – |
Total transaction with equity holders |
– | 12,670,255 | (12,670,255) | – | – | – |
| Closing balance as at 31 December 2019 | 5,921,538,126 | 228,281,724 | 1,491,553,906 | (19,051,624) | 46,656,973 | 7,668,979,105 |
| Opening balance as at 1 January 2020 | 5,921,538,126 | 228,281,724 | 1,491,553,906 | (19,051,624) | 46,656,973 | 7,668,979,105 |
| Profit for the year | – | – | 836,287,347 | – | – | 836,287,347 |
| Other comprehensive income (net of tax) | – | – | (1,335,594) | – | – | (1,335,594) |
Total comprehensive income for the year |
– | – | 834,951,754 | – | – | 834,951,754 |
| Transactions with equity holders, recognised directly in equity |
||||||
| Rights issue | 1,526,267,201 | – | – | – | – | 1,526,267,201 |
| Dividends to equity holders | ||||||
| Scrip dividend – 2019 | 280,135,695 | – | (280,135,695) | – | – | – |
| Cash dividend – 2019 | – | – | (114,022,069) | – | – | (114,022,069) |
| Transfer to statutory reserve fund | – | 41,727,392 | (41,727,392) | – | – | – |
| 1,806,402,895 | 41,727,392 | (435,885,156) | – | – | 1,412,245,131 | |
| Closing balance as at 31 December 2020 | ||||||
Statutory reserve fund
Every licensed specialised bank has to make a provision not less than 5% out of profit after tax to the statutory reserve fund. Such provision should be made annually as stipulated by the Banking Act No. 30 of 1988 as amended by Banking (Amendment) Act No. 33 of 1995 until the said Reserve Fund is equal to 50% of the Equity Capital of the Bank. Thereafter, the Bank has to make a provision not less than 2% out of profit after tax to the Statutory Reserve Fund until the said Fund is equal to the Equity Capital of the Bank.
General reserve
The general reserve is created after provisioning for a statutory reserve fund and interim dividend payments for the respective shareholders, this reserve will be used by the Bank for the future capitalisation purposes of the Bank.
Available for sale/Fair value through OCI reserve
The available for sale/Fair value through OCI reserve consists of fair value adjustment made to unquoted equity investment.
The Accounting Policies and Notes on pages 142 through 194 from an integral part of the Financial Statements.