Tight Numbers

May 28, 2008 (LBO) – Sri Lanka’s Samapath Bank group net profits for the March 2008 quarter fell 24.2 percent amidst rising interest costs while revenue grew 23.2 percent, results filed with the Colombo Stock Exchange said. Group gross assets were up 0.4 percent to 137.9 billion rupees.

Group net profit after tax grew to 325 million rupees, with revenues growing to 5.1 billion rupees.

Group interest income rose 31.9 percent to 4.5 billion rupees while interest expenses rose 50.6 percent to 2.1 billion rupees.

Net interest income rose 2.6 percent to 1,371 million rupees. At bank level net interest income grew 3.5 percent to 1,326 million rupees.

Foreign exchange income was down 88 percent to 22 million rupees with other income growing 11 percent to 611 million rupees.

Provisions for bad loans were up 6.7 percent 237 million rupees. A 110 million rupee provision for a fall in value of investments, were reversed.

Performing loans and advances grew 1.4 percent 89.3 billion rupees at group level and to 86.8 percent at bank level.