Sri Lanka Sampath Bank December quarter net up 23-pct

EconomyNext – Sri Lanka’s Sampath Bank group said net profit rose 23 percent to 1.3 billion rupees in the December 2014 quarter from a year ago with fee income up sharply and lower provisioning for bad loans.

Diluted earnings per share were 7.94 rupees for the quarter, according to interim results filed with the stock exchange.

For the year ended 31st December, the group reported diluted earnings per share of 31.34 rupees with net profit up 45 percent to 5.3 billion rupees and net interest income up 4.5 percent to 16.8 billion rupees.

In the December 2014 quarter total income fell 11.6 percent to 11.4 billion rupees from a year ago.

Interest income fell 15.6 percent to 9.3 billion rupees while interest expenses fell at a faster 25.8 percent to five billion rupees but net interest income was virtually stagnant at 4.3 billion rupees.

Net fee and commission income grew 25 percent to 885 million rupees while impairment charges for bad loans fell 95 percent to 79 million rupees, the accounts showed.

At bank level, the interest margin fell to 3.95 percent in the 2014 financial year from 4.39 percent the year before but return on equity after tax went up to 16.35 percent from 12.88 percent previously.


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