2023
FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2023
Classification : Public
2023
FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2023
Classification : Public
2025
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Classification : Public
Cargills Bank posts Profit after Tax Rs. 240 Million for 1H 2025
Financial Highlights
• | Profit before Income Tax for the 1st Half 2025 - Rs. 464 Mn, an increase of Rs. 158 Mn |
• | Net fee and commission income grow by Rs. 55 Mn |
• | Net gains from derecognition of financial assets at fair value through other comprehensive income grow by Rs. 83 Mn |
• | Bank remains well capitalized and liquid; |
o Total Capital Ratio at 18.06% | |
o Liquidity Coverage Ratio (LCR), Rupee at 174.93% and All Currency at 138.68% | |
o Net Stable Funding Ratio (NSFR) at 127.71% | |
• | Total Assets grow by Rs. 4.2 Bn |
Cargills Bank's results for the six months ended 30 June 2025 reflected an increase of Rs. 104 Mn in profitability when compared to the corresponding period in 2024 posting a profit after tax of Rs. 240 Mn for 1H 2025. Net interest income of Rs. 1,836 Mn was an increase of Rs. 178 Mn in 1H 2025 compared to 1H 2024. The marginal reduction in NIM was due to the gradual reduction in market interest rates in line with the CBSL policy directions. The Bank continued to focus on repricing of deposits and advances to reflect the market conditions and to manage the NIM in an optimal manner.
Net fee and commission income of Rs. 440 Mn for the six months ended 30 June 2025 recorded Rs. 55 Mn growth in comparison with the corresponding period in 2024. Concerted efforts to improve trade volumes, loan related fee income, card and acquiring related fee income and improved remittance income were among the main contributory factors for this growth of 14% recorded.
Capital gains realized on derecognition of financial assets boosted other income streams by Rs. 83 Mn in the six month period under review to reach Rs. 361 Mn. Net gains from financial assets at fair value through profit or loss decreased by Rs. 113 Mn to reach Rs. 67 Mn in 1H 2025. Consequently, total other income for 1H 2025 decreased by Rs. 44 Mn or 8% when compared to 2024 to reach Rs. 477 Mn.
Total operating expenses increased by 15% from Rs. 1,592 Mn in 1H 2024 to Rs. 1,883 Mn in 1H 2025. Personnel expenses increased by 16% due to increase in the cadre coupled with revision in salary to reflect market conditions. Other operating expenses grew by 19% due to increase in the branch network, marketing and other administrative expenses including professional charges. The Bank's Cost-to-Income Ratio of 66.59% reflected an increase from 58.23% in 2024.
Subsequent to a careful scrutiny of the status of borrowers and considering the improved macro-economic environment and results of recovery actions, impairment charges totaling Rs. 180 Mn reflected a decrease of 59% from Rs. 440 Mn in 1H 2024 . The Bank's Stage 3 Loans (Net of Stage 3 Impairment) to Total Loans Ratio stood at 7.85% whilst Stage 3 Provision Cover was 45.04% as at 30 June 2025.
The Bank maintains Capital Adequacy and Liquid Assets Ratios well within the minimum requirements prescribed by the Central Bank. The Total Capital Ratio stood at 18.06% while all liquidity related ratios were well above the regulatory minimum requirements.
Total assets of the Bank as at 30 June 2025 at Rs. 84.5 Bn reflected an increase of Rs. 4.2 Bn or 5% during the 1H 2025. The loan book posted a steady growth of Rs. 10.3 Bn or 22%, from Rs. 46.1 Bn to Rs. 56.4 Bn, witnessing the commendable performance of our frontline. Financial assets measured at fair value through other comprehensive income decreased by Rs. 4.6 Bn or 20% to reach Rs. 17.8 Bn, partly reallocating its proceeds to fund the loan book growth in response to increased credit demand. Fair value through other comprehensive income reserve dropped to Rs. 297 Mn as at 30 June 2025 on realization of part of gains in profit or loss and unwinding of another portion in approaching maturity. Customer deposits decreased marginally by 1% to Rs.
58.9 Bn at the reporting date from Rs. 59.4 Bn at the end 2024.
Cargills Bank PLC | ||||||||
Statement of Profit or Loss | ||||||||
For the Six months ended 30-Jun-25 30-Jun-24 Change Rs. '000 Rs. '000 % | For the Quarter ended 30-Jun-25 30-Jun-24 Change Rs. '000 Rs. '000 % | |||||||
Interest income | 4,301,492 | 4,496,186 | (4) | 2,220,112 | 2,150,306 | 3 | ||
Interest expenses | (2,465,284) | (2,838,430) | 13 | (1,249,326) | (1,306,792) | 4 | ||
Net interest income | 1,836,208 | 1,657,756 | 11 | 970,786 | 843,514 | 15 | ||
Fees and commission income | 756,980 | 631,004 | 20 | 364,007 | 313,306 | 16 | ||
Fees and commission expenses | (317,355) | (246,537) | (29) | (178,807) | (127,800) | (40) | ||
Net fees and commission income | 439,625 | 384,467 | 14 | 185,200 | 185,506 | (0) | ||
Net gains/(losses) from trading | 22 | (14) | 257 | 48 | 3,861 | (99) | ||
Net gains/(losses) from financial assets at fair value through profit or loss | 67,000 | 179,602 | (63) | 20,664 | 95,253 | (78) | ||
Net gains/(losses) from derecognition of financial assets | 360,768 | 278,008 | 30 | 22,444 | 185,957 | (88) | ||
Net other operating income | 49,190 | 63,571 | (23) | 22,351 | 47,056 | (53) | ||
Total other income | 476,980 | 521,167 | (8) | 65,507 | 332,126 | (80) | ||
Total operating income | 2,752,813 | 2,563,390 | 7 | 1,221,493 | 1,361,146 | (10) | ||
Impairment for loans and other losses | ||||||||
Loans and advances to customers | (148,064) | (384,766) | 62 | (56,603) | (146,873) | 61 | ||
Financial assets and other | (32,031) | (55,367) | 42 | 2,725 | (67,488) | 104 | ||
Total impairment for loans and other losses | (180,095) | (440,133) | 59 | (53,878) | (214,361) | 75 | ||
Net operating income | 2,572,718 | 2,123,257 | 21 | 1,167,615 | 1,146,786 | 2 | ||
Personnel expenses | (742,831) | (642,966) | (16) | (376,484) | (327,696) | (15) | ||
Depreciation and amortization | (166,229) | (170,766) | 3 | (84,846) | (89,057) | 5 | ||
Other operating expenses | (923,929) | (778,312) | (19) | (457,102) | (404,969) | (13) | ||
Total operating expenses | (1,832,989) | (1,592,044) | (15) | (918,432) | (821,722) | (12) | ||
Operating profit/(loss) before taxes on financial services | 739,729 | 531,213 | 39 | 249,183 | 325,064 | (23) | ||
Taxes on financial services | (275,677) | (225,207) | (22) | (104,935) | (128,443) | 18 | ||
Profit/(Loss) before tax | 464,053 | 306,006 | 52 | 144,248 | 196,621 | (27) | ||
Tax expenses | (223,679) | (169,278) | (32) | (66,225) | (106,431) | 38 | ||
Profit/(Loss) for the period | 240,374 | 136,727 | 76 | 78,023 | 90,190 | (13) | ||
Basic earnings per share (Rs.) | 0.27 | 0.14 | 88 | 0.09 | 0.10 | (13) | ||
Diluted earning per share (Rs.) | 0.27 | 0.14 | 88 | 0.09 | 0.10 | (13) | ||
Cargills Bank PLC |
Statement of Profit or Loss and Other Comprehensive Income |
Profit/(Loss) for the period Other comprehensive income, net of tax Items that will not be reclassified to profit & loss | For the Six months ended | For the Quarter ended | ||
30-Jun-25 | 30-Jun-24 | Change | 30-Jun-25 30-Jun-24 Change Rs. '000 Rs. '000 % | |
Rs. '000 | Rs. '000 | % | ||
240,374 | 136,727 76 - - - - | 78,023 - - - - | 90,190 (13) - - - - - - - - | |
Net actuarial gains/(loss) on defined benefit obligation Deferred tax related to the above Change in fair value of investment in equity measured at fair value through other comprehensive income Deferred tax related to the above Items that are or may be reclassified to profit or loss Financial assets at Fair Value through Other Comprehensive Income (FVOCI) Fair value gains/(losses) that arose during the period Treasury Bills Treasury Bonds Fair value (gains)/losses reclassified to Income Statement on disposal Treasury Bills Treasury Bonds Net gains/(losses) on re-measuring Financial assets at FVOCI Treasury Bills Treasury Bonds Deferred tax related to the above Other comprehensive income/(loss) for the period, net of tax Total comprehensive income/(loss) for the period, net of tax | ||||
- | - - | - | - - | |
4,091 (272,831) | (13,507) 130 272,196 (200) | (18,143) (149,879) | (33,679) 46 (43,889) (241) | |
(268,740) (676) (360,092) | 258,689 (204) (8,018) 92 (269,990) (33) | (168,022) (523) (21,921) | (77,568) (117) (4,462) 88 (181,495) 88 | |
(360,768) 3,415 (632,923) | (278,008) (30) (21,525) 116 2,206 (28,791) | (22,444) (18,666) (171,800) | (185,957) 88 (38,141) 51 (225,384) 24 | |
(629,508) 188,852 | (19,319) (3,158) 5,796 3,158 | (190,466) 57,140 | (263,525) 28 79,058 (28) | |
(440,656) | (13,523) (3,158) | (133,326) | (184,468) 28 | |
(440,656) | (13,523) (3,158) | (133,326) | (184,468) 28 | |
(200,282) | 123,204 (263) | (55,303) | (94,278) 41 | |
Stated capital | Statutory reserve | Fair Value through other comprehensive income reserve | Retained earnings/(losses) | Total | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Balance as at 01.01.2024 - Audited Total comprehensive income for the period ended 30.06.2024 Profit for the period Other comprehensive income, net of tax Total comprehensive income/(loss) for the period Transactions with owners in their capacity as owners Issue of shares Transfer to statutory reserves Total transactions with owners Balance as at 30.06.2024 | 11,894,421 78,775 1,146,555 (1,176,968) - - - 136,727 - - (13,523) - | 11,942,783 136,727 (13,523) | |||
- - (13,523) 136,727 | 123,204 | ||||
- - - - - - - - | - - | ||||
- - - - | - | ||||
11,894,421 78,775 1,133,032 (1,040,241) | 12,065,987 | ||||
Total comprehensive income for the period from 01.07.2024 to 31.12.2024 Profit for the period - - - 514,071 Other comprehensive income/(loss), net of tax - - (395,587) (16,838) | 514,071 (412,425) | ||||
Total comprehensive income/(loss) for the period Transactions with owners in their capacity as owners Issue of shares Transfer to statutory reserves Total transactions with owners Balance as at 31.12.2024 - Audited Total comprehensive income for the period ended 30.06.2025 Profit for the period Other comprehensive income/(loss), net of tax Total comprehensive income/(loss) for the period Transactions with owners in their capacity as owners Issue of shares Transfer to statutory reserves Total transactions with owners Balance as at 30.06.2025 | - - (395,587) 497,233 | 101,646 | |||
- - - - 32,540 (32,540) | - - | ||||
- 32,540 - (32,540) | - | ||||
11,894,421 111,315 737,445 (575,548) - - - 240,374 - - (440,656) - | 12,167,633 240,374 (440,656) | ||||
- - (440,656) 240,374 | (200,282) | ||||
- - - - - - - | - - | ||||
- - - - | - | ||||
11,894,421 111,315 296,790 (335,174) | 11,967,352 | ||||
As at | 30-Jun-25 | 31-Dec-24 | Growth |
(Audited) | % | ||
Rs. '000 | Rs. '000 | ||
Assets | |||
Cash and cash equivalents | 1,913,880 | 1,715,116 | 12 |
Balances with Central Bank of Sri Lanka | 566,221 | 764,150 | (26) |
Securities purchased under resale agreements | 49,832 | 700,862 | (93) |
Derivative financial instruments | 22 | - | 100 |
Financial assets measured at fair value through profit or loss | 200,224 | 2,324,912 | (91) |
Financial assets at amortized costs - Loans and advances to other customers | 56,379,055 | 46,103,638 | 22 |
Financial assets at amortized costs - Debt and other financial instruments | 3,591,145 | 3,266,362 | 10 |
Financial assets measured at fair value through other comprehensive income | 17,830,489 | 22,400,969 | (20) |
Property, plant & equipment and right of use assets | 865,911 | 843,022 | 3 |
Intangible assets | 177,052 | 202,059 | (12) |
Deferred tax assets | 762,689 | 523,232 | 46 |
Other assets | 2,123,912 | 1,408,080 | 51 |
Total assets | 84,460,432 | 80,252,402 | 5 |
Liabilities and equity | |||
Due to banks | 1,587,598 | 2,032,393 | (22) |
Derivative financial instruments | - | - | - |
Other financial liabilities measured at fair value through proft or loss | - | - | - |
Financial liabilities at amortized cost - Due to depositors | 58,879,920 | 59,426,888 | (1) |
Financial liabilities at amortized cost - Due to other borrowers | 8,091,289 | 3,011,001 | 169 |
Retirement benefit obligation | 161,272 | 151,655 | 6 |
Lease liability | 620,666 | 599,355 | 4 |
Other liabilities | 3,152,335 | 2,863,477 | 10 |
Total liabilities | 72,493,080 | 68,084,769 | 6 |
Equity | |||
Stated capital | 11,894,421 | 11,894,421 | - |
Statutory reserves | 111,315 | 111,315 | - |
Other reserves | 296,790 | 737,445 | (60) |
Retained earnings/(losses) | (335,174) | (575,548) | 42 |
Total equity attributable to equity holders of the Bank | 11,967,352 | 12,167,633 | (2) |
Non-controlling interests | - | - | - |
Total equity | 11,967,352 | 12,167,633 | (2) |
Total liabilities and equity | 84,460,432 | 80,252,402 | 5 |
Contingent liabilities & commitments | 19,467,730 | 19,111,448 2 | |
Net assets value per share (Rs.) | 12.66 | 12.87 (2) | |
Memorandum information: | |||
No. of employees | 709 | 690 | |
No. of branches | 26 | 24 | |
Certification: |
These Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007. |
Sgd. |
D Gajanayaka |
Assistant General Manager - Finance |
We, the undersigned, being the Managing Director and the Chairman of Cargills Bank PLC, certify jointly that; | |
(A) | the above statements have been prepared in compliance with the format and definitions prescribed by the Central Bank of Sri Lanka, |
(B) | the information contained in these statements have been extracted from the unaudited financial statements of the Bank, unless indicated as audited. |
Sgd. |
K B S Bandara |
Managing Director/Chief Executive Officer |
Sgd. |
Y Kanagasabai |
Director |
13 August 2025 Colombo
Cargills Bank PLC |
Statement of Cash Flows |
Cash flows from operating activities Profit/(Loss) before income tax Adjustments for: Non-cash items included in profit/(loss) before tax Income tax paid Interest paid on lease liability Gains/(losses) on sale of property, plant & equipment and Dividend income Benefits paid on defined benefit plans Change in operating assets Change in operating liabilities Net cash generated from/(used in) operating activities Cash flows from investing activities Net purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Net purchase of intangible assets Dividend received Net cash generated from/(used in) investing activities Cash flows from financing activities Payment of lease liability Change in securities sold under repurchase agreements Interest paid Net cash generated from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents |
Cash and cash equivalents at the beginning of the period |
Cash and cash equivalents at the end of the period |
Less: Provision for impairment |
Cash and cash equivalents at the end of the period (Net) |
For the period ended
30-Jun-25 30-Jun-24
Rs. '000 Rs. '000
464,053 306,006
629,963 | 768,810 | |
(306,303) | (112,162) | |
(41,860) | (34,439) | |
- - (3,281) | (1,040) - (7,040) | |
(4,583,145) | (2,698,063) | |
(607,187) | 1,438,208 | |
(4,447,760) | (339,721) |
other assets
(63,010) | (39,263) |
- | 1,158 |
(12,106) | (5,870) |
- | - |
(75,116) | (43,975) |
(68,347) | (57,537) |
4,997,000 | 1,032,402 |
(211,718) | - |
4,716,935 | 974,865 |
194,059 | 591,169 |
1,743,581 | 2,026,908 |
1,937,640 | 2,618,077 |
(23,760) | (108,217) |
1,913,880 | 2,509,859 |
Fair value through P/L | Fair Value through OCI | Amortized cost | Total | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
As at 30.06.2025 Financial assets Cash and cash equivalents Balances with Central Bank of Sri Lanka Securities purchased under resale agreements Derivative financial instruments Financial assets measured at fair value through profit or loss Financial assets at amortized costs - Loans and Advances to other customers Financial assets at amortized costs - Debt and other financial Instruments Financial assets at fair value through other comprehensive income Debt securities Equity securities Other assets* Total financial assets Financial liabilities Due to banks Derivative financial instruments Financial liabilities at amortized cost - Due to depositors Financial liabilities at amortized cost - Due to other borrowers Lease Liability Other liabilities** Total financial liabilities As at 31.12.2024 - Audited Financial assets Cash and cash equivalents Balances with Central Bank of Sri Lanka Securities purchased under resale agreements Derivative financial instruments Financial assets measured at fair value through profit or loss Financial assets at Amortized costs - Loans and Advances to other customers Financial assets at Amortized costs - Debt and other financial Instruments Financial assets at fair value through other comprehensive income Debt securities Equity securities Other assets* Total financial assets Financial liabilities Due to banks Derivative financial instruments Financial liabilities at amortized cost - Due to depositors Financial liabilities at amortized cost - Due to other borrowers Lease Liability Other liabilities** Total financial liabilities | - - 1,913,880 - - 566,221 - - 49,832 22 - - 200,224 - - - - 56,379,055 - - 3,591,145 - 17,806,680 - - 23,809 - - - 750,706 | 1,913,880 566,221 49,832 22 200,224 56,379,055 3,591,145 17,806,680 23,809 750,706 | ||
200,246 17,830,489 63,250,840 | 81,281,574 | |||
- - 1,587,598 - - - - - 58,879,920 - - 8,091,289 - - 620,666 - - 2,603,708 | 1,587,598 -58,879,920 8,091,289 620,666 2,603,708 | |||
- - 71,783,181 | 71,783,181 | |||
- - 1,715,116 - - 764,150 - - 700,862 - - - 2,324,912 - - - - 46,103,638 - - 3,266,362 - - - - 22,377,160 - - 23,809 - - - 855,974 | 1,715,116 764,150 700,862 -2,324,912 46,103,638 3,266,362 -22,377,160 23,809 855,974 | |||
2,324,912 22,400,969 53,406,102 | 78,131,983 | |||
- - 2,032,393 - - - - - 59,426,888 - - 3,011,001 - - 599,355 - - 1,833,271 | 2,032,393 -59,426,888 3,011,001 599,355 1,833,271 | |||
- - 66,902,908 | 66,902,908 | |||
*Other assets only include other receivables |
**Other liabilities exclude accrued expenditure and impairment on commitments and contingencies |
Fair Value Hierarchy | |
The Bank measures the fair value using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurement. | |
| |
Inputs that are quoted market prices (unadjusted) in an active market for identical instruments.
Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. Fair value estimates obtained from models are adjusted for any other factors, such as liquidity risk or model uncertainties, to the extent that the Bank believes that a third party market participant would take them into account in pricing a transaction. Financial instruments measured at fair value - fair value hierarchy The following table provides an analysis of assets and liabilities measured at fair value as at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorised. These amounts were based on the values recognised in the Statement of Financial Position: Level 1 Level 2 Level 3 Total Rs. '000 Rs. '000 Rs. '000 Rs. '000 | |
As at 30 June 2025 Financial Assets Derivative financial instruments Financial assets measured at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Goverment securities Equity securities Total assets at fair value Financial Liabilities Derivative financial instruments Total liabilities at fair value As at 31 December 2024 - Audited Financial Assets Derivative financial instruments Financial assets measured at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Goverment securities Equity securities Total assets at fair value Financial Liabilities Derivative financial instruments Total liabilities at fair value | - 22 - 22 - 200,224 - 200,224 17,806,680 - - 17,806,680 - - 23,809 23,809 |
17,806,680 200,246 23,809 18,030,735 | |
- - - - | |
- - - - | |
Level 1 Level 2 Level 3 Total Rs. '000 Rs. '000 Rs. '000 Rs. '000 | |
- - - - - 2,324,912 - 2,324,912 22,377,160 - - 22,377,160 - - 23,809 23,809 | |
22,377,160 2,324,912 23,809 24,725,881 | |
- - - - | |
- - - - | |
Cargills Bank PLC |
Selected Performance Indicators |
As at | 30-Jun-2025 | 31-Dec-2024 |
Regulatory Capital (Rs'000) | ||
Common Equity Tier 1 | 10,989,658 | 11,430,314 |
Total Tier 1 Capital | 12,489,658 | 12,930,314 |
Total Capital | 12,946,311 | 13,386,966 |
Regulatory Capital Ratios (%) (Refer Note 3) | ||
Common Equity Tier 1 Capital Ratio - (Minimum Requirement - 7%) | 15.33 | 19.16 |
Total Tier 1 capital Ratio - (Minimum Requirement - 8.5% ) | 17.42 | 21.68 |
Total Capital Ratio - (Minimum Requirement - 12.5%) | 18.06 | 22.44 |
Leverage Ratio - (Minimum Requirement - 3%) | 13.47 | 13.00 |
Regulatory Liquidity | ||
Total Stock of High-Quality Liquid Assets (Rs '000) | 15,204,375 | 26,310,841 |
Liquidity Coverage Ratio, % - (Minimum Requirement - 100%) | ||
Rupee, % | 174.93 | 459.23 |
All currency, % | 138.68 | 313.34 |
Net Stable Funding Ratio (%) - (Minimum Requirement - 100%) | 127.71 | 136.28 |
Stage 3 Loans (Net of Stage 3 Impairment) to Total Loans | 7.85 | 8.74 |
Stage 3 Impairment to Stage 3 Loans (Stage 3 Provision Cover) | 45.04 | 46.79 |
Profitability | ||
Interest Margin, % | 4.47 | 4.86 |
Return on Assets (before Tax), % | 1.06 | 1.47 |
Return on Equity, % | 3.99 | 5.42 |
Cost to Income Ratio (%) | 66.59 | 58.23 |
Explanatory Notes
The Financial Statements of the Bank have been prepared in accordance with the Sri Lanka Accounting Standards (SLFRSs/LKASs) issued by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). There were no changes to Accounting Policies and methods of computation since publication of the Annual Report for the year ended 31 December 2024.
These Interim Financial Statements of the Bank have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard - LKAS 34 on 'Interim Financial Reporting' and provide the information as required in terms of Listing Rule 7.4 of the Colombo Stock Exchange.
The Bank should maintain a Total Tier 1 Capital Ratio 250 basis points above the minimum applicable until it complies with a regulatory minimum capital requirement of LKR 20 Billion. It has been granted until the end of 2029 to comply with this requirement.
The Bank continued to reassess its individually significant loan portfolio as of 30 June 2025 and incorporate adequate impairment provisions on identified customer segments to reflect increased credit risk since initial recognition. Accordingly, the impairment provision also includes management overlays where higher impairment charges were considered as a prudential measure in assessing the elevated risk profiles of borrowers.
Additionally, the Bank revised the cash flow assumptions for customers who were previously impaired, ensuring that any deterioration/improvement in the credit quality of such customers has been appropriately addressed during the period.
The Bank estimated its Expected Credit Loss (ECL) for collective impairment as at the reporting date based on the updated Probability of Default flow rates as at 31 December 2024, Economic Factor Adjustment (EFA) and Loss Given Default (LGD) values as at 30 June 2025.
The exchange impact on impairment charges on loans and advances denominated in foreign currency was recognised in Net Other Operating Income where the corresponding exchange gains/losses are recognised.
There were no material tax assessments pending against the Bank as at the reporting date other than those disclosed in the Annual Report 2024.
During the quarter, there were no material changes in the composition of assets, liabilities and/or contingent liabilities, other than those disclosed above.
There was no pending litigation of a material nature against the Bank.
All known expenses have been provided for in these Interim Financial Statements.
No circumstances have arisen since the reporting date which would require adjustment to or disclosure in the Financial Statements.
Cargills Bank PLC |
Additional Disclosures |
As at | 30-Jun-2025 | 31-Dec-2024 | ||
(Audited) | ||||
Rs. '000 | Rs. '000 | |||
Loans and advances to other customers | ||||
Gross loans and advances | 61,869,736 | 51,438,652 | ||
Less: Stage-wise impairment | ||||
Stage 1 | 260,115 | 219,164 | ||
Stage 2 | 560,170 | 474,977 | ||
Stage 3 | 4,670,396 | 4,640,873 | ||
Total impairment for loans and advances | 5,490,681 | 5,335,014 | ||
Net loans and advances | 56,379,055 | 46,103,638 | ||
Product wise Gross Loans and advances to other customers | ||||
By product - Domestic Currency | ||||
Overdrafts | 7,447,325 | 6,482,127 | ||
Trade finance | 4,212,850 | 2,801,714 | ||
Housing loans | 1,442,237 | 1,081,084 | ||
Personal loans | 3,242,713 | 2,920,334 | ||
Staff loans | 436,623 | 403,308 | ||
Term loans | 23,567,543 | 18,744,732 | ||
Loans against property | 1,633,771 | 1,534,296 | ||
Agriculture loans | 916,703 | 739,462 | ||
Money market loans | 11,098,836 | 8,734,527 | ||
Vehicle loans | 403,218 | 206,660 | ||
Credit cards | 1,668,023 | 1,627,028 | ||
Micro finance | 79,982 | 48,146 | ||
Others | 622,944 | 572,657 | ||
Sub total | 56,772,768 | 45,896,077 | ||
By product - Foreign Currency | ||||
Trade finance | 3,000,123 | 3,325,226 | ||
Housing loans | 25,059 | 52,629 | ||
Term loans | 2,035,084 | 2,119,021 | ||
Overdrafts | 8,970 | 8,970 | ||
Others | 27,733 | 36,730 | ||
Sub total | 5,096,968 | 5,542,575 | ||
Total Gross Loans & Advances | 61,869,736 | 51,438,652 | ||
Movement in impairment during the period for loans and advances to other customers - 2025 | ||||
Stage 1 Stage 2 | Stage 3 | Total | ||
Opening balance as at 01 January 2025 - Audited 219,164 474,978 | 4,640,872 | 5,335,014 | ||
Charge/ (write back) to income statement 41,649 85,776 | 83,014 | 210,439 | ||
Write off during the period - - | (41,668) | (41,668) | ||
Exchange rate variance on foreign currency provisions (698) (585) | (11,822) | (13,105) | ||
Closing balance as at 30 June 2025 | 260,115 | 560,170 | 4,670,396 | 5,490,681 |
Movement in impairment during the year for loans and advances to other customers - 2024 | ||||
Stage 1 Stage 2 | Stage 3 | Total | ||
Opening balance as at 01 January 2024 - Audited 188,024 709,734 | 4,095,898 | 4,993,656 | ||
Charge/ (write back) to income statement 32,543 (231,123) | 688,136 | 489,556 | ||
Write off during the year - - | (71,085) | (71,085) | ||
Exchange rate variance on foreign currency provisions (1,403) (3,634) | (72,076) | (77,113) | ||
Closing balance as at 31 December 2024 - Audited | 219,164 | 474,978 | 4,640,872 | 5,335,014 |
Cargills Bank PLC |
Additional Disclosures |
As at | 30-Jun-2025 | 31-Dec-2024 | ||
(Audited) | ||||
Rs. '000 | Rs. '000 | |||
Commitments and Contingencies | ||||
Gross commitments and contingencies | 19,587,351 | 19,225,571 | ||
Less: Stage-wise impairment | ||||
Stage 1 | 65,812 | 68,050 | ||
Stage 2 | 53,809 | 44,823 | ||
Stage 3 | - | 1,250 | ||
Total impairment for commitments and contingencies | 119,621 | 114,123 | ||
Net commitments and contingencies | 19,467,730 | 19,111,448 | ||
Product- wise Commitments and Contingencies | ||||
By product - Domestic Currency | ||||
Guarantees | 6,407,398 | 6,632,826 | ||
Letters of credit | 215,702 | 1,345,564 | ||
Undrawn commitments | 10,719,140 | 8,982,281 | ||
Capital commitments and other | 289,202 | 156,698 | ||
Sub total | 17,631,442 | 17,117,369 | ||
By product - Foreign Currency | ||||
Guarantees | 668,933 | 655,426 | ||
Letters of credit | 1,010,938 | 1,432,067 | ||
Bills for collection | 20,988 | 20,709 | ||
Spot purchase | 255,050 | - | ||
Sub total | 1,955,909 | 2,108,202 | ||
Total Commitments and Contingencies | 19,587,351 | 19,225,571 | ||
Movement in impairment during the period for Commitments and Contingencies - 2025 | ||||
Stage 1 | Stage 2 | Stage 3 | Total | |
Opening balance as at 01 January 2025 - Audited 68,050 | 44,823 | 1,250 | 114,123 | |
Charge/ (write back) to income statement (2,238) | 8,986 | (1,250) | 5,498 | |
Closing balance as at 30 June 2025 | 65,812 | 53,809 | - | 119,621 |
Movement in impairment during the year for Commitments and Contingencies - 2024 | ||||
Stage 1 | Stage 2 | Stage 3 | Total | |
Opening balance as at 01 January 2024 - Audited 48,239 | 10,872 | 15,853 | 74,964 | |
Charge/ (write back) to income statement 19,811 | 33,951 | (14,603) | 39,159 | |
Closing balance as at 31 December 2024 - Audited | 68,050 | 44,823 | 1,250 | 114,123 |
Cargills Bank PLC |
Additional Disclosures |
As at | 30-Jun-2025 | 31-Dec-2024 |
(Audited) | ||
Rs. '000 | Rs. '000 | |
Due to Depositors | ||
By product - Domestic Currency | ||
Current account deposits | 2,664,847 | 3,827,718 |
Savings deposits | 9,882,434 | 8,237,173 |
Call Deposits | 2,704 | 67,574 |
Time deposits | 41,657,119 | 41,723,568 |
Certificate of deposits | 71,262 | 69,525 |
Margin deposits | 52,878 | 90,065 |
Sub total | 54,331,246 | 54,015,623 |
By product - Foreign Currency | ||
Current account deposits | 425,407 | 247,821 |
Savings deposits | 1,026,884 | 2,162,620 |
Time deposits | 3,096,335 | 3,000,778 |
Margin deposits | 48 | 48 |
Sub total | 4,548,674 | 5,411,266 |
Total Due to Depositors | 58,879,920 | 59,426,888 |
Cargills Bank PLC Segment Information | |||||||||
For the Quarter ended 30 June | Banking Treasury/ Investments Unallocated Total 2025 2024 2025 2024 2025 2024 2025 2024 | ||||||||
Net interest income | 1,449,414 | 1,136,303 | 386,794 | 521,453 | - | - | 1,836,208 | 1,657,756 | |
Net fees and commission income | 432,934 | 380,157 | 6,691 | 4,310 | - | - | 439,625 | 384,467 | |
Foreign exchange profit | (13,126) | 43,724 | 59,471 | 17,846 | - | - | 46,345 | 61,571 | |
Other income | 2,867 | 1,986 | 427,768 | 457,610 | - | - | 430,635 | 459,596 | |
Operating income by segment | 1,872,088 | 1,562,171 | 880,725 | 1,001,219 | - | - | 2,752,813 | 2,563,390 | |
Impairment for loans and other losses | (184,901) | (396,929) | 4,806 | (43,203) | - | - | (180,095) | (440,133) | |
Net operating income | 1,687,188 | 1,165,242 | 885,531 | 958,016 | - | - | 2,572,718 | 2,123,257 | |
Personnel and other operating expenses | (1,305,114) | (1,405,731) | (361,646) | (15,547) | - | - | (1,666,760) | (1,421,278) | |
Depreciation and amortisation | (116,759) | (170,698) | (49,470) | (68) | - | - | (166,229) | (170,766) | |
Total operating expenses | (1,421,873) | (1,576,429) | (411,116) | (15,615) | - | - | (1,832,989) | (1,592,044) | |
Operating profit/(loss) by segment | 265,314 | (411,188) | 474,415 | 942,401 | - | - | 739,729 | 531,213 | |
Taxes on financial services | (137,935) | (225,207) | (137,741) | - | - | - | (275,677) | (225,207) | |
Profit/(Loss) before Tax by segment | 127,379 | (636,395) | 336,673 | 942,401 | - | - | 464,053 | 306,006 | |
Tax (expense)/reversal | (223,679) | (169,278) | |||||||
Profit/(Loss) for the period | 240,374 | 136,727 | |||||||
Other information | 30-Jun-2025 | 31-Dec-2024 | 30-Jun-2025 | 31-Dec-2024 | 30-Jun-2025 31-Dec-2024 | 30-Jun-2025 | 31-Dec-2024 | ||
Segment assets Segment liabilities | 62,966,163 64,398,482 | 51,737,443 64,542,376 | 21,494,269 8,094,598 | 28,514,959 3,542,393 | - - | - - | 84,460,432 72,493,080 | 80,252,402 68,084,769 | |
Page 14 of 17
Cargills Bank PLC |
DIRECTORS' INTEREST IN SHARES OF CARGILLS BANK PLC |
Directors' Name | No. of shares held | ||
As at 30 June 2025 As at 31 December 2024 | |||
1 | Asoka Pieris - Chairman | Nil | Nil |
2 | Senarath Bandara - Managing Director/CEO | 112,500 | 112,500 |
3 | Ms. Marianne Page | Nil | Nil |
4 | Yudhishtran Kanagasabai | Nil | Nil |
5 | Buwanekabahu Perera | Nil | Nil |
6 | Ravindra Jayawardena | Nil | Nil |
7 | Mrs. Shanti Gnanapragasam | Nil | Nil |
8 | Arjuna Herath | Nil | Nil |
Cargills Bank PLC | ||||
INFORMATION ON ORDINARY SHARES OF THE BANK | ||||
TOP 20 REGISTERED SHAREHOLDERS - ORDINARY VOTING SHARES AS AT 30 JUNE 2025 | ||||
No. | Shareholder Name | No. of shares % | ||
9 A I A Holdings Lanka (Pvt) Ltd
Sub Total Other Shareholders Total | 350,696,905 | 37.09 * | ||
223,345,953 | 23.62 * | |||
30,800,000 | 3.26 | |||
28,000,000 | 2.96 | |||
24,231,932 | 2.56 | |||
23,000,000 | 2.43 | |||
20,000,000 | 2.11 | |||
17,338,547 | 1.83 | |||
11,000,000 | 1.16 | |||
11,000,000 | 1.16 | |||
9,593,555 | 1.01 | |||
9,089,000 | 0.96 | |||
7,540,000 | 0.80 | |||
7,210,900 | 0.76 | |||
6,269,397 | 0.66 | |||
6,260,000 | 0.66 | |||
6,234,993 | 0.66 | |||
5,854,200 | 0.62 | |||
5,766,226 | 0.61 | |||
5,000,000 | 0.53 | |||
808,231,608 | 85.47 | |||
137,411,250 | 14.53 | |||
945,642,858 | 100.00 | |||
* No voting rights will be exercised by Cargills (Ceylon) PLC and CT Holdings PLC on any shares held in excess of 30% of the issued capital of the Bank | ||||
carrying voting rights. | ||||
PUBLIC HOLDING PERCENTAGE | As at 30 June 2025 | As at 31 December 2024 | ||
Float adjusted market capitalization (LKR) | 3,590,208,762 | 3,146,059,224 | ||
Public holding percentage | 39.14% | 39.14% | ||
Number of public shareholders | 3,894 | 2,664 | ||
Option under which the Listed Entity complies | Option 4 | Option 4 | ||
with the Minimum Public Holding requirement | ||||
SHARE PRICE INFORMATION | ||||
As At | As at 30 June 2025 | As at 31 December 2024 | ||
Number of shares | 945,642,858 | 945,642,858 | ||
Last traded price (LKR) | 9.70 | 8.50 | ||
Highest price per share (LKR) | 10.00 | 8.80 | ||
Lowest price per share (LKR) | 7.70 | 7.10 | ||
Quoted shares of the Bank are only traded in Sri Lankan Rupees. | ||||
Cargills Bank PLC |
CORPORATE INFORMATION |
NAME OF THE COMPANY |
Cargills Bank PLC LEGAL FORM A public limited liability company incorporated in Sri Lanka on 03 November 2011 under the Companies Act No.07 of 2007. A licensed Commercial Bank under the Banking Act No. 30 of 1988, as amended from time to time. STOCK EXCHANGE LISTING The ordinary shares are listed on the Colombo Stock Exchange. REGISTRATION NUMBER PQ00293614 (Previously PB 4847) ACCOUNTING YEAR-END December 31 HEAD OFFICE AND REGISTERED OFFICE No. 696, Galle Road, Colombo 03 Sri Lanka TELEPHONE 011 - 7 640 000 FACSIMILE 011 - 7 640 507 SWIFT CODE CGRBLKLX info@cargillsbank.com WEB PAGE https://www.cargillsbank.com Fitch Rating A (lka) TAXPAYER IDENTIFICATION NUMBER (TIN) 134048476 |
BOARD OF DIRECTORS |
Mr. Asoka Pieris - Chairman |
Mr. Senarath Bandara - Managing Director /CEO |
Ms. Marianne Page |
Mr. Yudhishtran Kanagasabai |
Mr. Buwanekabahu Perera |
Mr. Ravindra Jayawardena |
Mrs. Shanti Gnanapragasam |
Mr. Arjuna Herath OTHER INFORMATION AUDITORS Messrs. KPMG Chartered Accountants, No. 32A, Sir Mohamed Macan Markar Mawatha, Colombo 03 Sri Lanka LAWYERS Messrs. Julius & Creasy No. 371, R.A. de Mel Mawatha, Colombo 03 Sri Lanka COMPLIANCE OFFICER Mr. Gayantha Wijekoon COMPANY SECRETARY Ms. Amendra de Silva No. 696, Galle Road, Colombo 03 Sri Lanka amendra.d@cargillsbank.com +94117 640170 REGISTRAR S S P Corporate Services (Pvt) Ltd, No. 101, Inner Flower Road, Colombo 03 Sri Lanka Tel :94 11-2513894 Fax: 94 11-2573609 E-mail : sspsec@sltnet.lk |