DOCSLIB.ORG

Annual Report 2010

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2010 Pan Asia Banking Corporation PLC PLC Corporation Banking Asia Pan Annual Report 2010 Report Annual Pan Asia Banking Corporation PLC 450 Galle Road Colombo 03 Sri Lanka www.pabcbank.com Annual Report 2010 Corporate Infomation REGISTERED NAME OF THE COMPANY BOARD CREDIT COMMITTEE Pan Asia Banking Corporation PLC A.G. Weerasinghe - Chairman W.D.N.H. Perera - Director LEGAL FORM J.A.S.S. Adhihetty - Director A Public Limited liability company incorporated in Sri Lanka H.K. Seneviratne - Director on 06th March 1995 under the Companies Act No. 17 of 1982 and re-registered under the Companies Act No. 07 of 2007. BOARD INTEGRATED RISK A Licensed Commercial Bank under the Banking Act No. 30 of MANAGEMENT COMMITTEE 1988 and listed in the Colombo Stock Exchange. A.G. Weerasinghe - Chairman H.K. Seneviratne - Director COMPANY REGISTRATION NUMBER R.E.U. De Silva - Director PQ 48 BOARD HUMAN RESOURCES & REGISTERED OFFICE/HEAD OFFICE REMUNERATION COMMITTEE No. 450, Galle Road, A.G. Weerasinghe - Chairman Colombo 03. W.D.N.H. Perera - Director Sri Lanka. H.K. Seneviratne - Director Telephone : +94(0)112565565 BOARD NOMINATION COMMITTEE Fax : +94(0)112565568 A.G. Weerasinghe - Chairman SWIFT Code : PABSLKLX W.D.N.H. Perera - Director E-mail : [email protected] H.K. Seneviratne - Director WEB Site : www.pabcbank.com BOARD RECOVERIES COMMITTEE TAX PAYER IDENTIFICATION NUMBER (TIN) H.K. Seneviratne - Director 134005700 AUDITORS ACCOUNTING YEAR END Ernst & Young 31st December Chartered Accountants No. 201, De Saram Place, BOARD OF DIRECTORS P. O Box 101, A.G. Weerasinghe - Chairman Colombo 10, W.D.N.H. Perera - Deputy Chairman Sri Lanka. J.A.S.S. Adhihetty - Director A.A. Page - Director CREDIT RATING R.E.U. De Silva - Director Fitch Ratings Lanka Limited upgraded the Bank’s Credit M.D.S. Goonatilleke - Director Rating to ’BBB(lka)‘ from ’BBB-(lka)’ in 2010. H.K. Seneviratne - Director T.G. Thoradeniya - Director STOCK EXCHANGE LISTING T.C.A. Peiris - Director/Chief Executive Officer 147,520,543 Ordinary Shares of the Company are listed on the Colombo Stock Exchange, Sri Lanka. COMPANY SECRETARY Pan Asia Bank stands for driving standards. It also stands for long term value and N. Fernando service. But most importantly, we are committed to treat our customers as people, not BOARD AUDIT COMMITTEE as numbers. In everything we do, we focus on building long term relationships with A.A. Page - Chairman every client and business associate. M.D.S. Goonatilleke - Director R.E.U. De Silva - Director This is how we enforce standards and increase value, making Pan Asia Bank one of the finest investment opportunities in Sri Lanka. ® Designed & Produced by eMAGEWISE Photography by Taprobane Street and Studio Times Digital Plates by Imageline (Pvt) Ltd Printed by Ace Printing & Packaging (Pvt) Ltd Pan Asia Banking Corporation PLC STRENGTHEN DEVELOP COMMIT OFFER These are the company values that bring our shareholders consistent good results and continuing business success. 2 l PAN ASIA BANK l Annual Report 2010 Our Vision To become the most customer preferred commercial bank in Sri Lanka. Our Mission We will create the largest satisfied customer base by providing professional, personalised, secure, quality banking and financial services, using modern technology & innovative products. We will delight our customers, create a better future for employees and enhance stakeholder value. PAN ASIA BANK l Annual Report 2010 l 3 Key Highlights • Income Growth: • Regularity Requirements: Net Interest income grew by 27% to Liquidity and Capital Adequacy reach Rs.1,625 Mn Ratios above targets • Strong Balance Sheet: • Credit Exposures: Total Assets grew by 45% to 60% of Credit Exposures are either Rs.31,181Mn secured by cash or property • Pawning and Ran Loans: • Recognition: Grew by 92% to Rs. 2,868 Mn Upgrade in Credit Rating (FITCH) to BBB (lka) • Customer Deposits: • A Year of Change: Grew by 32% to Rs. 21,473 Mn Key changes in personnel and processes and improvement in controls • Growth in Forex Profit and Commission Income: • Market Capitalisation: Increased by 21% to Rs. 415 Mn Increased by 242% to Rs. 7,671 Mn Gross Loans & Advances to Customers 2010 Net Asset Value per Share 2010 Rs.22,341Mn Rs.18.87 Gross Loans & Advances to Customers 2009 Net Asset Value per Share 2009 Rs.12,498Mn Rs.17.89 Non Performing Advances Ratio (Gross) 2010 Net Provision for Loan Losses 2010 5.36% Rs.34Mn Non Performing Advances Ratio (Gross) 2009 Net Provision for Loan Losses 2009 13.17% Rs. 209Mn 4 l PAN ASIA BANK l Annual Report 2010 Financial Highlights 2010 2009 Change % Results for the Year (Rs. Mn) Gross Income 3,484.41 3,862.06 (9.78) Profit Before Financial Services VAT & Taxation 934.27 831.48 12.36 Profit Before Taxation 693.93 665.15 4.33 Profit After Taxation 361.79 387.82 (6.71) Revenue to the Government 512.71 502.25 2.08 Position at the Year End (Rs. Mn) Shareholders’ Funds 2,784.02 1,979.66 40.63 Deposits from Customers 21,472.79 16,328.70 31.50 Gross Loans & Advances to Customers 22,341.46 12,497.65 78.77 Total Assets 31,180.97 21,558.83 44.63 Financial Ratios Net Asset Value per share (Rs) 18.87 17.89 5.48 Earnings per share (Rs) 2.61 3.22 (18.94) Return on Average Assets (%) 1.42 1.94 (26.80) Return on Average Shareholders’ Funds (%) 14.72 20.86 (29.43) Non performing Advances Ratio (%) - Gross 5.36 13.17 (59.30) - Net 2.74 8.33 (67.11) Provision Cover (%) 38.55 32.82 17.46 Statutory Ratios (%) Capital Adequacy - Tier 1 (Minimum Requirement - 5%) 14.60 15.94 (8.41) - Tier 1 & 11 (Minimum Requirement - 10%) 15.25 16.56 (7.91) Liquid Assets (Minimum Requirement - 20%) 23.19 42.00 (44.79) 700 4 24,000 32,000 600 20,000 3 24,000 500 16,000 400 12,000 16,000 2 300 8,000 200 8,000 1 4,000 100 0 0 0 0 ’06’07 ’08 ‘09 ’10 ’06’07 ’08 ‘09 ’10 ’06’07 ’08 ‘09 ’10 ’06’07 ’08 ‘09 ’10 Profit Before Taxation Total Deposits Profit After Taxation Gross Loans and Advances Profit Before Taxation Total Deposits & Gross Total Assets Earnings per Share (Rs.Mn.) (Rs.) & After Taxation (Rs.Mn.) Loans and Advances (Rs.Mn.) PAN ASIA BANK l Annual Report 2010 l 5 STRENGTHEN PARTNERSHIPS “Honouring our commitments to focus on best practices and a stellar service offering to support growth of ourselves, our stakeholders and the national economy.” EXECUTIVE REVIEWS Chairman’s Report 08 Chief Executive Officer’s Report 10 Board of Directors 12 Corporate Management 16 Senior Management 19 Pan Asia Bank remains committed to meeting industry norms, and is on track to complying with the Central Bank’s directive to maintain a capital base of Rs. 3 Bn by end of 2011, Rs. 4 Bn by end of 2013 and Rs. 5 Bn by end of 2015. Chairman’s Report Dear Shareholder, war would be reason enough for investors to channel their investments. Investors continued to adopt a cautious approach It is my distinct privilege to present before you the Annual to investing although we see signs of a reversal with the Report and Audited Financial Statements of Pan Asia Bank for rallying of the capital markets and enhanced investor presence the year ended 31st December 2010. in the Colombo Stock Exchange. A Year of Fluctuating Fortunes In Expansion Mode The year under review has fallen short of industry There is no denying that Sri Lanka is poised at the crest of expectations, but more significantly, it has been a year in economic rejuvenation and we are confident of the bank’s which, while profit margins were sustained, failed to allow long term prospects as we enter our 16th year in business as the banking sector to build on the vibrant gains made through one of the youngest banks in the country. The Bank stayed the 2009, which in contrast was characterized by an increasingly course in the year under review by focusing single-minded buoyant post-war business environment. However, your on branch expansion and deposit mobilisation and this two- bank posted reasonably good results despite the adverse pronged focus will be sustained into the future to grow the circumstances, recording Profit Before Tax of Rs. 934.27 Mn customer base and thereby the deposits. The current economic for the year ended 31st December 2010, and Profit After Tax of circumstances are proving to be more difficult for smaller Rs. 361.79 Mn allowing Rs. 572.48 Mn (61%) for taxation. banks and the Bank has had to work harder and in a more A vacuum in the demand for credit stifled growth. This was focused manner to generate business. The Bank strengthened in contrast to the general presumption that the end of the its core banking operations during the year. Recoveries and 8 l PAN ASIA BANK l Annual Report 2010 deposits were up, a trend reflected in the bank’s assets/loans I would like to express my sincere appreciation to the Board portfolio in equal measure. of Directors and the senior management for their sound counsel and visionary leadership in steering the bank towards I am optimistic about the potential of the sector and judging achieving its vision “to become the most customer preferred by Pan Asia Bank’s consistent growth over the last few years, commercial bank in Sri Lanka”. Further, I remain grateful to it will have a bigger role to play in the years ahead.
Load more

Recommended publications
  • TAX UPDATE for Clients of KPMG in Sri Lanka Extension of VAT
    TAX UPDATE For clients of KPMG in Sri Lanka Extension of VAT deferment facility and temporary registration The Department of Inland Revenue (“DIR”) had issued a notice (PN/VAT/2020-03) dated 26th March 2020 informing all tax payers that due to the prevailing situation in the country consequent to the outbreak of COVID-19, an extension of validity periods for VAT deferment facility related letters and Temporary VAT registration has been granted, which we have notified via our tax alert dated 27th March 2020. The DIR has now issued the attached notice (PN/VAT/2020-05) dated 28th April 2020, granting a further extension of the validity periods for VAT deferment facility related letters and Temporary VAT registration up to 30th June 2020. You may click on the link below to access the notice published by the DIR: http://www.ird.gov.lk/en/Lists/Latest%20News%20%20Notices/Attachments/242/VAT280420 20_E.pdf Online tax payments The DIR has via the previous notice (PN/PMT/2020-1) dated 8th April 2020 intimated the availability of an online tax payment method. They have now updated this notice informing that if a taxpayer uses the Real Time Gross Settlement System (“RTGS”), the taxpayer should contact an officer of the DIR, using the contact details provided in the notice, to obtain instructions for performing same. You may click on the link below to access the updated notice published by the DIR: http://www.ird.gov.lk/en/Lists/Latest%20News%20%20Notices/Attachments/236/PYMT0804 2020_E.pdf Follow us on, KPMG Sri Lanka @kpmgsl www.home.kpmg/lk The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.
    [Show full text]
  • 08 Pan Asia Banking Corporation PLC - Annual Report 2013 09
    Opportunities to grow Reliable, friendly, dynamic and accessible. As one of the nation’s fastest expanding banks we are very aware of our responsibilities to always be a bank that our customers trust and respect, whatever we do. This report offers the reader a detailed look at our governance and risk management processes as well as our triple bottom line results. We also analyse the challenges we face and how we plan to use our strategic vision, insights and deep local experience to turn each one into a powerful opportunity to grow even bigger in the years ahead. 06 Pan Asia Banking Corporation PLC - Annual Report 2013 Financial Highlights Gross Income (LKR Million) 3,484 5,278 7,766 9,054 2010 2011 2012 2013 Profit for the Year (LKR Million) 362 812 860 115 2010 2011 2012 2013 Total Assets (LKR Million) 46,999 31,242 56,074 64,918 2010 2011 2012 2013 07 2013 2012 Change % Results for the Year (Rs. Mn) Gross Income 9,054.04 7,766.22 16.58 Profit Before VAT on Financial Services 228.44 1,354.71 (83.14) Profit Before Taxation 123.91 1,145.41 (89.18) Profit for the Year 114.86 860.05 (86.64) Position at the Year End (Rs. Mn) Shareholders' Funds 4,048.76 4,232.59 (4.34) Due to Customers (Deposits) 53,835.90 47,911.09 12.37 Gross Loans and Receivables to Other Customers 47,128.70 45,089.50 4.52 Total Assets 64,918.45 56,074.29 15.77 Financial Ratios Net Assets Value per Share (Rs) 13.72 14.35 (4.37) Earnings Per Share (Rs) 0.39 2.92 (86.67) Return on Average Assets (%) 0.19 1.67 (88.62) Return on Average Shareholders' Funds (%) 2.89 22.79 (87.32)
    [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]
  • Pan Asia Banking Corporation PLC Annual Report 20 12
    Pan Asia Banking Corporation PLC Annual Report 2012 Pan Asia Banking Corporation Annual Report 2012 Vision Corporate Information To become the most customer preferred commercial bank in Sri Lanka Registered Name of the Company Board of Directors Pan Asia Banking Corporation PLC W. D. N. H. Perera - Chairman R. E. U. De Silva - Deputy Chairman Legal Form A. A. Page - Senior Director A Public Limited Liability Company incorporated in Sri Lanka on J. A. S. S. Adhihetty - Director 06 March 1995 under the Companies Act No. 17 of 1982 and re- M. D. S. Goonatilleke - Director registered under the Companies Act No. 07 of 2007. A Licensed H. K. Seneviratne - Director Commercial Bank under the Banking Act No. 30 of 1988 and T. G. Thoradeniya - Director listed in the Colombo Stock Exchange. G. C. A. De Silva - Director Mission Company Registration Number G. A. R. D. Prasanna - Director T. Igarashi - Director PQ 48 T. C. A. Peiris - Director / Chief Executive Officer Accounting Year End 31 December Board Audit Committee A. A. Page - Chairman We will create the largest Stock Exchange Listing M. D. S. Goonatilleke - Director 295,041,086 Ordinary Shares and 700,300 Unsecured H. K. Seneviratne - Director satisfied customer base Subordinated Redeemable Debentures of the Bank are listed on G. C. A. De Silva - Director the Colombo Stock Exchange of Sri Lanka. Board Credit Committee by providing professional, Registered Office / Head Office W. D. N. H. Perera - Chairman No. 450, Galle Road, R. E. U. De Silva - Director personalised, secure, quality Colombo 03. J. A. S. S. Adhihetty - Director Sri Lanka.
    [Show full text]
  • DFCC Bank PLC Annual Report 2016.Pdf
    Going beyond conventional reporting, we have implemented a About this Report more current format for reporting and have upgraded our corporate website with a focus on investor relations, supplemented by an investor relations app for smart phones and other devices. This is an integrated annual report and is a compact Reporting Period disclosure on how our strategy, governance, performance and prospects have resulted in the The DFCC Bank Annual Report for 2016 covers the 12 month period from 01 January 2016 to 31 December 2016 and is reflective of the creation of sustainable value within our operating change in the financial year-end implemented in 2015. The previous environment. annual report covered the nine month period from 01 April 2015 to 31 December 2015 and is available on the company website Value Creation and Capital Formation (www.dfcc.lk). Some of the Group entities have a 31 March financial year-end and they are consolidated with DFCC Bank’s reporting The ability of an organisation to create sustainable value for itself period with a three month time lag. A summary of the accounting depends on the value it creates for its stakeholders, making value periods covered by the Statement of Profit and Loss and Other creation essentially a two-way process. In fact, the more value an Comprehensive Income in the Bank and the Group columns is given organisation creates, the more value it is able to create for itself. in the Financial Report (page 136). Therefore firms spend substantial resources on creating and maintaining relationships with their stakeholders. Value creation leads to capital formation.
    [Show full text]
  • COMMITTED to GROW Annual Report 2018 Scan the QR Code with Your Smart Device to View This Report Online
    COMMITTED TO GROW Annual Report 2018 Scan the QR Code with your smart device to view this report online. COMMITTED TO GROW Pan Asia Bank has always been a reliable bank and we have consistently kept our pledge to deliver superior banking products and services while offering increasing value to our stakeholders. We are known for our wealth of experience and bold attitude – the resources of extraordinary talent combined with solid expertise that guarantee our customers excellence in financial solutions, delivered across diverse digital platforms. The year reviewed in this report has been a challenging one, yet your Bank has continued to move forward on multiple fronts. Our leadership remains confident and focused on our commitment to optimum growth, as we anticipate better opportunities for sustainable value creation in the years ahead. Pan Asia Banking Corporation PLC - Annual Report 2018 CONTENTS OVERVIEW Chairman’s Review 04 About Pan Asia Bank 06 Financial Highlights In the face of the challenges that 08 Accomplishments of the Year prevailed during the period under consideration, the Bank’s financial MANAGEMENT INFORMATION AND performance was noteworthy... EXECUTIVE REVIEWS Page - 10 10 Chairman’s Review 14 Chief Executive Officer’s Review 22 Board of Directors 26 Corporate Management 30 Senior Management MANAGEMENT DISCUSSION AND ANALYSIS Chief Executive Officer’s Review 34 Macro Economic Review This year has been a year of 36 Financial Review transformation for Pan Asia Bank as 40 Future Outlook we continued to add more muscle into 42 Business Review 45 Key Product Offerings our systems, processes and staff to 48 Branch Network make your Bank more future ready..
    [Show full text]
  • Annual Report 2011 from Strength to Strength
    Contents 4 Financial Highlights 8 Chairman’s Report 12 Chief Executive Officer’s Report 16 Board of Directors 20 Corporate Management 23 Senior Management 26 Key Product Offerings 30 Business Review 32 Financial Review 34 Risk Management 38 Human Capital 44 Corporate Social Responsibility 46 Corporate Governance Report 70 Bank’s Compliance with Prudential Requirements 71 Director’s Report of Bank’s Internal Control System 73 Directors’ Report 76 Directors’ Interest Register 78 Other Directorships 80 Audit Committee Report 82 Risk Management Committee Report 83 Human Resources and Remuneration Committee Report 84 Nomination Committee Report 85 Directors’ Responsibility for Financial Reporting 88 Financial Information 89 Independent Auditors’ Report 90 Balance Sheet 91 Income Statement 92 Statement of Changes in Equity 93 Cash Flow Statement 94 Notes to the Financial Statements 124 Capital Adequacy Computation 126 Quarterly Statistics 127 Analysis of Deposits 128 Analysis of Advances 129 Sources & Distribution of Income 130 Value Added Statement 131 Ten Year Statistical Summary 132 Shareholder Information 134 Branch Network 137 Correspondent Banks 140 Glossary of Financial & Banking Terms 143 Notice of Meeting 145 Form of Proxy We’ve never been an ordinary company, nor an old-fashioned one. Our vision has always kept evolving to generate higher benchmarks, greater customer satisfaction and a deeper commitment to all we do. Our focus on keeping ourselves dynamic and adaptable has resulted in who we are today… an exceptionally successful dynamic corporate entity owning a curve of lucrative growth that is virtually unmatched in our sector, as we keep improving quality, embedding and increasing our value each year.
    [Show full text]
  • Annual Report 2015/16
    ANNUAL REPORT 2015/16 LANKACLEAR Annual Report 2015/16 1 In the fast paced world of financial transactions, we are gaining ground in creating a new national payment network that will make a cashless world a reality and financial hassle a thing of the past. As we enter the next chapter of our saga, where transactions are faster, safer and more convenient, we are bettering ourselves to reach international levels of quality, efficiency and security that has won the trust of all Sri Lankans. Welcome to the age of pace. LANKACLEAR Annual Report 2015/16 2 Contents Company Overview Financial Reports Vision, Mission, Values, Statement of Directors’ Responsibilities for Products and Strategic Objectives 3 Financial Statements 84 LankaClear Electronic Payment System Milestones 4 Annual Report of the Board of Directors on the Financial Highlights 6 Affairs of the Company 85 Operations Highlights 8 Independent Auditor’s Report 89 Awards and Recognitions 10 Statement of Financial Position 90 Introduction to the Report 11 Statement of Comprehensive Income 91 About Us 13 Statement of Changes In Equity 92 Statement of Cash Flows 93 Notes to the Financial Statements 94 Stewardship Chairman’s Message 16 GM/CEO’s Review 20 Appendices Board of Directors 24 Glossary and Interpretation 109 Management Team 28 Notice of Annual General Meeting 110 Form of Proxy 111 Management Discussion & Analysis Value Creation Model 31 Corporate Strategy 32 Operations Review 35 System Security & High Availability 41 Security Products and Services 43 Capitals Management Financial
    [Show full text]
  • Financial Sector
    Chapter l0 FINANCIAL SECTOR 10.1 Overview new developments that would contribute to raising the prevailing low insutance penetration in the country, The flnancial sector, supported by the broadbased lecovery in Meanwhile the government has almost entirely moved out of economic activity in 2003, recorded an improved diLect involvement in the insurance industly. A numbet of performance, raising its profitability and stlengthening its Iegislative enactments relating to the financial sector were resilience. The Central Bank reduced its policy rates further, being drafted in order to improve regulatory oversight and taking into account the steady decline in inflation, lower facilitate greater competition while keeping abreast of malket inflationary expectations, decline in the borrowing developments. requirement of the government, stability in the foreign However, a concerted effort would need to be exchange market and falling interest rates in international continuously made to further strengthen the resilience of the markets. With regard to monetary management, the Central financial system, In particular, steps would need to be taken Bank moved to more active Open Market Operations in to reduce non-performing loans of banks as well as to reduce March 2003 enabling it to manage market liquidity more the hi-eh interest rate spread of the banking sector by effectively, while encouraging financial institutions to promotin,u competition. Fulther, it would be necessary to implove liquidity management. This helped to reduce the improve the domestic bond market through greater volatility of sholt [et'm money market lates, while achieving competition and plomote further deepening of the financral the base money tar-eets. Both rupee and domestic foreign market.
    [Show full text]
  • 2017 Report Annual Report 2016 Financing Institutions in Asia and the Pacific (ADFIAP)
    The Bank for the Times the for Bank The Tea is a drink for anytime and DFCC is the Bank for the times Vision Mission Our Values “To be the leading financial “To provide innovative and Innovative solutions provider sustainably responsible solutions true to our Customer Centric developing individuals and Values with the expertise of our Professional businesses” multidisciplinary Ethical team of professionals and Accountable synergies of our financial Team Oriented services group” Socially Responsible The new look DFCC Bank DFCC Bank PLC Annual Report 2017 1 “Pioneer, Pathfinder and Trailblazer” DFCC is the First Bank to be listed in 1956 on the Colombo Brokers’ Association, predecessor of the Colombo Stock Exchange and the second Financial Institution to do so. Its Shareholders span the gamut of local and foreign investors and include financial and non-financial corporates, investment funds, and individuals. Given below are highlights of the Bank’s illustrious history from an investor’s and a shareholder’s perspective. DFCC founded by Act No. 35 Bonus Issue and New Share 1955 of 1955 following World 1983 Issue increases paid-up capital Bank initiative Bonus issue of 60,000 shares followed by issue Incorporated by an Act of Parliament; DFCC was of 700,000 new shares to the public increases the outcome of a joint effort by the Government the paid-up share capital to LKR 100 million of Sri Lanka and the World Bank consequent to the first World Bank mission in 1952 Unprecedented demand for 1991 New Share Issue Began operations with share 1956
    [Show full text]
  • Seylan Bank PLC Annual Report 2012
    Seylan Bank PLC Annual Report 2012 It works! What is it? What did it deliver? How it works? 3 Chairman’s Letter 7 Report of the General Manager/Chief Executive Officer 14 Management Discussion and 11 Financial Highlights Analysis 12 Operational Highlights 14 Operational Review 44 Financial Review Why it works? It will work! 50 Corporate Governance Report 223 Future Outlook 101 Report of the Board Audit Committee 104 Board Integrated Risk Management Committee’s Report for 2012 106 Report of the Board Human Resources and Remuneration Committee 107 Board Nomination Committee’s Report for 2012 108 Risk Management Report 138 Board of Directors 140 Profiles of the Board of Directors 144 Senior Management Team 146 Sustainability Report Financial Reports Annexes 226 Report of the Board of Directors of Seylan Bank PLC on the 342 Ten Years at a Glance State of Affairs of the Company for the Year 2012 343 Summary of Performance Indicators 233 Annexure to the Report of the Board of Directors on the 344 Statement of Comprehensive Income in US Dollars State of Affairs of the Company 345 Statement of Financial Position in US Dollars 236 Auditors’ Report on Internal Control 346 Investor Information 237 Directors’ Statement on Internal Control 351 Branch Network 239 Statement of Directors’ Responsibility for Financial Reporting 355 Geographical Analysis 240 Chief Executive Officer‘s and Chief Financial Officer’s 356 Glossary Responsibility Statement 358 Corporate Information 241 Independent Auditors’ Report 359 Subject Index 242 Income Statement 360 Sinhala Translations 243 Statement of Comprehensive Income 362 Tamil Translations 244 Statement of Financial Position Enclosed Notice of Annual General Meeting 245 Statement of Changes in Equity Enclosed Form of Proxy 247 Cash Flow Statement Enclosed Investor Feedback Form 249 Notes to the Consolidated Financial Statements Enclosed Circular to Shareholders It works! Hitting a target with maximum effect involves myriad factors that must work in congruence and with precision.
    [Show full text]
  • Into the Valley of Death
    DECEMBER 2020 STARTUPS: P.18 INTO THE WHY SRI LANKA VALLEY OF CANNOT BE A DEATH SINGAPORE: A CHIEF FESTUS P.38 BUDGET REIMAGINING THE NEW NORMAL: HOW BUSINESS CAN COME OUT OF THIS CRISIS CONTENTS DECEMBER 2020 P.26 Listed company earnings tumble 60% in Covid-hit June quarter It was an unsurprising yet highly anticipated quarter! However, companies like Expolanka, a few export companies, and conglomerates like Hayleys P.18 and Hemas impressed Why Sri Lanka cannot be a Singapore: a Chief Festus budget Competition is the key to efficiency, not protection P.30 Covid-19: Ceylon Tea’s wake up call The tea industry is yet to come to terms with sustainability over the long term P.32 Vacancy: Chief Covid-19 Officer Every organization may not need a Chief P.108 P.120 COVID-19 Officer. But there is little doubt Dutch Treat? Disaster capitalism every company has to in the moral maze re-strategize its business No one knew the arts of canal building, to account for COVID'S dykes, drainage and land reclamation And do we really need psychopaths in limitations like the Dutch charge? CONTENTS DECEMBER 2020 P.38 P.42 P.50 Tech Startups: Reimagining the new The future of technology into the valley of death normal: how business can and digital payments Most tech startups don’t survive the come out of this crisis LankaClear is leading the valley of death. To sustain the ones that For Ganaka Herath, Managing Partner at transformation with innovative do survive, the investment landscape McKinsey Sri Lanka, resetting strategy methods for digital transactions.
    [Show full text]