DOCSLIB.ORG

371 1614591002086.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
371 1614591002086.Pdf Contents About this Report – 02 About DFCC Bank – 03 A Pioneer’s Journey – 04 DFCC Group Structure – 05 Highlights – 06 Leadership 08 Message from the Chairman – 08 Chief Executive’s Review – 10 Board of Directors – 13 Corporate Management – 17 Management Team – 18 20 Business Model Our Value Creation Model – 20 Operating Environment – 22 Strategic Direction and Outlook – 24 Stakeholders – 26 Materiality – 30 Management 32 Discussion and Analysis Financial Capital – 32 Institutional Capital – 46 Investor Capital – 51 Customer Capital – 54 Employee Capital – 63 Business Partner Capital – 68 Social and Environmental Capital – 71 Financial By combining the 145 Reports commercial banking mindset with the Financial Calendar – 146 development banking Statement of Directors’ Responsibilities mindset we have crafted in Relation to Financial Statements – 147 over 65 years, DFCC Chief Executive’s and Chief Financial Bank is well placed to Officer’s Statement of Responsibility – 148 leverage this expertise to build long-lasting Independent Auditors’ Report – 149 relationships that Income Statement – 154 benefit both our customers and our bank. Statement of Profit or Loss and other Comprehensive Income – 155 J Durairatnam Statement of Financial Position – 156 Chairman Statement of Changes in Equity – 158 Statement of Cash Flows – 160 Notes to the Financial Statements – 163 Other Disclosures – 297 The Bank’s agility was on full display in 2020 as it fully embraced its goal of becoming a customer centric, digital-first bank to serve our customers during unprecedented times. L H A L Silva Chief Executive Officer Supplementary Recognition Stewardship 77 79 301 Information Awards and Accolades – 77 Integrated Risk Management – 79 Quantitative Disclosures Key Events of the Year – 78 as per Schedule III of Banking w Corporate Governance – 104 Act Direction No. 01 of 2016, Capital Annual Report of the Board of Requirements under Basel III – 302 Directors on the State of the Affairs of the Bank – 124 Main Features of Regulatory Capital Instruments – Bank/Group – 318 Board Committee Reports – 131 Ten Year Summary – 323 Directors’ Statement of Internal Control – 140 Corporate Information – 324 Independent Assurance Report – 143 About this as in the past, complies with all Report applicable laws, regulations, and standards. This Annual Report has been prepared in accordance with the following: Statutory Frameworks Companies Act No. 07 of 2007 Sri Lanka Financial Reporting Standards Listing Rules of the Colombo Stock Exchange Reporting Frameworks GRI Standards International Integrated Reporting Council’s Integrated Reporting Framework* Smart Integrated Reporting Methodology™ This Annual Report is available as: This Integrated Annual Report serves as a disclosure of our strategy, governance, performance, and prospects and how Assurance A concise Integrated they help to create sustainable value Annual Report in print form within our operating environment. Provided by KPMG Sri Lanka on the Financial Statements, including the Notes to the Reporting period Accounts and boundary DFCC Bank’s Annual Report for 2020 * As provided in paragraphs 2.10 and 2.17-2.19 Online HTML covers the 12-month period from of the Integrated Reporting Framework, organisations are not required to adopt the 1 January 2020 to 31 December 2020. Framework’s categorisation of capitals and Our reporting covers DFCC Bank PLC as such, the capitals have been categorised (“DFCC Bank” or “Bank”) and the DFCC in a way that best describes the Bank’s value Bank Group (“Group”) comprising the creation process. CD and Bank and its subsidiaries, a joint venture PDF formats company, and an associate company. Precautionary The respective entities are duly identified where applicable. principle We take due cognisance of the social The “Perennial Compendium” Compliance and environmental consequences of available on the DFCC our actions, both direct and indirect. Bank website tracks As declared on page 13 the Board of The latter are more significant and arise the Bank’s activities Directors of DFCC Bank, in the spirit of from our lending operations, which are throughout the year good governance, accepts responsibility addressed through credit policies, post for the entirety of this Annual Report disbursement supervision, and risk 2020. The information contained herein, management processes. 2 DFCC Bank PLC Annual Report 2020 About DFCC Bank Established in 1955 as the first development bank in Sri Lanka and one of the oldest in the region, DFCC Bank has been the lender of choice for Vision trailblazing Sri Lankan entrepreneurs and continues to be the preferred lender To be the leading financial solutions for “Green” development projects provider sustainably developing including waste-to-energy, hydro, wind, individuals and businesses. and solar energy projects. Having honed its expertise in project lending for over six decades, the Bank turned to commercial banking in 2015. Today, DFCC Bank provides comprehensive development and commercial banking Mission services and is at the forefront of To provide innovative and responsible pioneering digitally-enabled products solutions true to our values with the and services, offering customers expertise of our multi-disciplinary team unparalleled service, convenience, of professionals and synergies of our and value. financial services group. Reach DFCC Bank delivers its services through 139 branches island-wide. Customers have access to over 4,500 ATMs across Values the country via the LankaPay ATM network and can avail themselves of the Bank’s services via online and mobile banking and DFCC MySpace, the Bank’s self-banking solution. Find more details Customer-centric on the Bank’s branch network on page 56. Innovative Professional Values Ethical Team-oriented Socially Responsible Accountable DFCC Bank PLC Annual Report 2020 3 A Pioneer’s Journey 1955 1995 2008 DFCC is incorporated under an Act Asia Money ranks DFCC as the Best Acuity Partners (Pvt) Limited commences of Parliament and is one of the first Managed Company in Sri Lanka. commercial operations. development banks to be instituted in Asia. 1996 2011 1956 Fixed Deposit Mobilisation is introduced. Shareholding in DFCC Vardhana Bank DFCC becomes the first bank to be listed Sri Lanka’s first BOO Power Project is increased to 99.1%. on the Colombo Brokers’ Association, the commissioned, financed by DFCC. precursor to the Colombo Stock Exchange. 2014 1977 1997 Appointed by GOSL to administer the EUR 90 Mn Credit Line from the European Association of Development Financing Appointed as the Administrative Unit of the Investment Bank. Institutions in Asia and the Pacific (ADFIAP) Energy Services Delivery Project funded by is formed with DFCC as a founder member. the World Bank. 2015 1984 1999 DFCC Bank and DFCC Vardhana Bank are amalgamated in October to form DFCC Finance Leasing is officially introduced. Asia Money ranks DFCC as the Best Bank PLC. Managed Company of the Decade. 1985 2016 2000 An Insurance Agency business is commenced. DFCC Virtual Wallet launches as yet another Structured and managed Sri Lanka’s Medium-term Working Capital Financing is financial inclusion enabler by DFCC Bank, first Rated Debenture Issue for Sri Lanka officially introduced. a first in Sri Lanka’s banking industry. Telecom. 1986 2017 2001 The Head Office is inaugurated. DFCC Bank launches DFCC Premier Go app DFCC acquired ABN AMRO Securities (Pvt) to empower Premier customers. Limited and renamed the company to DFCC Stock Brokers (Pvt) Limited. 1988 The first branch in Kandy is opened. 2018 2002 DFCC Bank launches DFCC iConnect, a cutting-edge payments solution for Fitch Ratings Lanka Limited assigned the 1989 businesses. SLAA National Rating for Implied Long-Term DFCC Credit Cards relaunched with Short-term Working Capital Financing is Unsecured Senior Debt of DFCC Bank. officially introduced. EMV-enabled chip and Visa payWave Managed the IPO of Sri Lanka Telecom – contactless technology. the largest offering on the Colombo Stock DFCC Bank crowned as one of Sri Lanka’s Exchange. “Most Admired Companies” by Chartered 1991 Institute of Management Accounts (CIMA) Appointed as the Administrative Unit of NAMAL is officially founded. and the International Chamber of Commerce the Renewable Energy for Rural Economic Sri Lanka (ICCSL) Development project funded by the World Bank. 1992 2020 Lanka Industrial Estates Limited is founded. 2003 DFCC Bank awarded the No. 1 Cash Lanka Ventures Limited is founded. Management Service Provider in Sri Lanka DFCC acquires 94.16% of MERC Bank and by Euromoney. renames it as DFCC Vardhana Bank. DFCC Bank awarded Market Leader in Cash 1993 Management (Domestic Banks) and Best Services in Cash Management in Sri Lanka Reached No. 1 position in Market by Asiamoney. Capitalisation. 2004 DFCC Consulting is founded. 4 DFCC Bank PLC Annual Report 2020 DFCC Group Structure Subsidiaries Joint Venture Acuity Partners Lanka Industrial DFCC Consulting (Pvt) Limited (Pvt) Limited Estates Limited Incorporated – 7 February 2008 Incorporated – 9 September 2004 Incorporated – 12 March 1992 Principal activity – Investment Principal activity – Consultancy Principal activity – Operating banking and related activities an industrial estate such as corporate finance, debt Directors structuring and IPOs Directors L H A L Silva L H A L Silva – Chairman R A Dasanayake Directors Dr A Saarrankan T W de Silva A J Alles – Chairman R A Dasanayake M R Abeywardena – MD T W de Silva R Dissanayake Dr R M K Ratnayake D Pallewatte
Load more

Recommended publications
  • Biometric Cardholder Authentication Pioneering the Way with Security Why Digital Ids Won't Replace Physical Identity Cards
    The Offi cial Publication of the International Card Manufacturers Association August 2021 Volume 31 • No. 4 Biometric Cardholder Authentication Pioneering the Way with Security Why Digital IDs Won’t Replace Physical Identity Cards Any Time Soon Selecting the Right Ink Technology for ID Card Printing Bringing Security to Contactless Biometric Payment Cards founder /executive director is published by CMA for ICMA. Please Enter the 2021 Élan Awards of Excellence! submit all articles, news releases and advertising to: | By Jeffrey E. Barnhart CARD MANUFACTURING™ C/O: CMA With hundreds of entries from around the globe each year, the Élan 191 Clarksville Road Awards of Excellence celebrate the world’s most impressive cards and Princeton Junction, New Jersey 08550 USA card technologies. The competition, which was designed to drive innovation within the card industry, recognizes Founder/Executive Director winners in three categories—card manufacturing, personalization & fulfillment and card Jeffrey E. Barnhart [email protected] suppliers. Judging is based on a quantifi able scoring system with criteria in nine categories. Winners will be announced during a special ceremony at the 2021 ICMA Card Manufacturing Operations and Member Experience Manager and Personalization EXPO from November 7-10 in Orlando, Florida. Michael Canino [email protected] Open to ICMA members only, entries for the 2021 Élan Awards of Excellence are due by Association Manager September 1. The competition honors world-class achievements in the following categories: Lynn McCullough [email protected] Secure Payments Cards; Loyalty, Promotional and Gift Cards; ID and Access Control Cards; Personalization & Fulfillment Product, Service or Project; Unique Innovation and Best Managing Editor Jennifer Kohlhepp Supplier/Vendor New Product, Service or Innovation.
    [Show full text]
  • BANKNOTES of SRI LANKA
    The BANKNOTES of the Socialist Republic of SRI LANKA In 1972 Ceylon became the Free, Sovereign and Independent Republic of Sri Lanka or Sri Lanka The Central Bank of Ceylon did not become the Central Bank of Sri Lanka until 1985. Central Bank of Ceylon Flora and Fauna Issue of 1979 - 1985 According to Owen Linzmayer, this series should be listed as a Ceylon issue. P-84/B338 P-83a 5 rupees P-85 B337 B339 2 rupees 10 rupees The SCWPM, however, lists this series as the beginning of the Sri Lanka issues. Flora and Fauna issue of the Bank of Ceylon P-86a/B340 20 rupees P-87a/341 50 rupees P-88a/B342 100 rupees Historical issue of the Bank of Ceylon Central Bank of Ceyon P-89a/B348 P-90a/B349 500 rupees 1000 rupees Stone relief of Upper Kothmale elephant from Dam Temple of the -- Sacred Tooth, Kandy Peacock -- Anuradhapura Temple From Ceylon to Sri Lanka Archaeological and Historical Issues 1982 - 1985 1987 -1990 Central Bank of Ceylon Central Bank of Sri Lanka Above: Temple of P-92b P-96a the Sacred Tooth B344b B101a Relic in Kandy. Dagoba Raja Maha Vihare Temple in Kelaniya. Archaeological and Historical Issue Central Bank of Ceylon and Central Bank of Sri Lanka 1982 – 1985 1987 – 1990 P-93 & 97 P-94 & 98 P-95 & 99 B345 & B102 B346 &B103 B347 & B104 20 rupees 50 rupees 100 rupees Moonstone Raja Maha Stone relief Steps Temple of Chinthe. -- -- -- Thuparama Headless Parliament Dagoba Buddha Building Temple To conserve space, only one example of each of the two Pick numbers are illustrated.
    [Show full text]
  • Expolanka Holdings Plc Integrated Annual Report
    EXPOLANKA HOLDINGS PLC INTEGRATED ANNUAL REPORT 2020/21 EXPOLANKA HOLDINGS PLC | INTEGRATED REPORT 2020/21 2 fruitionEXPOLANKA HOLDINGS PLC | INTEGRATED ANNUAL REPORT 2020/21 At Expolanka, we remain fully committed to our promise made several years ago, to drive long term sustainable value, by adapting a focused, constant and consistent strategy. Even though the year under review post several challenges, we were able to pursue our said strategies and bring to fruition our plans for progress which was fueled by our innate resilience and strength. The seeds we planted have taken root and we keep our focus upward, expanding in our focused direction in order to adapt to the current environment. We remain fruitful in our optimism, our can-do attitude and endurance, a recipe for success that will carry us through to more opportunity. Overview EXPOLANKA HOLDINGS PLC | INTEGRATED ANNUAL REPORT 2020/21 2 CONTENTS Chairman’s Overview Compliance Reports 12 About Us 3 Corporate Governance 71 Message About this Report 4 Risk Management Report 93 Group Milestones 5 Related Party Transactions Financial Highlights 6 Review Committee Report 101 15 Group CEO’s Highlights of the Year 7 Remuneration Committee Report 103 Review Chairman’s Message 12 Group CEO’s Review 15 Financial Reports Board of Directors 18 Annual Report of the Board of Directors Group Senior Management Team 20 on the Affairs of the Company 108 23 Financial Indicators 22 The Statement of Directors’ Responsibility 112 Performance Group Performance 23 Audit Committee Report 113 Overcoming
    [Show full text]
  • Annual Report 2012/2013
    THE PURSUIT OF EXCELLENCE One hundred years of passion, hard work and perseverance have brought to where we are today: a highly respected, fast growing blue chip conglomerate with interests in several key growth industry sectors: beverages, telecommunications, plantations, hotels, textiles, finance, insurance, power genaration, media and logistics. And yet, we will not rest. Our story is far from over. Indeed, it has only just begun. Look to us for even greater achievements as we step into the next century of our lifetime, to build further upon our current successes. DCSL. 100 years in the passionate pursuit of excellence. Distilleries Company of Sri Lanka PLC | Annual Report 2012/13 1 Financial Highlights 2013 2012 2013 2012 Group Group Company Company Summary of Results Gross Turnover Rs Mn 65,790 63,125 51,549 49,136 Excise Duty Rs Mn 37,024 36,150 34,088 33,860 Net Turnover Rs Mn 28,766 26,975 17,461 15,276 Profit After Tax Rs Mn 5,258 6,052 6,873 4,297 Shareholders Funds Rs Mn 47,978 41,576 39,155 32,597 Working Capital Rs Mn (1,298) (3,234) (6,139) (21,374) Total Assets Rs Mn 78,245 73,355 55,942 62,563 Staff Cost Rs Mn 3,194 3,155 1,039 1,080 No. of Employees 18,674 18,158 1,343 1,389 Per Share Basic Earnings* Rs. 17.13 18.45 10.68 11.85 Net Assets Rs. 159.93 138.59 130.52 108.66 Dividends Rs. 3.00 3.00 3.00 3.00 Market Price - High Rs.
    [Show full text]
  • TEEJAY LANKA PLC - ANNUAL REPORT 2017/18 Scan the QR Code with Your Smart Device to View This Report Online
    POISED FOR THE FUTURE TEEJAY LANKA PLC - ANNUAL REPORT 2017/18 Scan the QR Code with your smart device to view this report online. www.teejay.com Teejay Lanka is an aggressively expanding company that has grown to have DVLJQL½FDQWLPSDFWRQWKHORFDOIDEULFPDQXIDFWXULQJLQGXVWU\2YHUWKH \HDUVWKH&RPSDQ\KDVEHFRPHDEHQFKPDUNRITXDOLW\DQGYDOXHZKLOH WKHFKDUDFWHULVWLFVRILQWHJULW\DQGVXVWDLQDELOLW\WKDWOLHDWWKHKHDUWRIRXU VWUDWHJLHVFRQWLQXHWRVHUYHXVZHOOLQWKHIDVWFKDQJLQJEXVLQHVVHQYLURQPHQW ZHZRUNZLWKLQWRGD\ 7KHGLI½FXOWLHVZHIDFHGGXULQJWKHSUHYLRXV\HDUFRQWLQXHWRLPSDFWRXUERWWRP OLQHDVWKH½QDQFLDOUHVXOWVLQWKLVUHSRUWZLOOVKRZ<HW\RXUFRPSDQ\UHPDLQV VWURQJDQGIRFXVHGRQDVWUDWHJ\RIFRQVROLGDWLRQGHVLJQHGWRGHOLYHUVWDELOLW\ DQGJURZWKRYHUWKHORQJWHUP:HDUHDOVRJRLQJDKHDGZLWKRXUH[LVWLQJSODQV IRUH[SDQVLRQZLWKRQJRLQJLQYHVWPHQWVLQWRWHFKQRORJ\WDOHQWDFTXLVLWLRQDQG LQFUHDVLQJFDSDFLW\ 7KLVLVKRZZHSODQWRUHDOL]HRXUYLVLRQWREHWKHUHJLRQµVOHDGLQJPDQXIDFWXUHU IRUZHIWNQLWIDEULFVROXWLRQVDVZHJRVWHDGLO\IRUZDUGSURJUHVVLYHDPELWLRXV DQGSRLVHGIRUWKHIXWXUH Content Our Philosophy and Direction 3 MANAGEMENT DISCUSSION FINANCIAL STATEMENTS Milestones 4 & ANALYSIS 21 Statement of the Directors’ Financial Highlights 6 Overview 22 Responsibility for Financial Reporting 68 Chairman’s Message 8 Financial Capital 28 Independent Auditor’s Report 69 CEO’s Message 10 Manufactured Capital 32 Income Statement 72 Board of Directors 12 Human Capital 33 Statement of Comprehensive Income 73 Executive Committee 15 Intellectual Capital 41 Statement of Financial Position 74 Group Leadership Team 16 Social & Relationship Capital
    [Show full text]
  • Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2
    LankaClear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 LankaClear (Private) Limited 1 LankaClear (Private) Limited Annual Report 2020/21 2 To revolutionize the transport sector in the country, we unveiled the 2in1 payment card technology to enable ‘Tap and Go’ payment capability in public transport. Ensuring a Quantum Leap in the Transport Sector, this is a pioneering effort to introduce an innovative technology of a single payment card with online and offline capabilities to provide convenience to commuters of public transport. You may get a glimpse of the Sri Lanka Transit Card experience by enabling NFC access in your Smart Phone and tapping the phone on the LankaPay card on the cover page of this year’s annual report. LankaClear has always been in the forefront of understanding consumer needs to make their lives and work seamless by providing real-time and secure transactions. In fact, we are well on our way to integrate THEďLATESTďȶNANCIALďSERVICEďINNOVATIONďTHATďWILLďPOSITIVELYď impact the lives of a majority of Sri Lankans via our 2 INďď0AYMENTď#ARDď7ITHďAďDYNAMICďSHIȺďINďCONSUMERď behaviour and how companies analyse the metrics of online engagement, our services have become indispensable. Our enviable track record shows that we have always strived to bring world-class technology, speed and convenience to a new breed of digital consumers to meet THEIRďDEMANDINGďEXPECTATIONSďINďACCESSINGďȶNANCIALď services. Similarly, we are making traditional brick mortar business a piece of history by bringing the future ever
    [Show full text]
  • Acuity Stockbrokers Research | Sri Lanka Equities
    ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 22 May 2020 ASPI Gains 361 Points amid Heavy Local Buying Indices vs. Turnover (18th May – 22nd May) Interest… S&P Downgrades Credit Rating to 'B- Stable' 5,000 ASPI 2,300 ASPI ^ 8.13% | S&P SL20 ^ 15.89% S&P SL20 4,900 2,200 S&P SL20 S&P 4,800 2,100 ASPI The Bourse ended the week… Cont. P2 4,700 2,000 4,600 1,900 Foreign investors closed the week... Cont. P3 4,500 1,800 18-Mar19-Mar20-Mar21-Mar22-Mar 2.50 Sri Lankan equities reversed ….… Cont. P4 2.00 1.50 1.00 LKR Bn) LKR (Turnover 0.50 Economic Snapshot………… P5 0.00 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar KEY STATISTICS Week ending 22-May 15-May +/- ASPI 4,799.89 4,439.04 8.13% S&P SL20 2,034.38 1,755.51 15.89% Banks 507.01 435.44 16.44% Capital Goods 613.52 528.92 15.99% Food, Beverage & Tobacco 704.89 667.23 5.64% Consumer Durables & Apparel 649.76 583.51 11.35% Materials 514.33 483.50 6.38% Diversified Financials 711.04 654.33 8.67% Turnover (LKR Bn) 8.05 9.61 -16.24% Foreign Buying (LKR Mn) 593.11 1,588.91 -62.67% Foreign Selling (LKR Mn) 3,996.15 5,098.28 -21.62% Daily Average Turnover (LKR Bn) 1.61 1.92 -16.24% Daily Average Foreign Buying (LKR Mn) 118.62 317.78 -62.67% Daily Average Foreign Selling (LKR Mn) 799.23 1,019.66 -21.62% TOP 10 GAINERS TOP 10 LOSERS Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change TEA SMALLHOLDER TSMLN 20.0 32.5 62.5% INDUSTRIAL ASPH.* ASPHNN 388.4 0.2 -99.9% BROWNS INVSTMNTS BIL N 2.1 3.2 52.4% BLUE DIAMONDS[NV] BLUEX 0.3 0.2
    [Show full text]
  • Making Strides
    Teejay Lanka PLC - Annual Report 2018/19 - Annual Report PLC Lanka Teejay MAKING STRIDES Teejay Lanka PLC Block D8-D14, Seethawaka Export Processing Zone Avissawella, Sri Lanka www.teejay.com TEEJAY LANKA PLC - ANNUAL REPORT 2018/19 CORPORATE INFORMATION Name Auditors Teejay Lanka PLC PricewaterhouseCoopers, Chartered Accountants Legal Form A public quoted Company with limited Attorneys liability, incorporated on 12 July 2000. F J & G de Saram Attorneys-at-Law Company Registration No. 216, de Saram Place, PV 7617 PB/PQ Colombo 10. Sri Lanka Stock Exchange Listing The issued Ordinary Shares of the Bankers Company was listed on the Main Board Bank of Ceylon of the Colombo Stock Exchange of Commercial Bank of Ceylon PLC Sri Lanka on 9 August 2011. The Hongkong and Shanghai Banking Corporation Limited Registered Office Block D8 – D14, Seethawaka Standard Chartered Bank Export Processing Zone, People’s Bank Avissawella Deutsche Bank AG DFCC Bank PLC Directors Mr. Wing Tak Bill Lam – Chairman Investor Relations Mr. Mohamed Ashroff Omar Shrihan Perera Mr. Hasitha Premaratne Salman Nishtar Mr. Amitha Lal Gooneratne Teejay Lanka PLC Prof. Malik Kumar Ranasinghe Mr. Wai Loi Wan Mr. Kit Vai Tou Secretaries Corporate Services (Private) Limited 216, de Saram Place, Colombo 10. Sri Lanka. Scan the QR Code with your smart device to view this report online Our Annual Report is also available Designed & produced by online. Please visit our website at www.teejay.com to access the Digital Plates & Printing by Printage (Pvt) Ltd report MAKING STRIDES 18 years ago our journey began with the bold ambition to become the region’s preferred fabric solutions provider for branded clothing.
    [Show full text]
  • Browns-Beach-Hotels-PLC-Annual
    CONTENTS Notice of Meeting ......................................................................................................................................... 02 Corporate Information ................................................................................................................................ 04 Chairman’s Review ...................................................................................................................................... 05 The Board of Directors................................................................................................................................. 06 Risk Management ........................................................................................................................................ 09 Corporate Governance ................................................................................................................................ 08 Remuneration Committee Report ............................................................................................................. 23 Audit Committee Report ............................................................................................................................ 25 Annual Report of the Board of Directors .................................................................................................. 27 Statement of Directors’ Responsibilities ................................................................................................... 33 Independent Auditors’ Report ..................................................................................................................
    [Show full text]
  • Assessment of Auction Mechanism
    Additional Financing of Small and Medium-Sized Enterprises Line of Credit Project (RRP SRI 49273-002) ASSESSMENT OF AUCTION MECHANISM A. Introduction 1. The original project introduced an auction to allocate the funds among the participating banks. The auctions created a framework where banks made a disbursement commitment and incurred a financial penalty if that disbursement was not achieved. 2. The project conducted two auctions. In the first, National Development Bank (NDB) won the entire $12.5 million available. In the second, the funds were evenly divided among three institutions. 3. The project had planned to review the auction mechanism after the second auction, at which time Asian Development Bank (ADB) and the government would decide whether to continue with the auction or to introduce a more conventional allocation system. Following this review, the government requested the latter so that more banks could participate. 4. Although appreciating the government’s reasons for requesting the cancellation, the project team was overall pleased with the auction’s performance, and the objective of this appendix is to capture any lessons that could be applied to future auction systems. B. Lessons 1. Dominance by a Subset of Banks 5. The government was correct that the auction limited participation. After NDB won all the funds during the first auction, ADB and the government agreed to cap the amount any bank could win to a third of available funds. 6. Despite these changes, the bidding pattern of the first two auctions suggested that a subset of banks would dominate the auctions. Indeed, the same four banks finished in the top five of both rounds (Table 1).
    [Show full text]
  • Pn/Pmt/2020-1 08.04.2020
    PN/PMT/2020-1 08.04.2020 INLAND REVENUE DEPARTMENT Notice to Taxpayers Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility Taking in to account of the Covid -19 Endemic situation currently prevailing in the country, the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System (ATPS) for making tax payments through Online Fund Transfer Facility, with the collaboration of specific banks, with effect from 08-04-2020. Hence, all taxpayers are hereby informed to adhere to the following instructions in making tax payments until further notice. The ATPS is available only with the online banking facilities of the banks designated in the below Table 01. The respective banks will provide to include relevant information for making online fund transfers for tax payments. Therefore, taxpayers are kindly requested to refrain from making online fund transfers in respect of tax payments through any other bank other than those listed below. In case you attempt to make online tax payments through any other bank, such payments will not be posted to your ledger in IRD’s RAMIS. Table – 01 - Banks providing Online Banking Facility for ATPS 01. Bank of Ceylon (BOC) 02. People’s Bank 03. Commercial Bank of Ceylon PLC 04. Nations Trust Bank PLC (NTB) 05. Sampath Bank PLC 06. HSBC 07. Cargills Bank Limited 08. National Development Bank (NDB) 09. Standard Chartered Bank (SCB) 10. Seylan Bank PLC 11. Hatton National Bank PLC (HNB) 12. Citibank 13. Deutsche Bank 14. Pan Asia Bank PLC 15. DFCC Bank PLC 1 Steps to follow in making online fund transfers in respect of tax payments 1.
    [Show full text]
  • Acuity Stockbrokers Research | Sri Lanka Equities
    ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 09 Nov 2018 th th Political Uncertainty Dominates Sentiment … Indices vs. Turnover (05 Nov – 09 Nov) Foreign Outflows from Capital Markets Continue 6,300 3,500 ASPI Increases 6,200 S&P SL20 3,400 S&P SL20 S&P ASPI ˅ 1.86% | S&P SL20 ˅ 3.56% 6,100 3,300 ASPI 6,000 3,200 The Bourse ended the week… Cont. P2 5,900 3,100 5,800 3,000 05-Nov 07-Nov 08-Nov 09-Nov Foreign investors closed the week... Cont. P3 5.00 4.00 3.00 Domestic political uncertainty ….… Cont. P4 2.00 LKR Bn) LKR (Turnover 1.00 0.00 Economic Snapshot………… P5 05-Nov 07-Nov 08-Nov 09-Nov KEY STATISTICS Week ending 09-Nov 02-Nov +/- ASPI 5,978.63 6,092.21 -1.86% S&P SL20 3,094.21 3,208.43 -3.56% Banking & Finance 15,807.90 16,242.78 -2.68% Food & Beverage 24,413.03 24,368.96 0.18% Diversified 1,537.10 1,591.90 -3.44% Hotel & Travel 2,644.00 2,677.50 -1.25% Plantations 744.24 749.11 -0.65% Manufacturing 2,874.97 2,963.05 -2.97% Turnover (LKR Bn) 7.80 9.92 -21.33% Foreign Buying (LKR Mn) 1,450.20 2,656.24 -45.40% Foreign Selling (LKR Mn) 5,370.52 6,519.96 -17.63% Daily Average Turnover (LKR Bn) 1.95 1.98 -1.66% Daily Average Foreign Buying (LKR Mn) 362.55 531.25 -31.76% Daily Average Foreign Selling (LKR Mn) 1,342.63 1,303.99 2.96% TOP 10 GAINERS TOP 10 LOSERS Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change ADAM INVESTMENTS AINVN 0.1 0.2 100.0% EDEN HOTEL LANKA EDENN 14.5 12.1 -16.6% S M B LEASING SEMBN 0.4 0.5 25.0% SOFTLOGIC FIN CRL N 29.9 25.0 -16.4% SOFTLOGIC LIFE AAICN 31.3 34.8 11.2% LANKA ALUMINIUM LALUN 62.3 54.1 -13.2% UDAPUSSELLAWA UDPL 29.6 32.9 11.1% LIGHTHOUSE HOTEL LHL N 33.0 28.8 -12.7% RENUKA CITY HOT.
    [Show full text]