7
6
5
4
3
2
1
Page
Investor Relations


US$ Income Statement

Group Bank
For the year ended December 31, 2011 2010 Change 2011 2010 Change
US$ ’000 US$ ’000 % US$ ’000 US$ ’000 %
Income 398,819 373,037 6.91 398,977 373,395 6.85
Interest income 329,822 311,953 5.73 330,168 312,409 5.68
Less: Interest expenses 172,175 164,709 4.53 172,306 164,824 4.54
Net interest income 157,647 147,244 7.07 157,862 147,585 6.96
Foreign exchange profit 20,365 15,656 30.08 20,365 15,656 30.08
Fees and commission income 33,329 28,956 15.10 33,330 28,957 15.10
Other income 15,303 16,472 (7.10) 15,114 16,373 (7.69)
Operating Income 226,644 208,328 8.79 226,671 208,571 8.68
Less: Operating Expenses
Personnel expenses 49,259 46,321 6.34 48,787 45,958 6.16
Premises, equipment and establishment expenses 25,295 22,942 10.26 25,069 22,424 11.80
Fees and commission expenses 3,515 2,492 41.05 3,515 2,492 41.05
Provision for staff retirement benefits 4,545 4,305 5.57 4,519 4,290 5.34
Loan losses and provisions 13,186 10,721 22.99 13,186 10,721 22.99
Other overhead expenses 33,830 38,007 (10.99) 35,213 38,896 (9.47)
129,630 124,788 3.88 130,289 124,781 4.41
Profit from operations 97,014 83,540 16.13 96,382 83,790 15.03
Add: Share of profit of Associates 80 97 (17.53) – – –
Profit before taxation 97,094 83,637 16.09 96,382 83,790 15.03
Less: Income Tax Expense 26,083 34,087 (23.48) 25,786 34,120 (24.43)
Net Profit for the year 71,011 49,550 43.31 70,596 49,670 42.13
Attributable to:
Equity holders of the Parent 71,009 49,528 43.37 70,596 49,670 42.13
Minority Interest 2 22 (90.91) – – –
71,011 49,550 43.31 70,596 49,670 42.13
Basic Earnings per Share (US$) 0.09 0.06 50.00 0.09 0.06 50.00
Diluted Earnings per Share (US$) 0.09 0.06 50.00 0.09 0.06 50.00
Dividend per Ordinary Share (US$) – – – 0.05 0.06 (16.67)
             

US DOLLAR ACCOUNTS

The Income Statement and the Balance Sheet in US Dollars are solely for the convenience of shareholders, investors, bankers and other users of Financial Statements and do not form part of the Financial Statements.



US$ Balance Sheet

Group Bank
As at December 31, 2011 2010 Change 2011 2010 Change
US$ ’000 US$ ’000 % US$ ’000 US$ ’000 %
Assets
Cash and short term funds 219,608 95,362 130.29 219,397 94,937 131.10
Balances with Central Banks 152,131 109,612 38.79 152,131 109,612 38.79
Government Treasury Bills and Bonds 878,197 1,030,041 (14.74) 878,197 1,030,041 (14.74)
Securities purchased under resale agreements 13,526 616 2,095.78 13,526 616 2,095.78
Dealing securities 2,818 2,548 10.60 2,818 2,548 10.60
Investment securities 30,764 21,273 44.62 30,764 21,273 44.62
Bills of exchange 66,145 47,585 39.00 66,145 47,585 39.00
Lease receivable 182,284 97,089 87.75 183,657 99,087 85.35
Loans and advances 2,174,686 1,805,100 20.47 2,174,712 1,805,113 20.48
3,720,159 3,209,226 15.92 3,721,347 3,210,812 15.90
Investments in associates 747 716 4.33 389 399 (2.51)
Investments in subsidiaries – – – 2,568 3,183 (19.32)
Interest and fees receivable 22,378 16,946 32.05 22,378 16,946 32.05
Property, plant & equipment 74,590 59,256 25.88 69,360 53,323 30.08
Leasehold property 993 1,031 (3.69) 686 712 (3.65)
Other assets 48,316 38,659 24.98 48,466 38,733 25.13
Intangible assets 4,167 3,824 8.97 4,097 3,771 8.64
Total Assets 3,871,350 3,329,658 16.27 3,869,291 3,327,879 16.27
Liabilities
Deposits 2,793,020 2,335,832 19.57 2,793,521 2,336,141 19.58
Borrowings 174,536 129,235 35.05 174,536 129,235 35.05
Securities sold under repurchase agreements 360,452 410,602 (12.21) 361,714 411,641 (12.13)
Current tax liabilities 9,993 22,077 (54.74) 9,978 22,015 (54.68)
Deferred tax liabilities 12,014 8,927 34.58 11,645 8,026 45.09
Debentures 8,537 19,128 (55.37) 8,537 19,128 (55.37)
Other liabilities 121,592 102,246 18.92 121,405 102,214 18.78
Total Liabilities 3,480,144 3,028,047 14.93 3,481,336 3,028,400 14.96
Equity Attributable to Equity Holders’ of the Parent
Stated capital 144,508 97,223 48.64 144,508 97,223 48.64
Statutory reserves 25,354 22,229 14.06 25,354 22,229 14.06
Other reserves 221,084 181,920 21.53 218,093 180,027 21.14
Shareholders’ Funds 390,946 301,372 29.72 387,955 299,479 29.54
Minority interest 260 239 8.79 – – –
Total Equity 391,206 301,611 29.71 387,955 299,479 29.54
Total liabilities and equity 3,871,350 3,329,658 16.27 3,869,291 3,327,879 16.27
Commitments and contingencies 2,057,466 1,768,140 16.36 2,057,466 1,768,140 16.36
Net Assets value per ordinary share (US$) 0.48 0.39 23.08 0.47 0.39 20.51

Decade at a glance

Bank

Year Ended
December 31, 		2002 2003 2004 2005 2006 2007 2008 2009 2010 2011   CAGR
Rs. Mn.   (%)
OPERATING RESULTS
Income 8,364 10,059 12,290 16,100 24,470 35,223 44,115 43,741 41,522 45,484   18.68
Interest income 6,613 7,931 9,584 13,034 19,532 30,503 37,188 35,925 34,740 37,639
Interest expenses (3,747) (4,218) (4,878) (7,226) (11,955) (18,951) (24,336) (23,515) (18,328) (19,643)
Foreign exchange profit 464 397 874 587 1,439 1,545 2,633 2,962 1,741 2,322
Commission & other income 1,097 1,731 1,832 2,479 3,499 3,175 4,294 4,854 5,041 5,523
Operating expenses & provisions (2,902) (3,887) (4,908) (5,232) (8,301) (9,567) (12,259) (13,035) (13,876) (14,853)
Profit before income tax 1,525 1,954 2,504 3,642 4,214 6,705 7,520 7,191 9,318 10,988   23.56
Income tax on profit (321) (477) (819) (1,278) (2,201) (2,601) (3,252) (2,887) (3,794) (2,940)
Net profit for the year 1,204 1,477 1,685 2,364 2,013 4,104 4,268 4,304 5,524 8,048   23.07
As at December 31,
ASSETS
Cash and short term funds 1,835 9,002 12,136 18,663 13,739 16,208 24,115 24,057 10,557 25,011
Balances with Central Banks 3,244 5,233 6,320 9,045 12,574 11,576 10,322 11,795 12,189 17,343
Government Treasury Bills and Bonds 9,436 16,530 19,900 21,218 32,065 49,863 51,633 96,671 114,541 100,114
Commercial paper 1,080 546 560 408 423 – – – – –
Securities purchased under re-sale agreements 832 6,184 399 808 4,593 3,804 3,400 5,203 68 1,542
Dealing securities – – 110 182 145 207 58 81 283 321
Investments held for sale – – – – 218 205 – – – –
Investments held to maturity 905 2,006 2,340 3,091 1,394 1,756 1,197 1,025 2,366 3,507
Bills of Exchange 2,552 2,495 2,799 2,790 3,204 3,195 3,059 2,847 5,291 7,541
Lease receivable 1,921 3,364 5,317 7,088 9,482 10,945 9,484 7,794 11,019 20,937 21.14
Loans and advances 47,350 60,585 82,605 108,884 137,846 160,184 167,858 161,329 200,729 247,917
69,155 105,945 132,486 172,177 215,683 257,943 271,126 310,802 357,043 424,233
Investments in Associate Companies 78 78 109 107 44 44 44 44 44 44
Investments in Subsidiary Companies 424 429 429 434 434 434 434 279 354 293
Other assets 2,149 2,167 2,553 4,177 4,336 5,751 5,512 6,808 6,191 8,078
Property, Plant & Equipment and Intangible Assets 1,546 1,661 2,896 3,182 3,477 3,768 4,098 4,382 6,428 8,452
Total Assets 73,352 110,280 138,473 180,077 223,974 267,940 281,214 322,315 370,060 441,100   22.25
LIABILITIES
Deposits from customers 54,585 75,185 98,730 127,601 157,496 183,110 199,881 234,745 259,779 318,461   21.27
Dividends payable 118 190 230 230 113 113 – – – –
Borrowings 4,200 5,406 9,090 13,387 18,944 18,752 13,620 11,639 14,371 19,897
Securities sold under re-purchase agreements 1,938 10,580 9,050 11,389 14,330 23,342 25,075 29,905 45,774 41,235
Other liabilities 4,218 4,843 3,735 6,331 9,122 10,308 10,646 12,888 12,259 15,168
Tax payable 39 148 483 818 1,446 1,698 1,665 1,203 2,448 1,138
Debentures 500 2,244 3,244 4,553 6,680 6,680 4,436 3,436 2,127 973
65,598 98,596 124,562 164,309 208,131 244,003 255,323 293,816 336,758 396,872
SHAREHOLDERS’ FUNDS
Share/Stated capital 1,324 2,603 2,603 3,327 2,428 10,515 10,548 10,608 10,811 16,474
Statutory Reserves 1,009 1,009 1,009 1,421 1,429 1,634 1,896 2,164 2,472 2,890
Reserves 5,421 8,072 10,299 11,020 11,986 11,788 13,447 15,727 20,019 24,863
Total Liabilities & Shareholders’ Funds 73,352 110,280 138,473 180,077 223,974 267,940 281,214 322,315 370,060 441,099   22.25
Commitments and contingencies 24,082 38,158 43,942 47,154 56,418 116,212 115,809 146,072 196,617 234,551
CAGR - Compounded Annual Growth Rate

Bank

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011   CAGR
RATIOS                        
Return on average Shareholders’ Funds (%) 16.61 15.20 13.16 15.93 12.73 20.63 17.13 15.83 17.87 20.76
Income growth (%) 1.96 20.26 22.17 31.00 51.99 43.95 25.25 (0.85) (5.07) 9.54
Return on average assets (%) 1.82 1.61 1.35 1.48 1.00 1.67 1.55 1.43 1.60 1.98
Rate of dividend (%) 50.00 50.00 60.00 45.00 50.00 – – – – –
Dividend per share (Rs.) – – – – – 7.00 7.00 7.00 7.00 6.00
Ordinary share dividend
cover (times) 		5.20 3.70 3.48 3.34 2.54 2.29 2.42 2.46 2.09 1.64
Gross dividends to
ordinary shareholders (Rs. Mn.) 		208.95 348.25 420.00 639.36 714.00 1,743.13 1,745.81 1,751.47 2,642.25 4,904.70
Advances to deposits and refinance (%) 92.59 86.16 89.52 90.64 92.49 91.75 87.12 70.88 80.97 84.57
Property,Plant & Equipment to
Shareholders’ Funds (%) 		19.93 14.22 20.81 20.75 21.33 15.74 15.83 15.38 19.30 19.11
Total assets to shareholders’ funds (times) 9.46 9.44 9.95 11.42 14.14 11.19 10.86 11.31 11.11 9.97
Capital funds to liabilities including
contingent liabilities (%) 		8.65 8.54 8.26 7.46 6.05 7.87 6.98 6.48 6.26 7.00
Cost/Income Ratio (%) 55.46 55.87 56.78 54.28 61.10 47.87 50.46 56.86 54.69 51.66
Liquid assets to liabilities (%) 27.88 23.95 23.17 24.51 22.64 24.24 24.83 38.80 29.74 26.21
(As specified in the Banking
Act No. 30 of 1988)
Group Capital
Adequacy (%)        Tier I 		14.94 13.43 10.78 9.68 7.62 10.60 10.55 11.92 10.86 12.11
                               Tier I & II 15.07 15.46 13.16 12.08 11.58 13.71 13.13 13.93 12.26 13.01
SHARE INFORMATION
Market value of a share (Rs.) 200.00 144.00 159.75 135.50 190.00 147.00 67.00 189.50 259.90 100.00
Earnings per share (Rs.) 2 2 2 3 3 5 6 6 7 10
Price earnings ratio (times) 5 8 8 9 15 9 4 11 18 10
Net assets value per share (Rs.) 13 16 19 22 24 30 34 38 44 54
Earnings yield (%) 13 13 13 11 5 11 25 9 6 10
Dividend payout ratio (%) - Cash 18 27 29 30 39 44 41 41 34 41
Total dividend payout ratio (%) – – – – – – – – 48 61
OTHER INFORMATION
Number of employees 2,399 2,648 2,863 3,168 3,415 3,745 4,041 4,071 4,321 4,524
Number of delivery points -
Sri Lanka 		109 116 125 134 150 163 170 172 187 213 8.69
Number of delivery points -
Bangladesh 		– 4 4 5 7 9 11 15 17 17  
Number of Automated
Teller Machines 		143 166 188 223 278 301 346 368 414 514   16.78

Group Structure

© All rights reserved. Commercial Bank of Ceylon PLC.

Back to Top