Sri Lanka’s Sampath Bank net up 15-pct in Dec quarter


Feb 17, 2016 (LBO) – Net profits at Sri Lanka’s Sampath Bank group rose 15 percent to 1.5 billion rupees in the December quarter from a year earlier, interim accounts showed.

The group reported earnings of 8.91 rupees for the quarter against 7.74 rupees per share last year.

For the year ended December the group reported earnings of 38.44 rupees per share on total profits of 6.6 billion rupees, up 26 percent from a year earlier.

In the December quarter, interest income rose 14 percent to 10.7 billion rupees and interest expenses rose 19.1 percent to 5.9 billion rupees, and the bank grew net interest income 9 percent to 4.7 billion rupees.

Fees and commission income rose 23 percent to 1.9 billion rupees and other operating income also rose to 687 million rupees from 493 million rupees.

Individual loan loss provisions rose 88 percent to 234 million rupees while collective provisions declined 175 percent to 60 million rupees.

In the year to December customer loans grew 25 percent to 386 billion rupees and deposits grew 20 percent to 407 billion rupees.

As at the end of December 2015, Gross Non Performing Advances Ratio was 1.64 percent while net Non Performing Advances Ratio was 0.46 percent.