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Sri Lanka’s Sampath Bank March net up 29-pct

ECONOMYNEXT – Profits at Sri Lanka’s Sampath Bank Plc, rose 29 percent to 2.38 billion rupees in the March 2017 quarter from a year earlier, helped by aggressive loan growth, interim accounts showed.

The group reported earnings of 12.91 rupee per share for the quarter. The stock closed at 274 rupees up 2.30 Friday.

Interest income rose 58 percent from a year earlier to 18.26 billion rupees, interest expenses rose at a faster 75 percent to 11.75 billion rupees and the bank also grew net interest income 35 percent to 6.7 billion rupees.

Specific loan loss provisions rose 420 percent to 462 million and general provisions were increased 44 percent to 212 million rupees.

The group grew its loan book 6.8 percent to 504 billion rupees from December to March.  During the year to March it grew loans 24 percent, from 407 billion rupees.

 Fee and commission income rose 33 percent to 1.99 billion rupees.

Group gross assets grew 5.4 percent during the quarter to 716 billion rupees. Net assets were up 5.4 percent to 52.4 billion rupees. 

Core capital adequacy fell to 7.79 percent from 8.43 percent but was above the required 5 percent. Total capital adequacy fell to 12.04 percent from 12.87 against a required 10 percent. (Colombo/May08/2017)

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