Notes to the Consolidated Financial Statements - Seylan Bank

298 North Bound > Seylan Bank Annual Report 2011
Notes to the Consolidated Financial Statements
15. Dividends
BANK
GROUP
2011 2010 2011 2010
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
Ordinary Share Dividends (15.1) 253,560 126,780 253,560 126,780
Preference Share Dividends (15.2) – 3,560 – 3,560
253,560 130,340 253,560 130,340
15.1 Ordinary Share Dividends
Net Dividend 228,204 114,102 228,204 114,102
Tax Deducted at Source 25,356 12,678 25,356 12,678
Gross Dividend (Note 44) 253,560 126,780 253,560 126,780
15.2 Preference Share Dividends
Net Dividend – 3,560 – 3,560
Tax Deducted at Source – – – –
Gross Dividend – 3,560 – 3,560
16. Cash and cash equivalents
Cash in Hand - Local Currency 4,056,410 3,561,087 4,056,445 3,561,125
Cash in Hand - Foreign Currency 53,390 181,902 53,390 181,902
Cash at Bank – – 526 1,518
Balances with Local Banks – 23,885 – 23,885
Balances with Foreign Banks 440,403 931,532 440,403 931,532
Placements with Banks and Finance
Companies (16.1) – – – –
4,550,203 4,698,406 4,550,764 4,699,962
16.1 Placements with Banks and
Finance Companies
Fixed Deposit with Finance Companies – – 5,943 5,943
Provision for Doubtful Receivable – – (5,943) (5,943)
– – – –
17. Balance with the Central Bank of Sri Lanka
Cash balance is required to be maintained with the Central Bank of Sri Lanka according to statutory
requirements. At present, the minimum cash reserve requirement is 8% of the rupee deposit liabilities for
2011. The Statutory Reserve Rate was increased from 7% to 8% with effect from 29th April 2011.
BANK/GROUP
2011 2010
Rs. ’000 Rs. ’000
Average Deposit Liabilities for the Last Week of December 111,143,742 102,371,365
Statutory Reserve Requirement 8,891,499 7,165,996
Less: Average Sri Lanka Currency Notes and Coins held over and above 2% of
Average Deposit Liabilities, but not exceeding 4% 1,619,951 1,708,414
Total Reserve Required to be held with Central Bank 7,271,548 5,457,582
Average Balance held by the Bank for the Last Week of the Year 7,271,584 5,453,929
CBSL Balance as at 31st December 7,070,728 5,453,833