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Sri Lanka’s Sampath Bank net up 52-pct in Dec

ECONOMYNEXT – Profits at Sri Lanka’s Sampath Bank rose 52 percent to 3.89 billion rupees helped by a 23 percent growth in net interest income and a lower tax bill, interim account showed.

The group reported earnings of 19.95 rupees for the quarter. In the year to December the group reported earnings of 49.28 rupees on total profits of 12.6 billion rupees which were up 33 percent from a year earler.

In the December quarter net interest income rose 29.5 percent to 23.1 billion rupees, interest expenses rose at a faster 33.4 percent to 14.6 billion rupees and the bank grew net interest income 23.4 percent to 8.5 billion rupees.

Fee and commission income rose 32.1 percent to 2.3 billion rupees

Specific loans loss provisions rose 29 percent to 242 million rupees and general provision fell 64 percent to 128 million rupees.

Pre-tax profits rose 32 percent to 5.1 billion rupees, but income tax fell absolutely 17 percent to 1.2 billion rupees, from 1.3 billion rupees a year earlier. (Colombo/Feb16/2018 – Update I)

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