Sri Lanka’s Sampath Bank March net up 17-pct
ECONOMYNEXT – Sri Lanka’s Sampath Bank group’s net profit for the March 2016 quarter rose 17 percent to Rs1.8 billion from a year ago, a stock exchange filing said.
Earnings per share for the quarter were Rs10.69.
Net interest income rose 14 percent to over Rs4.9 billion, with interest income rising 28 percent to Rs11.7 billion and interest expenses growig 40 percent to Rs6.7 billion.
Fee and commission income rose 21 percent to Rs1.5 billion, while trading losses fell 43 percent to Rs140 million.
Provisioning for bad loans rose sharply, with the collective impairment charge up 564 percent to Rs147 million and the individual impairment charge up 316 percent to Rs88 million.
Sampath Bank’s Net Non-Performing Advances Ratio, net of interest in suspense and provision, rose to 0.51 percent from 0.46 percent.
Loans rose 5.4 percent to Rs407 billion as at 31 March 2016, while deposits rose 7 percent to Rs436 billion.
(Colombo/May 09 2016)