Growth Path

May 15, 2012 (LBO) - Sri Lanka's Sampath Bank's net profits for the March 2012 quarter rose 52 percent to 1.49 billion rupees from a year earlier boosted by strong foreign exchange income, interim accounts showed.

The bank reported earnings of 9.

26 rupees per share for the quarter. The stock closed up 30 cents at 166.

50 rupees Monday.

At stand alone bank level, return on assets rose to 3.38 percent in the March quarter from 2.

6 percent in December. Return on equity rose to 29.2 percent from 22.6 percent.

Group interest income rose 37.6 percent to 6.59 billion rupees and interest expenses rose at a faster 52.1 percent to 4.0 billion rupees and net interest income grew at a slower 19.

3 percent to 2.25 billion rupees.

At stand alone bank level, the interest margin fell to 3.86 percent in the March quarter from 4.

13 percent in December.

Fee income grew 130 percent to 2.29 billion rupees with foreign exchange income growing 935 percent to 1.

427 billion rupees.

Performing loans grew 10.9 percent to 191 billion rupees in the March and non-performing loans grew at a slower 5.

5 percent to 5.6 billion rupees from December.

Loan loss provisions were 52.5 million rupees, down from 242 million