Feb 28, 2010 (LBO) – Sampath Bank said its 2009 net group profits rose 36.8 percent to 2.0 billion rupees, while December quarter net was up 72.4 percent to 689 million rupees with higher interest rate spreads and fee income. The banking group said in a stock exchange filing December quarter interest income fell 6.2 percent to 5.1 billion rupees, while interest expenses fell faster 18.3 percent to 2.98 billion rupees allowing net interest income to grow 17.4 percent to 2.2 billion rupees.
Sampath reported group earnings per share of 10.00 rupees for the quarter and 11.15 rupees for the full year.
Fee income for the quarter was up 57.3 percent 1.5 billion rupees, despite forex income falling 68.7 percent to 139.1 million rupees. The banking group’s other income which is made of fees and charges were up 162.7 percent to 1.3 billion rupees.
The bank provided 69.4 million rupees for bad and doubtful debts in the December quarter, down 48.4 percent from a year ago, and recovered 179.5 million rupees of bad debts, up 36 percent.
Full year interest income was up 6.2 percent to 21.3 billion rupees, while interest expenses were flat at 13.4 billion rupees, resulting in a net interest margin of 7.8 billion rupees,