Stated capital | Reserves | |||||
For the year ended 31 December | Ordinary voting shares LKR |
Statutory reserve LKR |
Retained earnings LKR |
Available-for-sale reserve/fair value through OCI LKR |
General reserves LKR |
Total Equity LKR |
Balance as at 1 January 2017 | 4,062,961,714 | 172,372,786 | 1,249,742,154 | (12,453,979) | 46,656,973 | 5,519,279,648 |
Profit for the year | – | – | 507,823,532 | – | – | 507,823,532 |
Other comprehensive income (net of tax) | – | – | 2,077,254 | – | – | 2,077,254 |
Total comprehensive income for the year | – | – | 509,900,786 | – | – | 509,900,786 |
Transactions with equity holders, recognised directly in equity | ||||||
Share issue/increase of assigned capital | 1,461,340,020 | – | – | – | – | 1,461,340,020 |
Scrip dividend | 234,387,477 | – | (262,498,600) | – | – | (28,111,123) |
Transfer to statutory reserve fund | – | 25,391,177 | (25,391,177) | – | – | – |
Dividends to equity holders | – | – | (131,249,300) | – | – | (131,249,300) |
Total transactions with equity holders | 1,695,727,497 | 25,391,177 | (419,139,077) | – | – | 1,301,979,597 |
Balance as at 31 December 2017 | 5,758,689,211 | 197,763,963 | 1,340,503,863 | (12,453,979) | 46,656,973 | 7,331,160,031 |
Balance as at 31 December 2017 | 5,758,689,211 | 197,763,963 | 1,340,503,863 | (12,453,979) | 46,656,973 | 7,331,160,031 |
Impact of adoption of SLFRS 9 as at 1 January 2018 (Note 43) | – | – | (37,054,387) | – | – | (37,054,387) |
Restated balance under SLFRS 9 as at 1 January 2018 | 5,758,689,211 | 197,763,963 | 1,303,449,476 | (12,453,979) | 46,656,973 | 7,294,105,644 |
Profit for the year | – | – | 356,950,119 | – | – | 356,950,119 |
Other comprehensive income (net of tax) | – | – | (33,116,620) | (3,388,111) | – | (36,504,731) |
Total comprehensive income for the year | – | – | 323,833,499 | (3,388,111) | – | 320,445,388 |
Transactions with equity holders, recognised directly in equity | ||||||
Scrip dividend | 162,848,915 | – | (191,726,035) | – | – | (28,877,120) |
Dividends to equity holders | – | – | (136,947,168) | – | – | (136,947,168) |
Transfer to statutory reserve fund | – | 17,847,506 | (17,847,506) | – | – | – |
Total transactions with equity holders | 162,848,915 | 17,847,506 | (346,520,708) | – | – | (165,824,287) |
Balance as at 31 December 2018 | 5,921,538,126 | 215,611,469 | 1,280,762,267 | (15,842,090) | 46,656,973 | 7,448,726,745 |
Every licensed specialised bank has to make a provision not less than 5% out of profit after tax to the Statutory Reserve Fund. Such provision should be made annually as stipulated by the Banking Act No. 30 of 1988 as amended by Banking (Amendment) Act No. 33 of 1995 until the said reserve fund is equal to 50% of the equity capital of the Bank. Thereafter, the Bank has to make a provision not less than 2% out of profit after tax to the Statutory Reserve Fund until the said Fund is equal to the equity capital of the Bank.
The general reserve is created after provisioning for a statutory reserve fund and interim dividend payments for the respective shareholders, this reserve will be used by the Bank for the future capitalisation purposes of the Bank.
The available for sale reserve is consist of fair value adjustment made to unquoted equity investment.
The Accounting Policies and Notes on pages 128 through 184 from an integral part of the Financial Statements.