Oct 26, 2010 (LBO) – Sri Lanka’s Sampath Bank September 2010 net profit rose 47 percent to 789 million rupees from a year ago as it reversed provisioning for bad loans, a stock exchange filing said. The bank’s interest income fell 13.1 percent to 4.7 billion rupees while interest expenses fell at a faster 23.6 percent to 2.5 billion rupees enabling net interest income to rise 4.3 percent to 2.1 billion rupees.
Non-interest income fell 35.5 percent to 702 million rupees including a sharp fall in foreign exchange income during the period.
Sampath Bank had a reversal of provisioning for bad loans of 343 million rupees in the September 2010 quarter compared with provisioning for bad loans of 193 million rupees the year before.
The bank’s earnings per share were up 47 percent to 10.33 rupees in September 2010 from the previous year.
Total performing loans and advances rose 22 percent to 111 billion rupees as at September 30, 2010 from the beginning of the year while total deposits rose 13.6 percent to 143 billion rupees.
Sampath Bank’s interest margin fell to 5.08 percent as at September 30, 2010 from 5.30 percent at the beginning of the year while after tax return on equity ro