Sri Lanka’s Sampath Bank profits surge 54-pct in June quarter


Aug 02, 2016 (LBO) – Net profits at Sri Lanka’s Sampath Bank group rose 54 percent to 2.5 billion rupees in the June quarter from a year earlier, interim accounts showed.

The group reported earnings of 14.16 rupees for the quarter against 9.20 rupees per share for the same period last year. The share was trading at 243.80 rupees, up 4.6 percent on Tuesday.

For the six months ended in June, the group reported earnings of 24.56 rupees per share on total profits of 4.3 billion rupees, up 35 percent from a year earlier.

In the June quarter, interest income rose 41 percent to 13.6 billion rupees and interest expenses rose at a faster 58 percent to 7.8 billion rupees, and the bank grew net interest income 24 percent to 5.8 billion rupees.

Fees and commission income rose 29 percent to 1.9 billion rupees and fees and commission expenses rose at a faster 40 percent to 337 million rupees, and the bank grew net fee income by 27 percent to 1.6 billion rupees.

Individual impairment charges rose 264 percent to 407 million rupees while collective provisions declined 118 percent to 42 million rupees.

As at 30th June 2016, net loans and receivables stood at 426 billion rupees against 386 billion rupees reported as at 31st December 2015.

Total deposits stood at 453 billion rupees against 407 billion rupees figure recorded six months earlier.

As at the end of June 2016, Gross Non Performing Advances Ratio was 1.80 percent while net Non Performing Advances Ratio was 0.69 percent.

The group comprises of Bank and its subsidiaries Siyapatha Finance, Sampath Centre, SC Securities and Sampath Information Technology Solutions.

The percentage of shares held by the public as at 30 June 2016 was 83.31 percent and the number of public shareholders was 17,731.

Dhammika Perera is the Chairman of Sampath Bank as well as Vallibel One.