Notes to the Consolidated Financial Statements - Seylan Bank

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292 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements • Non-staff deposits are measured (subsequent to initial recognition) at the amortised cost using effective interest rate method. Due to this adjustment retained earnings will be increased by approximately Rs. 181.54 Mn. The adjustments described above, on adoption of LKAS 32 and LKAS 39, will result in an overall reduction in total equity as at 1st January 2012 is approximately Rs. 2,923.74 Mn. The Bank has not quantified other differences that may arise due to the adoption of all other LKAS which come into effect on 1st January 2012. However, based on an overview of the changes the Bank does not consider any significant impact would arise from such changes. 3.5.18 Comparative Information The comparative information is reclassified wherever necessary to conform with the current year’s presentation in order to provide a better presentation. The details of restatements are disclosed in Note 49 to the Consolidated Financial Statements. 3.5.19 Directors’ Responsibility Statement The Board of Directors of the Bank is responsible for the preparation and presentation of these Financial Statements. Please refer pages 261 and 262 for the Statement of the Directors’ Responsibility for Financial Reporting.
North Bound > Seylan Bank Annual Report 2011 293 BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 4. Income Interest Income (Note 5) 16,129,579 16,596,094 16,107,643 16,696,073 Foreign Exchange Profit 624,216 403,066 624,216 403,066 Fee and Commission Income (Note 7.1) 1,512,211 1,427,046 1,512,160 1,426,918 Other Income (Note 8) 1,138,296 1,606,271 1,298,604 1,655,277 19,404,302 20,032,477 19,542,623 20,181,334 Income of the Company resulted mainly from the business of banking and related activities. 5. Interest Income Customer Advances 12,325,270 11,483,183 12,302,359 11,467,723 Treasury Bills, Bonds & Placements with Other Banks 3,695,880 5,047,605 3,696,631 5,163,013 Debentures 98,834 28,765 98,834 28,765 Other Instruments 9,595 36,541 9,819 36,572 16,129,579 16,596,094 16,107,643 16,696,073 According to the Section 137 of the Inland Revenue Act No. 10 of 2006, any person who derives income from the secondary market transactions in Government Securities is entitled to a notional tax credit in relation to the tax payable by such person. Notional tax credit would be determined by grossing up of the income from the secondary market transactions to an amount equal to 1/9 of same and credit to be afforded for a like sum. Accordingly, Bank has accounted for Rs. 282,247,960/- as notional tax credit for the year 2011 (Rs. 441,466,527/- for 2010). BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 6. Interest expenses Customer Deposits 6,880,654 7,257,825 6,879,736 7,257,811 Borrowings 186,076 77,677 177,640 147,371 Refinance 61,094 70,261 61,094 70,261 Treasury Bills Repurchased 679,346 476,522 672,486 530,412 Debentures 542,068 646,722 542,068 646,722 8,349,238 8,529,007 8,333,024 8,652,577 7. Net Fee & Commission Income 7.1 Fee & Commission Income Fee Income 609,077 603,806 609,026 603,769 Commission Income 903,134 823,240 903,134 823,149 1,512,211 1,427,046 1,512,160 1,426,918 7.2 Fee & Commission Expenses Commission Expenses 77,489 69,954 81,369 75,495 77,489 69,954 81,369 75,495 Net Fee & Commission Income 1,434,722 1,357,092 1,430,791 1,351,423
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Notes to the Consolidated Financial Statements - Seylan Bank

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