The Case Study - Seylan Bank

120Seylan Bank PLC Annual Report 2009As at 31st December 2009, the Bank had 93 branches and 24 extension offices totalling to 117 in operation,a list of which is given on pages 241 to 242 of this Annual Report. The Bank also has 83 student savingscentres as at end 2009.Vision and MissionDuring the year, the Bank adopted a new vision and a new mission statement for the Bank, which are givenon page 49 to 50 of this Annual Report.Future DevelopmentsAn overview of the future plans and developments of the Bank is also indicated in the Management Reportappearing on pages 57 to 62 of this Annual Report.Financial StatementsThe Audited Financial Statements of the Bank and the Group for the financial year ended 31st December 2009are given on pages 136 to 226 and form an integral part of the Annual Report of the Board.Auditors’ ReportThe Auditors of the Company Messrs KPMG Ford, Rhodes, Thornton & Co., Chartered Accountants havecarried out the audit of the Consolidated Financial Statements for the financial year ended 31st December2009 and their Report on the Financial Statements is given on pages 136 to 137 of this Annual Report.Significant Accounting PoliciesThe significant accounting policies adopted in preparation of the Financial Statements are given on pages143 to 161 of this Annual Report.Financial ResultsIncomeThe income of the Bank for the year 2009 was Rs. 23,154,529,138/- (Rs. 25,246,209,205/- in 2008), whilst theincome of the Group was Rs. 24,538,978,803/- (Rs. 27,053,948,932/- in 2008).ProfitA summary of the consolidated financial results of the operations of the Group during the year ended31st December 2009 is given below:2009 2008(Restated)Rs. ’000 Rs. ’000Profit/(Loss) before Taxation 933,630 (735,579)Less: Taxation 484,869 64,224Profit/(Loss) after Taxation 448,761 (799,803)Attributable to Minority Interest (120,447) (656,810)Net Profit Attributable to Shareholders 569,208 (142,993)Retained Profit brought forward after Dividend 3,546,814 3,693,225Profit available for Appropriation 4,116,022 3,550,232Adjustments/Transfer to Reserve Fund (27,165) (11,504)Other Transfers/Adjustments (287,966) 14,324Balance carried forward 3,800,891 3,553,052