Sri Lanka’s Sampath Bank net up 69-pct in Sept quarter

Nov 17, 2015 (LBO) – Profits at Sri Lanka’s Sampath Bank group rose to 1.9 billion rupees in September quarter, up 69 percent from a year earlier, helped by other operating income, despite higher loan losses, interim accounts showed.

The group reported earnings of 10.92 rupees for the quarter.

For the nine months to September the group reported earnings of 29.53 rupees per share on total profits of 5.0 billion rupees, up 29 percent from a year earlier.

In the September quarter, interest income rose 6 percent to 10.2 billion rupees and interest expenses declined 0.8 percent to 5.4 billion rupees, and the bank grew net interest income 14.0 percent to 4.8 billion rupees.

Fees and commission income rose 39 percent to 1.8 billion rupees.

Other operating income also rose to 1.2 billion rupees from 541.4 million rupees, a year earlier.

Individual loan loss provisions rose 502 percent to 232.1 million rupees while collective provisions declined 64 percent to 212.8 million rupees.

In the nine months customer loans grew 14 percent to 354 billion rupees and deposits grew 12.6 percent to 382 billion rupees.

As at 30 September 2015, Gross Non Performing Advances Ratio was 1.7 percent.