Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
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North Bound > <strong>Seylan</strong> <strong>Bank</strong> Annual Report 2011<br />
293<br />
BANK<br />
GROUP<br />
2011 2010 2011 2010<br />
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000<br />
4. Income<br />
Interest Income (Note 5) 16,129,579 16,596,094 16,107,643 16,696,073<br />
Foreign Exchange Profit 624,216 403,066 624,216 403,066<br />
Fee and Commission Income (Note 7.1) 1,512,211 1,427,046 1,512,160 1,426,918<br />
O<strong>the</strong>r Income (Note 8) 1,138,296 1,606,271 1,298,604 1,655,277<br />
19,404,302 20,032,477 19,542,623 20,181,334<br />
Income of <strong>the</strong> Company resulted mainly from <strong>the</strong> business of banking and related activities.<br />
5. Interest Income<br />
Cus<strong>to</strong>mer Advances 12,325,270 11,483,183 12,302,359 11,467,723<br />
Treasury Bills, Bonds & Placements with<br />
O<strong>the</strong>r <strong>Bank</strong>s 3,695,880 5,047,605 3,696,631 5,163,013<br />
Debentures 98,834 28,765 98,834 28,765<br />
O<strong>the</strong>r Instruments 9,595 36,541 9,819 36,572<br />
16,129,579 16,596,094 16,107,643 16,696,073<br />
According <strong>to</strong> <strong>the</strong> Section 137 of <strong>the</strong> Inland Revenue Act No. 10 of 2006, any person who derives income from<br />
<strong>the</strong> secondary market transactions in Government Securities is entitled <strong>to</strong> a notional tax credit in relation<br />
<strong>to</strong> <strong>the</strong> tax payable by such person. Notional tax credit would be determined by grossing up of <strong>the</strong> income<br />
from <strong>the</strong> secondary market transactions <strong>to</strong> an amount equal <strong>to</strong> 1/9 of same and credit <strong>to</strong> be afforded for<br />
a like sum. Accordingly, <strong>Bank</strong> has accounted for Rs. 282,247,960/- as notional tax credit for <strong>the</strong> year 2011<br />
(Rs. 441,466,527/- for 2010).<br />
BANK<br />
GROUP<br />
2011 2010 2011 2010<br />
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000<br />
6. Interest expenses<br />
Cus<strong>to</strong>mer Deposits 6,880,654 7,257,825 6,879,736 7,257,811<br />
Borrowings 186,076 77,677 177,640 147,371<br />
Refinance 61,094 70,261 61,094 70,261<br />
Treasury Bills Repurchased 679,346 476,522 672,486 530,412<br />
Debentures 542,068 646,722 542,068 646,722<br />
8,349,238 8,529,007 8,333,024 8,652,577<br />
7. Net Fee & Commission Income<br />
7.1 Fee & Commission Income<br />
Fee Income 609,077 603,806 609,026 603,769<br />
Commission Income 903,134 823,240 903,134 823,149<br />
1,512,211 1,427,046 1,512,160 1,426,918<br />
7.2 Fee & Commission Expenses<br />
Commission Expenses 77,489 69,954 81,369 75,495<br />
77,489 69,954 81,369 75,495<br />
Net Fee & Commission Income 1,434,722 1,357,092 1,430,791 1,351,423