Sri Lanka’s Sampath Bank profits surge 67-pct in Dec quarter

Sampath-Bank-Sri-Lanka

Feb 14, 2017 (LBO) – Shareholder profits at Sri Lanka’s Sampath Bank group surged 67 percent to 2.56 billion rupees in the December quarter from a year earlier, interim accounts showed.

The group reported earnings of 14.44 rupees per share for the quarter against 8.91 rupees per share last year.

For the year ended December the group reported earnings of 53.66 rupees per share on total profits of 9.5 billion rupees, up 43.3 percent from a year earlier.

In the December quarter, interest income rose 67 percent to 17.91 billion rupees and interest expense rose 83 percent to 10.96 billion rupees. The bank grew net interest income 47 percent to 6.95 billion rupees.

Net fee and commission income rose 27 percent to 1.92 billion rupees and other operating income rose 52 percent to 1.01 billion rupees.

Individual loan loss provisions dropped 17 percent to 187 million rupees while collective provisions rose 802 percent to 364 million rupees.

In the year to December gross loans and receivable grew 22 percent to 482.88 billion rupees and deposits grew 26 percent to 513.43 billion rupees.

As at the end of December 2016, gross non performing advances ratio of Sampath Bank was 1.61 percent, down from 1.64 percent last year.

Net non performing advances ratio was 0.62 percent, up from 0.46 percent last year.

The public shareholding at the end of December 2016 was 83.36 percent comprising of 17,446 public shareholders.

The Board of Directors of the Bank has recommended an interim scrip dividend of 14 rupees and a final cash dividend of 4.75 rupees per share to be paid for the financial year ended 31st December 2016.

Further in compliance with the Bank’s Articles of Association, this dividend is to be approved by the shareholders at the Extra Ordinary General Meeting to be held on 28th February 2017.