Sri Lanka’s Sampath Bank net down 34-pct in Dec 2020

ECONOMYNEXT – Profits at Sampath Bank fell 34.1 percent to 3.2 billion rupees in the December 2020 quarter from a year earlier amid a drop in net interest income, interim accounts show.

Sampath bank reported earnings of 8.46 per share in the last quarter and 22.13 in the year end at
December 31,2020. The bank closed 2.75 rupees down a share at 165.00 rupees' yesterday.

Interest Income for the bank fell 19.2 percent to 22.1 billion rupees from a year earlier and Interest
income fell by 14 percent to 13.4 billion rupees resulting the net interest income to fell 26.2 percent to 8.6 billion rupees from 11.7 billion rupees a year earlier.

Net interest income fell 26 percent to 8.6 billion rupees in the quarter with interest income down 19
percent to 22 billion rupees and interest expenses down at a slower 14 percent to 12.46 billion rupees.

The bank said net interest margins fell 116 basis points in 2020 to 3.3 percent. In the year a 3.1 billion rupee charge was made for the Debt Moratorium Phase 01 against interest income.

Sampath Bank said it gave a debt moratorium to about 50 percent of its loan book in Phase I of the debt
moratorium and it was extended to 29 percent of its loan book in Phase II. In addition, it had taken some initiatives on its own to help customers, the bank said.

Group performing loans grew by 4.6 percent to 752 million rupees in the quarter while at the bank level
grew 4.5 percent to 720 million rupees.

In the quarter, loan loss provision fell by 57 percent in the quarter to 1.04 billion rupees.

Gross non-performing loans fell to 6.3 percent of risk assets by end December from 6.37 percent in 2019.

Fee and commission income fell 7.6 percent to 2.6 billion rupees in the quarter.

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Value added tax on financial services fell 15.3 percent to 1.07 billion rupees, nation building tax fell 100 percent while a new debt repayment levy also fell 100 percent.

Customer deposits grew 23.6 percent to 902 billion rupees during the 12 months to December 2020.

Debt instruments went up by 76 percent to 275 billion rupees during the year.

Group gross assets grew by 15 percent at group level to 1.14 billion rupees during the year.

Net assets grew 2.7 percent to 114.4 billion rupees. At bank level net assets grew 2.4 percent to 105 billion rupees.

Total capital adequacy fell to 16.41 percent by December 2020 from 18.12 percent a year earlier.
(Colombo/Feb 20/2021)

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