SANASA Development Bank PLC

Integrated Annual Report 2023

Financial Statements

Statement of Changes in Equity

Year ended 31 December

Stated

capital

Reserves

Ordinary

voting

shares

LKR

Statutory

reserve

fund

LKR

Retained

earnings

LKR

Available for

sale reserve/ Fair

value through

OCI

LKR

Revaluation

reserve

LKR

General

reserves

LKR

Total

equity

LKR

Opening balance as at 31 December 2021

7,727,941,021

270,009,116

1,890,620,504

(19,051,624)

-

46,656,973

9,916,175,990

Profit for the year

-

-

883,278,171

-

-

883,278,171

Other comprehensive income (net of tax)

-

-

26,068,555

-

-

26,068,555

Total comprehensive income for the year

-

-

909,346,727

-

-

-

909,346,727

Transactions with equity holders, recognised directly in equity

Rights issue

3,559,824,200

-

-

-

-

3,559,824,200

Dividends to equity holders

Cash dividend-2020

-

-

(206,046,072)

-

-

(206,046,072)

Transfer to statutory reserve fund

-

44,163,909

(44,163,909)

-

-

-

Other transactions - SPO share issue cost

(49,761,369)

(49,761,369)

Other transactions

157,055

157,055

Total transaction with equity holders

3,559,824,200

44,163,909

(299,814,294)

-

-

-

3,304,173,813

Closing balance as at 31 December 2021

11,287,765,221

314,173,025

2,500,152,936

(19,051,624)

-

46,656,973

14,129,696,530

Opening balance as at 1 January 2022

11,287,765,221

314,173,025

2,500,152,936

(19,051,624)

-

46,656,973

14,129,696,530

Adjustment for Surcharge Tax levied under the

Surcharge Tax Act No. 14 of 2022

(521,613,182)

(521,613,182)

Adjusted balance as at 1st January 2022

11,287,765,221

314,173,025

1,978,539,754

(19,051,624)

-

46,656,973

13,608,083,348

Profit for the year

-

-

61,166,336

-

-

-

61,166,336

Other comprehensive income (net of tax)

-

-

(28,023,391)

-

259,036,868

-

231,013,477

Total comprehensive income for the year

-

-

33,142,944

-

259,036,868

-

292,179,812

Transactions with equity holders, recognised directly in equity

Share issue

-

-

-

-

-

-

Dividend to equity holders

Cash dividend - 2021

-

-

(241,048,248)

-

-

(241,048,248)

Transfer to statutory reserve fund

-

3,058,317

(3,058,317)

-

-

-

-

3,058,317

(244,106,565)

-

-

-

(241,048,248)

Closing balance as at 31 December 2022

11,287,765,221

317,231,342

1,767,576,134

(19,051,624)

259,036,868

46,656,973

13,659,214,913


Statutory Reserve Fund

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.

General Reserve

The general reserve is created after provisioning for a statutory reserve fund and interim dividend payments for the respective share holders, this reserve will be used by the Bank for the future capitalisation purposes of the Bank.

Available for Sale/Fair Value Through OCI Reserve

The available for sale/Fair value through OCI reserve is consist of fair value adjustment made to unquoted equity investment.

The Accounting Policies and Notes on pages 176 through 261 from an integral part of the Financial Statements.

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