Notes to the Consolidated Financial Statements - Seylan Bank

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294 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 8. Other Income Dividend Income from Dealing Securities - Quoted 12,510 3,800 12,510 3,800 Dividend Income from Dealing Securities - Unquoted – 349 – 349 Dividend Income from Investment Securities - Quoted 557 637 557 637 Dividend Income from Investment Securities - Unquoted 2,844 1,717 2,844 1,717 Profit/(Loss) on Sale of Property, Plant & Equipment 18,625 39,070 22,261 43,815 Profit/(Loss) on Sale of Investment Properties 7,335 – 7,335 – Profit/(Loss) on Sale of Investment Securities 76 89,388 547 87,587 Profit/(Loss) on Sale of Dealing Securities 137,231 375,803 137,231 375,803 Negative Goodwill on Consolidation – – 22,354 – Bad Debts Written Back and Recovered 959,118 1,095,507 959,118 1,095,507 Others – – 133,847 46,062 1,138,296 1,606,271 1,298,604 1,655,277 BANK GROUP 2011 2010 2011 2010 (Reclassified) (Reclassified) Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 9. Operating Expenses Operating Expenses include the following: Directors’ Emoluments 17,499 15,650 18,099 24,639 Auditors’ Remuneration - Audit Fees & Expenses 6,851 5,462 7,476 6,185 - Audit-Related Fee & Expenses 1,775 2,174 1,775 2,174 - Non-Audit Services 440 332 440 796 Depreciation - Freehold Property, Plant & Equipment (Note 29) 392,798 458,766 422,787 495,129 Depreciation - Leasehold Property, Plant & Equipment (Note 30) 1,408 1,992 9,286 9,870 Depreciation - Investment Property (Note 27) – – 20,095 20,068 Amortisation of Intangible Assets (Note 31) 206,224 289,056 206,224 289,056 Donations 3,340 2,281 3,340 2,281 Expenses on Litigation 83,405 93,031 83,494 93,031 Issue Expenses on Debentures/Shares 14,578 6,223 21,114 6,223 Value Added Tax on Financial Services 447,477 857,240 447,477 868,136 Impairment Loss - Provision/(Reversal) 971,601 844,615 1,063,697 844,615 Provision for Doubtful Receivables – – 827 11,241
North Bound > Seylan Bank Annual Report 2011 295 BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 10. Personnel Expenses Personnel Expenses include the following: Salaries and Wages 1,840,563 1,864,989 1,852,845 1,887,472 Contribution to Employees’ Provident Fund 220,863 223,591 222,344 226,563 Contribution to Employees’ Trust Fund 55,253 55,997 55,623 56,719 Provision for Staff Retirement Benefit (Note 37.1.7) 69,067 28,135 73,157 10,315 Other 885,331 745,977 893,386 755,152 3,071,077 2,918,689 3,097,355 2,936,221 10.1 Cost of Voluntary Retirement Scheme (VRS) The Management announced a Voluntary Retirement Scheme in March 2011 and 298 employees in different grades were offered early retirement benefits under this scheme effective on 30th June 2011 and its full cost of Rs. 698.650 Mn. has been fully charged to Income Statement during 2011. BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 11. Provision for Loan Losses Provision for Bad & Doubtful Debts - Specific (Note 21.3) 827,401 1,509,512 827,401 1,509,512 Provision/(Reversal) for Bad & Doubtful Debts - General (Note 21.3) (188,416) 61,479 (188,416) 61,479 Direct Write Off 10,251 10,851 10,251 10,851 649,236 1,581,842 649,236 1,581,842 12. Diminution/(Appreciation) in Value of Investments Diminution/(Appreciation) Provision as at 01st January (86,270) (6,361) (29,941) 146,208 Diminution/(Appreciation) Provision as at 31st December (Notes 18 & 19) 229,761 (86,270) 286,090 (29,941) Less: Adjustment on Deconsolidation/ Amalgamation – – – (121,090) Diminuition/(Appreciation) in Value of Investments 316,031 (79,909) 316,031 (55,059) 13. Income Tax Expense BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 13.1 Charge to Taxation is as follows: Taxation Based on Profits for the Year (Note 13.2) 600,800 869,573 602,353 889,294 Charge/(Reversal) from Deferred Tax (Note 28) 59,593 174,776 59,593 175,424 (Over)/Under Provision of Taxes in Previous Years (90,638) (275,696) (90,638) (275,647) 569,755 768,653 571,308 789,071
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Notes to the Consolidated Financial Statements - Seylan Bank

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