For the period ended 30th September 2024
Contents
Financial Information
Statement of Financial Position | 01 |
Statement of Profit or Loss - Company | 02 |
Statement of Profit or Loss - Group | 03 |
Statement of Comprehensive Income - Company | 04 |
Statement of Comprehensive Income - Group | 05 |
Statement of Changes in Equity - Company | 06 |
Statement of Changes in Equity - Group | 07 |
Statement of Cash Flows | 08 |
Analysis of Financial Instruments by Measurement Basis - Company | 09 |
Analysis of Financial Instruments by Measurement Basis - Group | 10 |
Fair Value Hierarchy | 11 |
Segmental Analysis | 12 |
Information on Ordinary Shares of the Company | 13 |
Shareholders' Information | 14 |
Explanatory Notes | 15 |
Analysis of Loans and Receivables Impairment | 16 |
Debenture Information | 17 |
Related Party Disclosure - Company | 18 |
Related Party Disclosure - Group | 19 |
Corporate Information | 20 |
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF FINANCIAL POSITION
Company | Group | ||||||||
As at | 30.09.2024 | 31.03.2024 | Change | 30.09.2024 | 31.03.2024 | Change | |||
Rs. Mn. | Rs. Mn. | % | Rs. Mn. | Rs. Mn. | % | ||||
Unaudited* | Audited | Unaudited* | Audited | ||||||
Assets | |||||||||
Cash and cash equivalents | 7,106 | 9,728 | (27.0) | 7,547 | 10,637 | (29.0) | |||
Balances with banks and financial institutions | 5,123 | 14,288 | (64.1) | 8,284 | 17,563 | (52.8) | |||
Financial assets -Fair value through profit or loss | 260 | 1,340 | (80.6) | 651 | 1,452 | (55.2) | |||
Loans and receivables - Amortised cost | 113,889 | 103,650 | 9.9 | 126,057 | 116,920 | 7.8 | |||
Insurance and reinsurance receivables | - | - | - | 1,709 | 1,587 | 7.7 | |||
Financial assets - Fair value through other | |||||||||
comprehensive income | 1,151 | 1,159 | (0.7) | 1,700 | 1,720 | (1.2) | |||
Debt instrument - Amortised cost | 11,182 | 18,372 | (39.1) | 18,398 | 23,827 | (22.8) | |||
Investments in subsidiaries | 3,519 | 3,455 | 1.9 | - | - | - | |||
Investment property | 295 | 295 | - | 1,306 | 1,306 | - | |||
Other assets | 1,180 | 3,982 | (70.4) | 1,078 | 4,163 | (74.1) | |||
Property, plant and equipment | 1,335 | 1,361 | (1.9) | 3,741 | 3,780 | (1.0) | |||
Right-of-use assets | 1,674 | 1,360 | 23.1 | 1,122 | 1,287 | (12.8) | |||
Deferred tax assets | 809 | 819 | (1.2) | 824 | 829 | (0.6) | |||
Intangible assets | 36 | 41 | (12.2) | 184 | 185 | (0.5) | |||
Total assets | 147,559 | 159,850 | (7.7) | 172,601 | 185,256 | (6.8) | |||
Liabilities | |||||||||
Due to banks - Amortised cost | 1,997 | 2,263 | (11.8) | 6,614 | 7,181 | (7.9) | |||
Due to customers - Amortised cost | 91,357 | 97,438 | (6.2) | 97,950 | 103,843 | (5.7) | |||
Debt securities issued - Amortised cost | 4,802 | 11,032 | (56.5) | 4,802 | 11,032 | (56.5) | |||
Other financial liabilities - Amortised cost | 3,157 | 3,189 | (1.0) | 4,333 | 3,926 | 10.4 | |||
Insurance liabilities and reinsurance payable | - | - | - | 5,072 | 5,509 | (7.9) | |||
Lease liabilities - Amortised cost | 2,012 | 1,637 | 22.9 | 1,408 | 1,554 | (9.4) | |||
Current tax liabilities | 532 | 295 | 80.3 | 898 | 536 | 67.5 | |||
Other liabilities | 1,001 | 1,391 | (28.0) | 1,172 | 1,633 | (28.2) | |||
Retirement benefit obligation | 794 | 779 | 1.9 | 925 | 897 | 3.1 | |||
Total liabilities | 105,652 | 118,024 | (10.5) | 123,174 | 136,111 | (9.5) | |||
Equity | |||||||||
Stated Capital | 19,230 | 19,230 | - | 19,230 | 19,230 | - | |||
Statutory reserve fund | 2,968 | 2,968 | - | 3,096 | 3,107 | (0.4) | |||
Retained earnings | 19,225 | 19,885 | (3.3) | 23,624 | 23,976 | (1.5) | |||
Other reserves | 484 | (257) | (288.3) | 1,107 | 432 | 156.3 | |||
Total equity attributable to equity holders of the | |||||||||
Company | 41,907 | 41,826 | 0.2 | 47,057 | 46,745 | 1 | |||
Non-controlling interest | - | - | - | 2,370 | 2,400 | (1.3) | |||
Total equity | 41,907 | 41,826 | 0.2 | 49,427 | 49,145 | 0.6 | |||
Total liabilities and equity | 147,559 | 159,850 | (7.7) | 172,601 | 185,256 | (6.8) | |||
Contingencies | 336 | 353 | (4.8) | 535 | 516 | 3.7 | |||
Commitments | 14,707 | 13,887 | 5.9 | 14,707 | 13,887 | 5.9 | |||
Net assets value per ordinary share (Rs.) | 19.45 | 19.41 | 0.2 | 21.84 | 21.70 | 0.6 | |||
CERTIFICATION
We certify that the above Interim Financial Statements are in compliance with the requirements of the Companies Act No. 7 of 2007.
(sgd.) | (sgd.) |
Priyankara Gangabadage | Sanjeewa Bandaranayake |
Senior Manager - Finance | Chief Executive Officer |
The Board of Directors is responsible for these Interim Financial Statements. | |
Approved and Signed for and on behalf of the Board: | |
(sgd.) | (sgd.) |
Y. Kanagasabai | K.C.J.C. Fonseka |
Director | Director |
11th Nov 2024 | |
Colombo. | |
* The above figures are provisional and subject to audit. |
1
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF PROFIT OR LOSS - COMPANY
For the period ended | For the quarter ended | |||||
30.09.2024 | 30.09.2023 | Change | 30.09.2024 | 30.09.2023 | Change | |
Rs. Mn. | Rs. Mn. | % | Rs. Mn. | Rs. Mn. | % | |
Unaudited | Unaudited | Unaudited | Unaudited | |||
Interest income | 12,676 | 14,714 | (13.9) | 6,293 | 7,249 | (13.2) |
Less: Interest expense | 6,258 | 9,343 | (33.0) | 2,883 | 4,395 | (34.4) |
Net interest income | 6,418 | 5,371 | 19.5 | 3,410 | 2,854 | 19.5 |
Fee and commission income | 815 | 695 | 17.3 | 451 | 396 | 13.9 |
Net gain/ (losses) on financial assets - FVTPL | 90 | 75 | 20.0 | 33 | 60 | (45.0) |
Other operating income | 216 | 66 | 227.3 | 136 | (5) | (2,820.0) |
Total operating income | 7,539 | 6,207 | 21.5 | 4,030 | 3,305 | 21.9 |
Less: Impairment charges and other losses for loans and | ||||||
receivables | 59 | 162 | (63.6) | 9 | (280) | (103.2) |
Net operating income | 7,480 | 6,045 | 23.7 | 4,021 | 3,585 | 12.2 |
Less: | ||||||
Personnel expenses | 2,139 | 1,955 | 9.4 | 1,098 | 1,085 | 1.2 |
Depreciation and Amortisation | 332 | 341 | (2.6) | 166 | 169 | (1.8) |
Other operating expenses | 1,638 | 1,256 | 30.4 | 870 | 632 | 37.7 |
Total operating expenses | 4,109 | 3,552 | 15.7 | 2,134 | 1,886 | 13.1 |
Operating profit before Tax on financial services | 3,371 | 2,493 | 35.2 | 1,887 | 1,699 | 11.1 |
Less: Taxes on financial services | 885 | 727 | 21.7 | 473 | 455 | 4.0 |
Profit before income tax | 2,486 | 1,766 | 40.8 | 1,414 | 1,244 | 13.7 |
Less: Income tax expense | 920 | 666 | 38.1 | 523 | 477 | 9.6 |
Profit for the period | 1,566 | 1,100 | 42.4 | 891 | 767 | 16.2 |
The above figures are provisional and subject to audit.
2
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF PROFIT OR LOSS - GROUP
For the period ended | For the quarter ended | |||||
30.09.2024 | 30.09.2023 | Change | 30.09.2024 | 30.09.2023 | Change | |
Rs. Mn. | Rs. Mn. | % | Rs. Mn. | Rs. Mn. | % | |
Unaudited | Unaudited | Unaudited | Unaudited | |||
Interest income | 14,377 | 16,365 | (12.1) | 7,156 | 8,120 | (11.9) |
Less: Interest expense | 6,780 | 9,870 | (31.3) | 3,137 | 4,673 | (32.9) |
Net interest income | 7,597 | 6,495 | 17.0 | 4,019 | 3,447 | 16.6 |
Net earned premiums | 2,522 | 2,166 | 16.4 | 1,300 | 1,086 | 19.7 |
Fee and commission income | 599 | 453 | 32.2 | 352 | 271 | 29.9 |
Net gain/ (losses) on financial assets - FVTPL | 108 | 77 | 40.3 | 55 | 60 | (8.3) |
Other operating income | 148 | 152 | (2.6) | 47 | 58 | (19.0) |
Total operating income | 10,974 | 9,343 | 17.5 | 5,773 | 4,922 | 17.3 |
Less: Impairment charges and other losses for | ||||||
loans and receivables | 85 | 96 | (11.5) | 10 | (381) | (102.6) |
Net operating income | 10,889 | 9,247 | 17.8 | 5,763 | 5,303 | 8.7 |
Less: | ||||||
Personnel expenses | 2,851 | 2,569 | 11.0 | 1,456 | 1,389 | 4.8 |
Depreciation and Amortisation | 299 | 310 | (3.5) | 147 | 155 | (5.2) |
Benefits, claims and underwriting expenditure | 1,725 | 1,578 | 9.3 | 863 | 809 | 6.7 |
Other operating expenses | 1,959 | 1,522 | 28.7 | 1,053 | 764 | 37.9 |
Total operating expenses | 6,834 | 5,979 | 14.3 | 3,519 | 3,117 | 12.9 |
Operating profit before Tax on financial | ||||||
services | 4,055 | 3,268 | 24.1 | 2,244 | 2,186 | 2.7 |
Less: Taxes on financial services | 927 | 746 | 24.3 | 494 | 469 | 5.3 |
Profit before income tax | 3,128 | 2,522 | 24.0 | 1,750 | 1,717 | 2.0 |
Less: Income tax expense | 1,245 | 844 | 47.5 | 699 | 590 | 18.5 |
Profit for the period | 1,883 | 1,678 | 12.2 | 1,051 | 1,127 | (6.7) |
Profit attributable to: | ||||||
Equity holders of the parent | 1,857 | 1,514 | 22.7 | 1,048 | 1,017 | 3.1 |
Non-controlling interest | 26 | 164 | (84.1) | 3 | 110 | (97.3) |
Profit for the period | 1,883 | 1,678 | 12.2 | 1,051 | 1,127 | (6.7) |
Basic/Diluted earnings per ordinary share (Rs.) | 0.86 | 0.70 | 22.9 | 0.49 | 0.47 | 4.3 |
The above figures are provisional and subject to audit.
3
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME - COMPANY
For the period ended | For the quarter ended | |||||
30.09.2024 | 30.09.2023 | Change | 30.09.2024 | 30.09.2023 | Change | |
Rs. Mn. | Rs. Mn. | % | Rs. Mn. | Rs. Mn. | % | |
Unaudited | Unaudited | Unaudited | Unaudited | |||
Profit for the period | 1,566 | 1,100 | 42.4 | 891 | 767 | 16.2 |
Other comprehensive income/(expenses) | ||||||
Other comprehensive income not to be reclassified to | ||||||
profit or loss in subsequent periods (net of tax): | ||||||
Actuarial gains/(losses) on defined benefit plans | - | - | - | - | - | - |
Deferred tax effect on above | - | - | - | - | - | - |
Financial assets-FVOCI | ||||||
Gains/ (losses) on re-measuring FVOCI financial assets | 34 | 145 | (76.6) | (8) | 116 | (106.9) |
Deferred tax effect on above | (11) | (43) | (74) | 2 | (35) | (105.7) |
Net other comprehensive income not to be reclassified to | ||||||
profit or loss in subsequent periods | 23 | 102 | (77.5) | (6) | 81 | (107.4) |
Other comprehensive income for the period, net of taxes | 23 | 102 | (77.5) | (6) | 81 | 107.4 |
Total comprehensive income for the period | 1,589 | 1,202 | 32.2 | 885 | 848 | 4.4 |
The above figures are provisional and subject to audit.
4
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME - GROUP
For the period ended | For the quarter ended | |||||
30.09.2023 | Change | 30.09.2023 | Change | |||
30.09.2024 | 30.09.2024 | |||||
Rs. Mn. | Rs. Mn. | % | Rs. Mn. | Rs. Mn. | % | |
Unaudited | Unaudited | Unaudited* | Unaudited | |||
Profit for the period | 1,883 | 1,678 | 12.2 | 1,051 | 1,127 | (6.7) |
Other comprehensive income/(expenses) | ||||||
Other comprehensive income to be reclassified to profit | ||||||
or loss in subsequent periods (net of tax): | ||||||
Net gains/(losses) arising from translating the Financial | ||||||
Statements of the foreign subsidiary | (97) | (121) | 19.8 | 120 | 123 | 2.4 |
Net other comprehensive income to be reclassified to | ||||||
profit or loss in subsequent periods | (97) | (121) | (19.8) | 120 | 123 | (2.4) |
Other comprehensive income not to be reclassified to | ||||||
profit or loss in subsequent periods (net of tax): | ||||||
Actuarial gains/(losses) on defined benefit plans | - | - | - | - | - | - |
Deferred tax effect on above | - | - | - | - | - | - |
Financial assets - FVOCI | ||||||
Gains/ (losses) on re-measuring FVOCI financial assets | 11 | 247 | (100.0) | (21) | 195 | 110.8 |
Deferred tax effect on above | (3) | (74) | 100.0 | 6 | (58) | (100.0) |
Net other comprehensive income not to be reclassified to | 8 | 173 | (95.4) | (15) | 137 | 110.9 |
profit or loss in subsequent periods | ||||||
Other comprehensive income for the period, net of | ||||||
taxes | (89) | 52 | (271.2) | 105 | 260 | 59.6 |
Total comprehensive income for the period | 1,794 | 1,730 | 3.7 | 1,156 | 1,387 | (16.6) |
Profit Attributable to : | ||||||
Equity holders | (37) | 94 | (139.4) | 49 | 185 | 73.5 |
Non-controlling interest | (52) | (42) | 24 | 56 | 75 | 100.0 |
Other comprehensive income for the period, net of | ||||||
taxes | (89) | 52 | (271.2) | 105 | 260 | 59.6 |
Total comprehensive income for the period | 1,794 | 1,730 | 3.7 | 1,156 | 1,387 | (16.6) |
The above figures are provisional and subject to audit.
5
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF CHANGES IN EQUITY - COMPANY
Other Reserves | ||||||
Total | ||||||
Statutory | Regulatory | Fair Value | Retained | |||
Equity | ||||||
Capital | Loss Allowance | |||||
Reserve Fund | Reserve | Earnings | ||||
Reserve | ||||||
Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | |
Balance as at 01.04.2023 | 18,016 | 2,791 | - | (571) | 19,557 | 39,793 |
Total comprehensive income for the period ended 30.09.2023 | ||||||
Profit for the period ended 30.09.2023 | - | - | - | 1,100 | 1,100 | |
Other comprehensive income (net of tax) | - | - | - | 145 | (43) | 102 |
Total comprehensive income for the period ended 30.09.2023 | - | - | - | 145 | 1,057 | 1,202 |
Transactions with equity holders, recognised directly in equity | ||||||
Dividend paid - cash | - | - | - | - | (1,429) | (1,429) |
Total transactions with equity holders | - | - | - | - | (1,429) | (1,429) |
Balance as at 30.09.2023 | 18,016 | 2,791 | - | (426) | 19,185 | 39,566 |
Balance as at 01.04.2024 | 19,230 | 2,968 | 100 | (357) | 19,885 | 41,826 |
Total comprehensive income for the period ended 30.09.2024 | ||||||
Profit for the period ended 30.09.2024 | - | - | - | - | 1,566 | 1,566 |
Other comprehensive income (net of tax) | - | - | - | 34 | (11) | 23 |
Total comprehensive income for the period ended 30.09.2024 | - | - | - | 34 | 1,555 | 1,589 |
Transactions with equity holders, recognised directly in equity | ||||||
Transfers to reserves during the period | - | - | 707 | - | (707) | - |
Dividend paid | - | - | - | (1,508) | (1,508) | |
Total transactions with equity holders | - | - | 707 | - | (2,215) | (1,508) |
Balance as at 30.09.2024 | 19,230 | 2,968 | 807 | (323) | 19,225 | 41,907 |
The above figures are provisional and subject to audit.
6
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF CHANGES IN EQUITY - GROUP
Other Reserves | |||||||||
Statutory | Regulatory | Foreign | Non- | ||||||
Reserve | Loss | currency | Retained | Total | |||||
Capital | FV Reserve | Total | controlling | ||||||
Fund | Allowance | translation | Earnings | Equity | |||||
Interest | |||||||||
Reserve | reserve | ||||||||
Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | |
Balance as at 01.04.2023 | 18,016 | 2,906 | - | (628) | 977 | 23,249 | 44,520 | 2,485 | 47,005 |
Total comprehensive income for the period ended 30.09.2023 | |||||||||
Profit for the period ended 30.09.2023 | - | - | - | - | - | 1,514 | 1,514 | 164 | 1,678 |
Other comprehensive income (net of tax) | - | - | - | 229 | (61) | (74) | 94 | (42) | 52 |
Total comprehensive income for the period ended 30.09.2023 | - | - | - | 229 | (61) | 1,440 | 1,608 | 122 | 1,730 |
Transactions with equity holders, recognised directly in equity | |||||||||
Transfers to reserves during the period | - | - | - | - | - | - | - | - | - |
Dividend paid - cash | - | - | - | - | - | (1,429) | (1,429) | - | (1,429) |
Total transactions with equity holders | - | - | - | - | - | (1,429) | (1,429) | - | (1,429) |
Balance as at 30.09.2023 | 18,016 | 2,906 | - | (399) | 916 | 23,260 | 44,699 | 2,607 | 47,306 |
Balance as at 01.04.2024 | 19,230 | 3,107 | 100 | (326) | 658 | 23,976 | 46,745 | 2,400 | 49,145 |
Total comprehensive income for the period ended 30.09.2024 | |||||||||
Profit for the period ended 30.09.2024 | - | - | - | - | - | 1,857 | 1,857 | 26 | 1,883 |
Other comprehensive income (net of tax) | - | - | - | 17 | (49) | (5) | (37) | (52) | (89) |
Total comprehensive income for the period ended 30.09.2024 | - | - | - | 17 | (49) | 1,852 | 1,820 | (26) | 1,794 |
Transactions with equity holders, recognised directly in equity | |||||||||
Sript dividend to Minority Shareholders | - | - | - | - | 21 | 21 | |||
Transfers to reserves during the period | - | (11) | 707 | - | - | (696) | - | - | - |
Dividend paid | - | - | - | - | - | (1,508) | (1,508) | (25) | (1,533) |
Total transactions with equity holders | - | (11) | 707 | - | - | (2,204) | (1,508) | (4) | (1,512) |
Balance as at 30.09.2024 | 19,230 | 3,096 | 807 | (309) | 609 | 23,624 | 47,057 | 2,370 | 49,427 |
The above figures are provisional and subject to audit.
7
INTERIM
FINANCIAL
STATEMENTS
STATEMENT OF CASH FLOWS
Company | Group | ||||
For the period ended 30th September | 2024 | 2023 | 2024 | 2023 | |
Rs. Mn. | Rs. Mn. | Rs. Mn. | Rs. Mn. | ||
Unaudited | Unaudited | Unaudited | Unaudited | ||
Cash flows from operating activities | |||||
Income from cash and cash equivalent | 465 | 332 | 466 | 333 | |
Payments to loans and receivables | (64,960) | (30,282) | (68,671) | (34,785) | |
Receipts from loans and receivables | 66,322 | 55,952 | 72,305 | 59,714 | |
Investment in balances with banks & financial institutions | (8,987) | (62,945) | (9,946) | (65,404) | |
Receipts from balances with banks & financial institutions | 18,711 | 77,208 | 20,253 | 80,804 | |
Investment in debt instrument at amortized cost | (20,076) | (23,758) | (24,715) | (26,080) | |
Receipts from debt instrument at amortized cost | 31,129 | 16,243 | 34,005 | 17,334 | |
Payment for due to customers | (82,865) | (79,240) | (82,769) | (79,112) | |
Receipts from due to customers | 71,128 | 63,486 | 70,852 | 63,938 | |
Receipt from other income | 2 | - | 94 | 86 | |
Investment in financial assets - fair value through profit or loss | (3,000) | - | (3,276) | (2) | |
Proceeds from financial assets - fair value through profit or loss | 4,170 | - | 4,184 | - | |
Receipt from Financial assets - Fair value through OCI | 82 | 82 | 152 | 124 | |
Investment in Financial assets - Fair value through OCI | - | - | - | - | |
Payment for lease liabilities | (344) | (337) | (234) | (228) | |
Payment for personnel expenses | (2,386) | (2,084) | (3,116) | (2,720) | |
Payment for other operating activities | (2,827) | (2,655) | (2,982) | (2,749) | |
Premium received from customers | - | - | 2,400 | 2,012 | |
Claims paid | - | - | (2,163) | (1,744) | |
Dividend income from investments | 1 | 106 | 2 | - | |
Gratuity paid | (48) | (32) | (54) | (40) | |
Income tax paid | (636) | (1,095) | (829) | (1,313) | |
Net cash generated from/(used in) operating activities | 5,881 | 10,981 | 5,958 | 10,168 | |
Cash flows from investing activities | |||||
Purchase of property, plant and equipment | (50) | (43) | (100) | (52) | |
Proceeds from the sale of property, plant and equipment | - | 107 | 12 | 114 | |
Purchase of intangible assets | - | - | (7) | (37) | |
Net cash (used in)/generated from investing activities | (50) | 64 | (95) | 25 | |
Cash flows from financing activities | |||||
Payment for due to banks | (4,229) | (4,324) | (5,279) | (5,279) | |
Borrowing from due to banks | 4,000 | - | 5,050 | 1,591 | |
Payment for debt securities issued | (6,613) | (6,594) | (6,613) | (6,449) | |
Borrowing from debt securities issued | - | - | - | - | |
Dividend paid to non-controlling interest | - | - | (4) | (58) | |
Net cash (used in)/generated from financing activities | (8,350) | (12,342) | (8,354) | (11,619) | |
Net (decrease) in cash & cash equivalents | (2,519) | (1,297) | (2,491) | (1,426) | |
Cash and cash equivalents at the beginning of the period | 9,220 | 5,792 | 9,112 | 5,173 | |
Cash and cash equivalents at the end of the period | 6,701 | 4,495 | 6,621 | 3,747 | |
Cash and cash equivalents | 7,106 | 4,764 | 7,547 | 5,233 | |
Bank overdraft | (405) | (269) | (926) | (1,486) | |
Cash and cash equivalents at the end of the period | 6,701 | 4,495 | 6,621 | 3,747 | |
The above figures are provisional and subject to audit.
8
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |