Sampath Bank, despite unfavourable conditions in the economy, saw pre tax profits rise to Rs.698.1 million in the first quarter 2009 against Rs.603.7 million for the same 2008 period, company officials said.
Post tax profits amounted to Rs.363.7 million against Rs.302.1 million in the same periods, they said adding that there was negative growth in the first quarter of 2008.
Pre tax profits at the Sampath Group, which consists of the bank, its six subsidiaries and an overseas associate company, rose to Rs.748.9 million in first quarter 2009 from Rs.662.4 million in the same 2008 period, showing an increase of Rs. 86.5 million. Post tax profit of the Group was Rs.397.4 million against Rs.325.3 million.
“The increase in income contributed primarily to the impressive bottom line growth, which surpassed its moderate asset growth of 0.4%, during the first quarter 2009,” one official said.
He said the bank’s plan during the year is to add 10-15 branches to its existing branch network of 117 branches, giving priority to the recently cleared northern and eastern provinces. The bank is also planning to upgrade and re-locate existing branches where necessary with a view to improving customer convenience.
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