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Sri Lanka's Sampath Bank net down 9-pct
15 Nov, 2012 07:31:32
Nov 15, 2012 (LBO) - Profits at Sri Lanka's Sampath Bank group fell 9.1 percent to 1.04 billion rupees in the September 2012 quarter from a year earlier amid weaker fee income and foreign exchange losses, interim accounts showed.
The group reported earnings of 6.46 rupees for the quarter. For the nine months to September the group reported earnings of 24.11 rupees per share on total profits of 3.8 billion rupees, up 19.4 percent from a year earlier.

The stock closed up 1.70 rupees at 196.80 rupees Wednesday.

At stand alone bank level, Sampath said return on assets (before tax) rose to 2.68 percent by end September from 2.60 percent in December. Return on equity rose to 24.55 percent from 22.60 percent.

Interest income rose 54.2 percent to 8.6 billion rupees in the quarter and interest expenses rose at a faster 81 percent to 5.58 billion rupees. The group grew net interest income 21 percent to 3.0 billion rupees.

At stand alone bank level, Sampath reported interest margins of 4.10 percent as at September 2012 from 4.13 percent in December.

Fee income however fell 50 percent to 665 million rupees in the quarter, with a 170 million rupee loss on foreign exchange and other income falling 27 percent to 836 million rupees.

Group performing loans grew 20.7 percent to 208 billion rupees in the nine months to September and non performing loans grew at a slower 2.2 percent to 5.4 billion rupees.

Loan loss provisions in the quarter were net recoveries of 35 million rupees compared to recoveries of 226 million rupees a year earlier.

At stand-alone bank level, the non-performing loan ratio fell to 2.27 percent by end September 2012 from 2.65 percent in December.

Deposits grew 17.2 percent to 224 billion rupees during the nine months to September.

Gross assets grew 18.4 percent to 294 billion rupees and net assets grew 15.8 percent to 24.1 billion rupees.

Group capital adequacy rose to 11.88 percent of risk weighted assets by end September 2012 from 11.79 percent in December.

Update II

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