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Commercial Bank AR2015.Pdf Annual Report 2015 Commercial Bank of Ceylon PLC 1 It is a tradition of the Bank to ‘walk in step’ with its stakeholders. Such is the closeness of this relationship that it is akin to ‘walking in the same shoes’...where every strategy and action of the Bank is driven by the paramount desire to satisfy and delight our customers and other stakeholders...at every step. Simply put…this is walking at its purest. About Us Highlights of the Year 4 6 About the Report 10 Stewardship Chairman’s An account of how we balance Review stakeholder interest and exercise oversight of affairs of the Bank 11 13 Managing Director’s Review 17 22 Creating Value for Stakeholders 23 Stakeholder Engagement 24 Materiality 26 Governance 28 Board of Directors 112 Managing Risk at Commercial Bank Focus on Value Creation A balanced account of how we utilised ‘capitals’ in creating value for our stakeholders and our impact on the economy, society and environment 145 146 Providing Context to Our Performance 154 Accounting for Capitals 206 A Positive Impact Financial Reports Audited Financial Statements together with the Independent Auditors’ Report 235 Supplementary Information Other useful information in tracking our progress 405 ABOUT US 4 Commercial Bank of Ceylon PLC Annual Report 2015 Commercial Bank of Ceylon PLC is the largest listed financial institution in Sri Lanka and the most awarded bank in the country. With a market capitalisation of around US$ 1 Bn., it is the 3rd largest of all listed entities in the country and also the only Bank which is ranked amongst the world’s top 1,000 banks for the past 5 consecutive years in the country. A high performing team of 4,951 employees serve over 3 million customers through our network of 264 branches in Sri Lanka and Bangladesh and a representative office in Myanmar. In step with our customers and responsive to their needs, we aspire to be their primary banker supporting their growth through our global network of 50 correspondent banks – a true partner in the country’s socio-economic progress. Annual Report 2015 Commercial Bank of Ceylon PLC 5 About Us Our Vision Our Mission To be the most technologically advanced, Providing reliable, innovative, customer-friendly financial services, innovative and customer-friendly financial utilising cutting-edge technology and focusing continuously on services organisation in Sri Lanka, poised for productivity improvement whilst developing our staff and acquiring further expansion in South Asia. necessary expertise to expand locally and regionally. HIGHLIGHTS OF THE YEAR 6 Commercial Bank of Ceylon PLC Annual Report 2015 Financial Highlights GROUP BANK 2015 2014 Change 2015 2014 Change % % Results for the year (Rs. Bn.) Gross income 78.225 72.848 7.38 77.868 72.752 7.03 Operating profi t before fi nancial VAT and tax 20.013 18.542 7.93 20.033 18.425 8.73 Profi t before taxation (PBT) 17.136 15.860 8.05 17.144 15.736 8.94 Income tax expense 5.277 4.617 14.29 5.240 4.556 15.02 Profi t for the year 11.859 11.243 5.48 11.903 11.180 6.47 Revenue to the Governments 10.772 7.295 47.66 10.682 7.235 47.64 Gross dividends 5.700 5.630 1.24 5.700 5.630 1.24 Position at the year-end (Rs. Bn.) Shareholders’ funds (Stated capital and reserves) 70.964 71.206 (0.34) 70.341 70.512 (0.24) Deposits from customers 624.021 529.267 17.90 624.102 529.361 17.90 Gross loans and advances 528.383 423.701 24.71 526.167 422.388 24.57 Total assets 882.183 797.258 10.65 879,805 795.610 10.58 Information per Ordinary Share (Rs.) Earnings (Basic) 13.53 12.87 5.13 13.59 12.81 6.09 Earnings (Diluted) 13.51 12.82 5.38 13.57 12.75 6.43 Dividends – Cash – – – 4.50 4.50 – Dividends – Shares – – – 2.00 2.00 – Net assets value 80.93 82.24 (1.59) 80.22 81.44 (1.50) Market value at the year-end – Voting N/A N/A – 140.20 171.00 (18.01) Market value at the year-end – Non-Voting N/A N/A – 123.00 125.10 (1.68) Ratios Return on average shareholders’ funds (%) 16.68 18.11 (1.43) 16.90 17.01 (0.11) Return on average assets (%) 1.41 1.72 (0.31) 1.42 1.60 (0.18) Price earnings (times) – Ordinary Voting Shares N/A N/A 10.33 13.24 (21.98) Price Earnings (times) – Ordinary Non-Voting Shares N/A N/A 9.06 9.69 (6.50) Year-on-year growth in earnings (%) 5.48 11.52 (6.04) 6.47 7.03 (0.56) Dividend yield (%) – Ordinary Voting Shares N/A N/A 4.64 3.80 0.84 Dividend yield (%) – Ordinary Non-Voting Shares N/A N/A 5.28 5.20 0.08 Dividend cover on Ordinary Shares (times) N/A N/A 2.09 1.99 5.03 Statutory Ratios: Liquid assets (%) N/A N/A – 27.72 33.11 (5.39) Capital adequacy ratios: Tier I (%) – Minimum requirement 5% 11.55 13.07 (1.52) 11.60 12.93 (1.33) Tier I & II (%) – Minimum requirement 10% 14.28 16.22 (1.94) 14.26 15.97 (1.71) Financial Goals and Achievements – bank Goal Achievement Financial Indicator 2015 2014 2013 2012 2011 Return on average assets (ROA) (%) Over 2% 1.42 1.60 1.87 2.12 1.94 Return on average shareholders’ funds (%) Over 20% 16.90 17.01 18.40 20.96 20.28 Growth in income (%) Over 20% 7.03 0.96 15.40 38.25 10.45 Growth in profi t for the year (%) Over 20% 6.47 7.03 3.44 28.10 42.72 Growth in total assets (%) Over 20% 10.58 31.29 18.54 15.95 18.95 Dividend per share (DPS) (Rs.) Over Rs. 5.00 6.50 6.50 6.50 6.50 6.00 Capital adequacy ratios: Tier I (%) – Minimum requirement 5% Over 8% 11.60 12.93 13.27 12.64 12.11 Tier II (%) – Minimum requirement 10% Over 13% 14.26 15.97 16.91 13.85 13.01 Annual Report 2015 Commercial Bank of Ceylon PLC 7 Highlights of the Year A Snapshot of Value Created for the Stakeholders 14.28% Total Capital Rs. 78.225 Bn. Adequacy Ratio Group Gross Income Group Customers Rs. 882.183 Bn. Total Assets Group Growth in No. of Deposits & Advances Accounts (%) Business 2015 3.62 Partners 2014 2.14 Employees Assets Purchased No of Customer (Other than Touch Points Investments) Sri Lanka (Rs. Mn.) 2015 246 2015 1,193 2014 239 Total No. of Employees 2014 1,134 Government Bangladesh 2015 4,951 Institutions 2015 18 2014 4,852 2014 18 Taxes Paid to No. of Governments Correspondent Average Hours (Rs. Mn.) Banks of Training per 2015 50 Employee per Year 2015 10,682 2014 48 2014 7,235 Community 2015 24.26 2014 27.24 ATMs Sri Lanka Tax Collected 2015 621 on behalf of Attrition Ratio (%) 2014 606 Governments 2015 3.74 (Rs. Mn.) Donations Bangladesh (Rs. Mn.) 2014 4.26 2015 1,777 2015 19 2014 2,211 2015 63 2014 19 2014 55 Highlights of the Year 8 Commercial Bank of Ceylon PLC Annual Report 2015 Performance Highlights A strong commitment to sustainable growth Value Created for Shareholders Value Created for the Government Total Assets, Shareholders' Rs. Bn. Government Taxes Borne Rs. Bn. Tax Collected on Behalf Rs. Mn. Funds & Dividend by the Bank of the Government 1,000 6.0 12 2,500 800 5.5 2,000 9 600 5.0 1,500 6 400 4.5 1,000 3 200 4.0 500 0 3.5 0 0 11 12 13 14 15 11 12 13 14 15 11 12 13 14 15 Assets Shareholders' Funds Dividend (LHS) (LHS) (RHS) Value Created for Customers Value Created for Business Partners Rs. Bn. Nos. Rs. Mn. Payments to Suppliers Rs. Mn. Rs. Mn. Loans Disbursed Customer Touch Points Fees & Commission Paid - Payments to Suppliers - PPE Recurrent 500 1,000 1,000 4,000 1,250 400 800 800 3,200 1,000 300 600 600 2,400 750 200 400 400 1,600 500 100 200 200 800 250 0 0 0 0 0 11 12 13 14 15 11 12 13 14 15 11 12 13 14 15 11 12 13 14 15 11 12 13 14 15 No. of Branches No. of ATMs Value Created for Employees Value Created for the Community Strong Commitment to the Environment Nos. Rs. Bn. No. of Beneciaries from Nos. No. of Customers Employee Headcount Total Staff Cost IT Labs Donated by CSR Trust Migrating to e-Statements 5,000 12.0 150,000 10.0 4,000 120,000 8.0 3,000 90,000 6.0 2,000 60,000 4.0 1,000 2.0 30,000 0 0 11 12 13 14 15 11 12 13 14 15 0 11 12 13 14 15 Male Female Remuneration Retirement Benets Other Annual Report 2015 Commercial Bank of Ceylon PLC 9 Highlights of the Year Value Created for Shareholders Value Created for the Government Total Assets, Shareholders' Rs. Bn. Government Taxes Borne Rs. Bn. Tax Collected on Behalf Rs. Mn. Funds & Dividend by the Bank of the Government 1,000 6.0 12 2,500 800 5.5 2,000 9 600 5.0 1,500 6 400 4.5 1,000 3 200 4.0 500 0 3.5 0 0 11 12 13 14 15 11 12 13 14 15 11 12 13 14 15 Assets Shareholders' Funds Dividend (LHS) (LHS) (RHS) Value Created for Customers Value Created for Business Partners Rs.
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