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Cover 2015 with Flap Low ANNUAL REPORT 2015 SEYLAN BANK PLC 2 A SENSE OF JOY PROOF 1S 1N THE NUMBERS SEYLAN BANK PLC BANK SEYLAN 2015 ANNUAL REPORT ANNUAL 3 A simple little three letter word encapsulates perfectly what it means when strategy and action succeed. Not only does the Bank experience euphoric joy when targets set through our strategic plan are achieved, but we are immensely honoured to infuse the lives of our stakeholders with that same joy. A ‘beautiful performance’ invariably produces ‘a sense of joy’ – the Bank is committed to sustainable growth and returns to its stakeholders in the coming years too. 2015 REPORTANNUAL PLC BANK SEYLAN CONTENTS 06 08 11 15 18 About the Report Highlights Chairman’s Letter Report of the Management Director/Chief Discussion and Executive Officer Analysis 187 189 191 193 194 Report of the Board Report of the Report of the Board Report of the Board Report of the Board Human Resources Board Nomination Integrated Risk Sustainability Credit Committee and Remuneration Committee Management Committee Committee Committee 211 215 245 246 247 Annexure to the Risk Management Financial Reports Financial Calendar Statement of Directors’ Report of the Board Report Responsibility for of Directors on the Financial Reporting State of Affairs of the Company 254 258 261 397 398 Statement of Cash Flow Statement Notes to the Annexes Ten Years at Changes in Equity Financial Statements a Glance 412 413 421 422 424 Geographical GRI Content Index ‘In Alphabetical Glossary Sinhala Translation Analysis Accordance’ Index of the Chairman’s Letter GRI G4 Core CONTENTS 117 118 124 128 185 Sustainability Board of Directors Senior Corporate Report of the Board Assurance Report Management Team Governance Audit Committee 195 196 198 200 201 Report of the Board Report of the Board Directors’ Statement Auditors’ Report Report of the Board Marketing and Governance and on Internal Control on Internal Control of Directors of Seylan Product Development Compliance Bank PLC on the Committee Committee State of Affairs of the Company for the Year 249 250 251 252 253 Chief Executive Independent Income Statement Statement of Profit Statement of Officer’s and Chief Auditors’ Report or Loss and Other Financial Position Financial Officer’s Comprehensive Responsibility Income Statement 400 401 402 403 408 Summary of Statement of Statement of Investor Branch Network Performance Comprehensive Financial Position in Information Indicators Income in US Dollars US Dollars 426 428 429 Enclosed Enclosed Tamil Translation Corporate Notice of Annual Form of Proxy Investor Feedback of the Chairman’s Information General Meeting Form Letter ABOUT THE REPORT 6 Seylan Bank’s Annual Report for Brands, Products, Services Our discussion is focused on material 2015 is based on an integrated and Operational Structure economic, social and environmental concept that has been adopted over aspects across this Annual Report, the last two years. This presents a The operational structure of the which gives a comprehensive idea of comprehensive, integrated report, Bank comprises five main sections our strategic priorities and approach facilitating better understanding – Branch Banking, Corporate and to sustainability; and is presented, by the readers, while maintaining the Foreign Currency Banking, Retail with a focus on value creation and transparency of the information for Banking, Treasury Operations and capital formation. the benefit of all our stakeholders. International and Trade Operations. Our Report is therefore a These divisions of the organisation combination of three key areas offer an array of financial services to Stakeholder Inclusiveness viz. financial review, management customers through various delivery discussion and the sustainability channels. A description of our The Bank recognises the strategic aspects. products appears on page 78 and 79 and key stakeholder groups to of this Annual Report. ensure materiality in engagement and reporting. Therefore, investors, Profiling the Bank customers, employees, community, Compliance Seylan Bank PLC commenced business partners and suppliers and operations in 1987. It is a This, our third integrated Report, the environment are recognised as public limited liability company accordingly, summarises the Bank’s key stakeholders of the Bank. incorporated in Sri Lanka and is listed commitment to delivering on the on the Colombo Stock Exchange. economic, social and environmental Content of the Report The Bank operates from its Head aspects of its operations for the Office in Colombo and through period of 1st January 2015 to The report presents both positive and its island-wide net work of 31st December 2015. negative performance of the Bank in branches. Seylan’s core business is a manner in which our stakeholders conventional commercial banking. Information contained in this Report, are able to see the total picture of Corporate Information regarding as in the past, is in compliance with the Bank’s policies, operations and the Bank appears on page 428 and all applicable laws, regulations and processes. This holistic approach has information on share ownership is standards as well as guidelines for helped us to identify our weaknesses, found in the section on ‘Investor voluntary disclosures. In true spirit, and build on our strengths to make Information’ of this Annual Report. we are committed to disclosing our presence sustainable. all instances of non-compliance, Presence and particularly with mandatory Scale of Operations prudential regulations, the risks Comparative Information entailed as a result and how we Our total presence in 2015 is felt propose to manage these risks, if any. The sustainability report for the through 159 fully-fledged branches, financial year 2015, presents key 182 ATMs and 95 student savings Sustainability Reporting performance indicators together centres. Framework with comparative information for the last year and includes a summary Our Group consists of a subsidiary, Our report is based on the Global of sustainability indices, which we namely Seylan Developments PLC Reporting Initiative (GRI) G4 and have developed to monitor our which the Bank holds 70.42% of is prepared in accordance with performance in relation to diverse stake as explained in the Notes to core criteria. stakeholder interests. the Financial Statements on page 333. There was no material change to our group structure or the scale SEYLAN BANK PLC BANK SEYLAN of operation during the year under review. 2015 ANNUAL REPORT ANNUAL ABOUT THE REPORT Specific limitations and 7 Reporting on the Subsidiary The Bank is a financial services provider and hence, some of the GRI indicators are not applicable to its operations. This report does not extend to the Bank’s subsidiary, Seylan Developments PLC, which produces its own Annual Report. Independent Assurance The Bank’s policy recognises the importance of an independent assurance on its sustainability report and has, accordingly, appointed Messrs KPMG as an independent assurer provider for the sustainability report which is on page 117 of this Annual Report. Contact Person for Editorial Information Ramesh Jayasekara Chief Financial Officer Seylan Bank PLC Tel: 0112456350 Fax: 0112452612 e-mail: [email protected] C L P K N A B N LA Y E S T R O AL REP U 20152015 REPORTANNUAL ANN PLC BANK SEYLAN HIGHLIGHTS 8 Financial Highlights Bank Group 2015 2014 Change 2015 2014 Change Rs. ‘000 Rs. ‘000 % Rs. ‘000 Rs. ‘000 % During The Year Income 28,586,081 28,564,355 0.08 28,628,850 28,628,426 – Profit from Operations before Taxation 5,776,711 4,649,444 24.25 5,822,611 4,835,389 20.42 Income Tax Expense 1,945,767 1,570,842 23.87 1,936,662 1,582,819 22.36 Profit for the year Attributable to Equity Holders of the Bank 3,830,944 3,078,602 24.44 3,855,296 3,178,776 21.28 Other Comprehensive Income for the Year, Net of Tax (1,053,977) (55,520) (1,798.37) (1,047,397) (29,601) (3,438.38) Total Comprehensive Income for the Year Attributable to Equity Holders of the Bank 2,776,967 3,023,082 (8.14) 2,805,940 3,139,896 (10.64) Revenue to Government 3,202,007 2,773,846 15.44 3,192,902 2,785,823 14.61 Gross Dividend – Note 948,641 862,401 10.00 948,641 862,401 10.00 At The Year End Total Equity Attributable to Equity Holders of the Bank 25,055,677 24,008,539 4.36 26,287,740 25,195,204 4.34 Retained Earnings 11,125,666 9,083,743 22.48 11,376,269 9,293,830 22.41 Customer Deposits 224,525,455 185,924,122 20.76 224,525,455 185,924,122 20.76 Net Customer Loans and Receivables 193,103,942 154,962,712 24.61 193,103,942 154,962,712 24.61 Total Assets 296,330,133 249,310,559 18.86 298,585,564 251,557,832 18.69 Information Per Ordinary Share Basic/Diluted Earnings (Rs.) 11.11 8.92 24.44 11.18 9.21 21.28 Dividends (Rs.) – Note 2.75 2.50 10.00 2.75 2.50 10.00 Net Asset Value (Rs.) 72.63 69.60 4.36 76.21 73.04 4.34 Market Value (Rs.) – As at End of the Year Voting Shares 95.00 95.00 – – –– Non-Voting Shares 73.00 57.50 26.96 – –– Statutory/Other Ratios (%) Core Capital Adequacy (Minimum Requirement – 5%) 12.24 13.75 (10.98) 12.48 14.04 (11.11) Total Capital Adequacy (Minimum Requirement – 10%) 12.87 14.73 (12.63) 13.08 14.98 (12.68) Liquidity – Domestic Banking Unit Operations (%) (Minimum Requirement – 20%) 27.56 27.60 (0.14) – –– – Foreign Currency Banking Unit Operations (%) (Minimum Requirement – 20%) 21.51 21.86 (1.60) – –– Price Earnings Ratio – Voting (Times) 8.55 10.65 (19.72) 8.50 10.31 (17.56) – Non-Voting (Times) 6.57 6.44 2.02 6.53 6.24 4.65 Dividend Cover (Times) – Note 4.04 3.57 13.17 4.06 3.69 10.03 Note: Dividends are accounted for as per the Sri Lanka Accounting Standard – LKAS 10.
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