Supplementary Information

Annex 8: Financial Statements (US Dollars)


Income Statement

Group BANK
For the year ended December 31, 2022 USD ’000 2021 USD ’000 Change % 2022 USD ’000 2021 USD ’000 Change %
Gross income 763,997 445,981 71.31 750,527 438,381 71.20
Interest income 605,976 361,902 67.44 594,895 355,431 67.37
Less: Interest expense 375,280 180,931 107.42 372,160 179,380 107.47
Net interest income 230,696 180,971 27.48 222,735 176,051 26.52
Fee and commission income 71,367 43,371 64.55 69,384 41,990 65.24
Less: Fee and commission expense 16,410 10,014 63.87 16,274 9,970 63.23
Net fee and commission income 54,957 33,357 64.75 53,110 32,020 65.87
Net gains/(losses) from trading 96,178 5,275 1,723.28 96,178 5,275 1,723.28
Net gains/(losses) from derecognition of financial assets 754 8,179 (90.78) 754 8,179 (90.78)
Net other operating income (10,278) 27,254 (137.71) (10,684) 27,506 (138.84)
Total operating income 372,307 255,036 45.98 362,093 249,031 45.40
Less: Impairment charges and other losses 195,979 68,501 186.10 194,718 67,282 189.41
Net operating income 176,328 186,535 (5.47) 167,375 181,749 (7.91)
Less: Expenses
Personnel expenses 53,919 45,774 17.79 52,078 44,472 17.10
Depreciation and amortisation 9,805 8,774 11.75 9,710 8,661 12.11
Other operating expenses 35,138 26,263 33.79 33,406 25,591 30.54
Total operating expenses 98,862 80,811 22.34 95,194 78,724 20.92
Operating profit before taxes on financial services 77,466 105,724 (26.73) 72,181 103,025 (29.94)
Less: Taxes on financial services 10,685 15,927 (32.91) 10,605 15,829 (33.00)
Operating profit after taxes on financial services 66,781 89,797 (25.63) 61,576 87,196 (29.38)
Share of profit/(loss) of associate, net of tax (10) 5 (300.00) – – –
Profit before tax 66,771 89,802 (25.65) 61,576 87,196 (29.38)
Less: Income tax expense/(reversal) 288 23,616 (98.78) (1,012) 22,875 (104.42)
Profit for the year 66,483 66,186 0.45 62,588 64,321 (2.70)
Profit attributable to:
Equity holders of the Bank 64,882 65,565 (1.04) 62,588 64,321 (2.70)
Non-controlling interest 1,601 621 157.81 – – –
Profit for the year 66,483 66,186 0.45 62,588 64,321 (2.70)
Earnings per share
Basic earnings per ordinary share (USD) 0.05 0.05 – 0.05 0.05 –
Diluted earnings per ordinary share (USD) 0.05 0.05 – 0.05 0.05 –

US Dollar Accounts

The Income Statement and the Statement of Financial Position are solely for the convenience of stakeholders.

Statement of Financial Position

Group BANK
As at December 31, 2022 USD ’000 2021 USD ’000 Change % 2022 USD ’000 2021 USD ’000 Change %
Assets
Cash and cash equivalents 411,742 188,925 117.94 407,067 185,499 119.44
Balances with Central Banks 214,161 154,707 38.43 181,181 144,136 25.70
Placements with banks 261,806 34,056 668.75 261,307 31,567 727.79
Securities purchased under resale agreements 4,134 8,176 (49.44) 4,134 8,176 (49.44)
Derivative financial assets 22,739 8,842 157.17 22,739 8,842 157.17
Financial assets recognised through profit or loss –
measured at fair value 		67,774 63,859 6.13 67,774 63,859 6.13
Financial assets at amortised cost – loans and advances to
other customers 		3,148,481 2,805,406 12.23 3,080,225 2,764,628 11.42
Financial assets at amortised cost – debt and other financial instruments 2,075,341 1,050,111 97.63 1,978,025 1,006,588 96.51
Financial assets measured at fair value through other
comprehensive income 		323,303 915,405 (64.68) 318,954 914,069 (65.11)
Investments in subsidiaries – – – 15,827 15,827 –
Investment in associate 151 165 (8.48) 121 121 –
Property, plant and equipment and right–of–use assets 74,786 67,424 10.92 69,279 62,876 10.18
Investment properties 219 197 11.17 – – –
Intangible assets 11,208 6,192 81.01 9,709 4,700 106.57
Deferred tax assets 83,725 27,346 206.17 82,565 26,684 209.42
Other assets 111,202 73,796 50.69 110,897 73,636 50.60
Total assets 6,810,772 5,404,607 26.02 6,609,804 5,311,208 24.45
Liabilities
Due to banks 177,033 201,093 (11.96) 177,466 201,028 (11.72)
Derivative financial liabilities 7,849 5,701 37.68 7,849 5,701 37.68
Securities sold under repurchase agreements 266,285 412,602 (35.46) 266,285 413,929 (35.67)
Financial liabilities at amortised cost – due to depositors 5,388,947 4,012,644 34.30 5,216,238 3,932,135 32.66
Financial liabilities at amortised cost – other borrowings 44,006 88,793 (50.44) 44,006 88,793 (50.44)
Current tax liabilities 67,891 25,850 162.63 66,690 25,325 163.34
Deferred tax liabilities 1,191 951 25.24 – – –
Other liabilities 109,958 90,607 21.36 108,613 90,492 20.02
Due to subsidiaries – – – 315 133 136.84
Subordinated liabilities 167,305 104,369 60.30 167,305 104,369 60.30
Total liabilities 6,230,465 4,942,610 26.06 6,054,767 4,861,905 24.53
Equity
Stated capital 158,446 148,684 6.57 158,446 148,684 6.57
Statutory reserves 32,915 28,857 14.06 30,934 27,805 11.25
Retained earnings 18,502 26,950 (31.35) 15,237 24,600 (38.06)
Other reserves 359,252 251,844 42.65 350,420 248,214 41.18
Total equity attributable to equity holders of the Bank 569,115 456,335 24.71 555,037 449,303 23.53
Non–controlling interest 11,192 5,662 97.67 – – –
Total equity 580,307 461,997 25.61 555,037 449,303 23.53
Total liabilities and equity 6,810,772 5,404,607 26.02 6,609,804 5,311,208 24.45
Contingent liabilities and commitments 1,513,710 1,867,518 (18.95) 1,497,062 1,859,400 (19.49)
Net assets value per ordinary share (USD) 0.46 0.38 21.05 0.45 0.38 18.42

An exchange rate of 1 USD equals 367 LKR for both the years, has been used to facilitate comparison