The announcement is subject to regulatory approvals. rn
rnThe bank said the five-year debenture will help lquote expand its capital base to keep in line with the banks expansion plans and Central Banks revised guidelines for capital adequacy.rn
rnThe issue is expected to come out late next month and is likely to carry a rating.rn
rnSampath Bank does not have a credit rating itself.rn
rnWith 64 branches under its belt, the smaller but tech savvy commercial bank also re-launched its vision statement endash ldblquote To be the growing force in the Sri Lankan financial sector.
rnSampath ended 2003 with a 27.2 percent rise in net profits to Rs. 561.2 mn, over a 11.3 percent income growth of Rs. 6.7 bn. rn
rnDeposits had grown 24.4 percent to Rs. 42.0 bn, while lending was up 17.5 percent to Rs. 31.8 bn. rn
rnIts pawning business surpassed original estimates to top Rs. 2.7 bn and leasing portfolio doubled to Rs. 677.1 mn. Provisions for doubtful debts were up 21.3 percent to Rs. 490.2 mn. The bank had also set aside Rs. 118.2 mn for staff retirement benefitsrn
-LBO Newsdesk: LBOEmail@vanguardlanka.comrn
Sampath Bank said Tuesday that it was raising Rs. 1.5 bn in debt to beef up its capital base.