ANNUAL AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31st December 2024
Contents
(1 ) | Simplified statement of Comprehensive income |
(2 ) | Simplified Statement of financial position |
- Statement of Changes in equity
- Statement of cash flows
- Selected performance indicators/ Key financial data
- Report of the auditor general on the financial statements and other legal and regulatory requirements
HDFC BANK OF SRI LANKA
SIMPLIFIED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31.12.2024
Bank | ||
Description | From | From |
01/01/2024 | 01/01/2023 | |
To | To | |
Rs Mn | 31/12/2024 | 31/12/2023 |
Audited | ||
Audited | (Restated) | |
Interest Income | 8,170 | 11,195 |
Interest Expenses | 5,388 | 8,884 |
Net Interest Income | 2,782 | 2,311 |
Net fee and commission income | 330 | 353 |
Net other operating income | 7 | 2,781 |
Total Operating Income | 3,119 | 5,445 |
Impairment charges | 278 | 467 |
Personnel Expenses | 1,646 | 1,584 |
Other Expenses | 782 | 744 |
Share of profits/(Loss) of associates and joint ventures | - | - |
Operating profit/(loss) before taxes | 412 | 2,650 |
Income tax and other taxes | ‐ 603 | 1,348 |
Profit/(Loss) for the period | 191 | 1,302 |
Other comprehensive income, net of taxes | -92 | 35 |
Total comprehensive income for the period | ‐282 | 1,337 |
Earning per share on profit | (2.95) | 20.12 |
Basic Earnings per Ordinary Share (Rs.) | ||
Diluted earnings per ordinary share (Rs.) | - | - |
HDFC BANK OF SRI LANKA
SIMPLIFIED STATEMENT OF FINANCIAL POSITION
AS AT 31.12.2024
Description | Bank | |
31.12.2024 | 31.12.2023 | |
Rs. Mn | Audited | Audited (Restated) |
Assets | 325 | 237 |
Cash and Cash Equivalents | ||
Balance with Central Bank | 36 | 33 |
Placements with banks | ||
Derivative financial instruments | ||
Financial assets recognized through Profit or Loss | ||
Financial assets at amortised cost | 40,130 | 41,010 |
- loans and advances | ||
- debt and other instruments | 17,698 | 7,163 |
Financial assets measured at fair value through other comprehensive | 4,739 | 16,815 |
income | ||
Investment in subsidiaries | ||
Investments in associates and joint ventures | 187 | 223 |
Property, plant and equipment | ||
Other assets | 2,328 | 2,253 |
Total Assets | 65,443 | 67,733 |
Liabilities | 566 | 800 |
Due to banks | ||
Derivative financial instruments | ||
Financial liabilities recognized through profit or loss | ||
Financial liabilities at amortised cost | 52,005 | 53,613 |
- due to depositors | ||
- due to other borrowers | 1,615 | 1,526 |
Debt securities issued | 1,427 | 1,425 |
Tax liabilities | 151 | 574 |
Other liabilities & provisions | 1,684 | 1,519 |
Total Liabilities | ||
57,449 | 59,456 | |
Debt Capital | 281 | 281 |
Perpetual Bond | ||
Total | 281 | 281 |
Equity | 962 | 962 |
Stated capital/ Assigned capital | ||
Statutory reserve fund | 354 | 354 |
Retained earnings | 5,866 | 6,057 |
Other Reserves | 531 | 623 |
Total shareholders equity | 7,713 | 7,995 |
Non‐ controlling interests | ||
Total Equity | 7,713 | 7,995 |
Total equity and liabilities | 65,443 | 67,733 |
Contingent liabilities and commitments | 31 | 306 |
Net Assets value per Ordinary Share (Rs) | 119.19 | 123.56 |
Memorandum information | 494 | 515 |
Number of employees | ||
Number of Branches | 39 | 39 |
(Note: Amounts stated are net of impairment and depreciation)
HDFC BANK OF SRI LANKA
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31-12-2024
In Rs Mn | Bank | ||||||||||||
Stated capital / Assigned capital | Reserves | ||||||||||||
Note | Ordinary voting | Ordinary non | Assigned | Statutory | OCI reserve | Revaluation | FVTOCI | Retained earnings | Other reserve | Total | Non- | Total equity | |
shares | voting shares | capital | reserve fund | reserve | Reserve | controlling | |||||||
interest | |||||||||||||
Balance as at 01-01-2023 | 34-37 | 962 | 289 | -46 | 5,008 | 504 | 6,716 | 6,716 | |||||
Total comprehensive income for the year | 34-37 | ||||||||||||
Prior Year Adjustments | 34-37 | -58 | -58 | -58 | |||||||||
Adjusted balance as at 01-01-2023 | 962 | 289 | -46 | 4,950 | 504 | 6,658 | 6,658 | ||||||
Profit/(loss) for the year | 35 | 1,302 | 1,302 | 1,302 | |||||||||
Other comprehensive income (net of tax) | 30 | 18 | 17 | 35 | 35 | ||||||||
Total comprehensive income for the year | 962 | 289 | -28 | 17 | 6,252 | 504 | 7,995 | 7,995 | |||||
Transactions with equity holders, recognized | |||||||||||||
directly in equity | |||||||||||||
Share issue/increase of assigned capital | |||||||||||||
Bonus issue | |||||||||||||
Right issue | |||||||||||||
Investment fund transfer | |||||||||||||
Transfers to reserves during the period | 33-36 | 65 | -195 | 130 | |||||||||
Dividends to equity hoders | |||||||||||||
Profit transferred to head office | |||||||||||||
Gain/(loss) on revaluation of property, plant and | |||||||||||||
equipment | |||||||||||||
Others | |||||||||||||
Total transactions with equity holders | 65 | -195 | 130 | ||||||||||
Balance as at 31-12-2023 | 962 | 354 | -28 | 17 | 6,057 | 634 | 7,995 | 7,995 | |||||
In Rupees | Bank | ||||||||||||
Stated capital / Assigned capital | Reserves | ||||||||||||
Ordinary voting | Ordinary non | Assigned | Statutory | OCI reserve | Revaluation | FVTOCI | Retained earnings | Other Reserve | Total | Non- | Total equity | ||
shares | voting shares | capital | reserve fund | reserve | Reserve | controlling | |||||||
interest | |||||||||||||
Balance as at 01-01-2024 | 34-36 | 962 | 354 | -28 | 17 | 6,057 | 634 | 7,995 | 7,995 | ||||
Total comprehensive income for the year | 34-37 | ||||||||||||
Profit/(loss) for the year (net of tax) | 34-37 | -191 | -191 | -191 | |||||||||
Other comprehensive income (net of tax) | 30 | -67 | -25 | -92 | -92 | ||||||||
Total comprehensive income for the year | 962 | 354 | -94 | -8 | 5,866 | 634 | 7,713 | 7,713 | |||||
Transactions with equity holders, recognized | |||||||||||||
directly in equity | |||||||||||||
Share issue/increase of assigned capital | |||||||||||||
Bonus issue | |||||||||||||
Right issue | |||||||||||||
Transfers to reserves during the period | 34-36 | ||||||||||||
Dividend paid | |||||||||||||
Profit transferred to head office | |||||||||||||
Gain/(loss) on revaluation of property, plant and | |||||||||||||
Equipment (if cost method is adopted) | |||||||||||||
Others | |||||||||||||
Total transactions with equity holders | |||||||||||||
Balance as at 31-12-2024 | 962 | 354 | -94 | -8 | 5,866 | 634 | 7,713 | 7,713 |
Note : The overdue interest over charged of Rs.58 Mn from 2017 to 2022 was adjusted to the opening reserve balance of 2023 and the respective over charged of Rs.150 Mn was restated to the 2023 income statement.
HDFC BANK OF SRI LANKA
STATEMENT OF CASH FLOWS
For the Year Ended 31st December 2024
Bank | |||
S/N | 2024 | 2023 (Restated) | |
Description | Rs Mn | Rs Mn | |
Cash Flows From Operating Activities | |||
01 | Interest Receipts | 6,248 | 10,856 |
02 | Interest payments | -5,723 | -9,009 |
03 | Net commission Receipts | 250 | 297 |
04 Trading Income
05 | Payments to Employee | -1,475 | -1,462 |
06 | VAT & SSCL on Financial Services | -465 | -807 |
07 | Receipt from other operating activities | 57 | 76 |
08 | Payments on other operating activities | -596 | -544 |
Operating profit before changes in operating assets and liabilities | -1,704 | -594 | |
(Increase)/Decrease In Operating Assets : |
09 Balances with Central Bank of Sri Lanka
10 | Financial Assets at amotised cost - Loans and Advances | 2,042 | 1,435 |
11 | Other Assets | 21 | 297 |
Net cash generated from operating activities assets | 2,063 | 1,732 | |
Increase / ( Decrease ) In Operating Liabilities | |||
12 | Financial Liabilities at amotised cost - due to Depositors | -1,217 | 3,534 |
13 Financial Liabilities at amotised cost - due to Debt Security Holders
14 | Financial Liabilities at amotised cost - due to Other Borrowers | -265 | -197 |
15 | Other Liabilities | -66 | 148 |
Net cash generated from operating liabilities | -1,548 | 3,485 | |
Net cash generated from operating activities before income tax | -1,189 | 4,623 | |
16 | Income Tax Paid | -680 | -482 |
Net cash (used in)/from operating activities | -1,869 | 4,141 | |
Cash Flows From Investing Activities | |||
17 | Purchase of property, plant and equipment /Intangible Assets | -11 | -24 |
18 | Proceeds from Sale property, Plant and equipment/Intangible Assets | 7 | 1 |
19 | Net Cash flows from Investments | 1,960 | -4,221 |
- Dividends received from investments
- Others
Net cash (used in)/from investing activities | 1,956 | -4,244 | |
Cash Flows From Financing Activities | |||
25 | Net proceeds from the issue of Ordinary share capital | ||
26 | Net proceeds from the issue of Other equity instruments | ||
27 | Repayment of Subordinated debt | ||
28 | Interest paid on subordinated debts | ||
29 | Dividends paid to non - controlling Interest | ||
30 | Dividends paid to holders of equity instruments | ||
31 | Dividends paid to shareholders of the parent company | ||
32 | Others | ||
Net cash (used in)/from financing activities | |||
Net increase/(decrease) in cash & cash Equivalents | 87 | -102 | |
Cash & cash equivalents at beginning of the period | 237 | 340 | |
Cash & cash equivalents at the end of the period | 325 | 237 | |
Reconciliation Of Cash and Cash Equivalents | |||
Cash In Hand | 174 | 96 | |
Cash at Bank | 151 | 141 | |
325 | 237 |
HDFC BANK OF SRI LANKA
SELECTED PERFORMANCE INDICATORS/KEY FINANCIAL DATA
AS AT 31/12/2024 (Based on Regulatory Reporting)
Item | Current Period | Previous Period | ||
31/12/2024 | 31/12/2023 | |||
Regulatory Capital Adequacy (LKR in Millions) | 6,951 | 7,578 | ||
Common Equity Tire 1 | ||||
Tier 1 Capital | 7,201 | 7,828 | ||
Total Regulatory Capital | 7,416 | 8,253 | ||
Regulatory Capital Ratios (%) | 31.84% | 35.84% | ||
Common Equity Tire 1 Capital (%)( Minimum Requirement , 7.0%) | ||||
Tier 1 Capital Ratio(%) ( Minimum Requirement, 8.5%) | 32.99% | 37.02% | ||
Total Capital Ratios (%) ( Minimum Requirement, 12.5%) | 33.98% | 39.03% | ||
Basel III Leverage Ratio (%) | (Minimum Requirment 3%) | 11.90% | 9.54% | |
Regulatory Liquidity | ||||
Requirement | ||||
Liquidity Coverage Ratio (%) (Minimum Requirement -100% ) | 223% | 394% | ||
-Rupee (%) | ||||
-All Currency (%) | - | - | ||
Net Stable Funding Ratio(%) - (Minimum Requirement - 100% ) | 128% | 143% | ||
Assets Quality (Quality of Loan Portfolio) | 45.92% | 40.92% | ||
Impaired Loans (Stage 3) to Total Loans, Ratio (%) * | ||||
Impairment (Stage 3) to Stage 3 Loans, Ratio (%) * | 9.91% | 9.07% | ||
Impaired Loans (Stage 3) Ratio % - excluding EPF loans * | 22.98% | 22.49% | ||
Impairment (Stage 3) to Stage 3 Loans Ratio (%)-excluding | 23.49% | 20.52% | ||
EPF loans * | ||||
Income & Profitability | 4.18% | 3.54% | ||
Net Interest Margin (%) | ||||
Return on Assets (before Tax) (%) | 0.10% | 3.11% | ||
Return on Equity (%) | -2.43% | 17.70% | ||
Cost to Income Ratio (%) | 78.03% | 42.76% | ||
Debt/Equity (Times) | 0.50 | 0.50 | ||
Interest Cover (Times) | 3.62 | 8.66 | ||
Interest Yeild | 12.80% | 17.94% | ||
Memorandum Information | BB+(lka) (Stable) | BB+(lka) (Stable) | ||
Credit Rating | ||||
Number of Employees | 494 | 515 | ||
Number of Branches | 39 | 39 | ||
* Including Undrawn Portion of Credit |
CERTIFICATION:
We , the undersigned, being the Chief Executive Officer and Chief financial officer of HDFC Bank of Sri Lanka jointly certify 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 audited financial statements of the bank.
C.R.P.Signed | Signed |
Balasuriya | Anura Hettiarachchi |
Acting GM / CEO & DGM - Treasury | Chief Financial Officer |
Dated: 28 Feb 2025 | https://www.hdfc.lk/about/financials#financial-reports |
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