Profit Report

Oct 23, 2008 (LBO) – Sri Lanka’s Sampath Bank’s consolidated September quarter profits grew 48.1 percent to 395.3 million while revenues grew 23.8 percent to 5.8 billion rupees, interim accounts filed with the Stock Exchange showed.

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The bank’s interest income grew 29.9 percent to 5.1 billion rupees, and interest expenses by 18.0 percent to 3.3 billion rupees allowing net interest income to grow 61.5 percent to 1.7 billion rupees.

Sampath earned less fee based income in the quarter with foreign exchange income falling steeply to 92.1 million from 238 million in the same quarter last year, dragging down total non-interest income by 8.5 percent to 683.7 million.

Provisions for bad debts fell 14.8 percent to 227.1 million rupees.

In the 9-months to September profits were up 27.5 percent to 1,095 million from 858.9 million rupees.

Total performing loans grew 4.4 percent to 91.6 billion rupees over the nine months, while deposits grew 4.2 percent to 103.5 billion rupees.

Group assets rose 4.1 billion to 143.6 billion rupees.