Sampath reports over Rs. 5 bln in post-tax profit
View(s):Sampath Bank further extended its growth momentum in the second quarter of the year and recorded a post-tax profit of Rs 5.7 billion for the six months ended 30th June 2017.
In a media release the bank said this was a 35 per cent YoY growth in comparison the post-tax profit for the same 2016 period.
The Sampath group, which comprises Sampath Bank and four fully owned subsidiary companies, posted a growth of 36.8 per cent in post-tax profit.
Net Interest Income (NII), which is the main source of income representing almost 70 per cent of the total operating income of the bank, recorded an increase of Rs. 3 billion, up by 29 per cent from the previous year.
“The above achievements were made possible due to the robust growth recorded in the bank’s fund base, as indicated by 11 per cent growth in deposits and 12 per cent growth in advances. The timely re-pricing of asset and liability products and other fund management strategies adopted by the bank too played a pivotal role in achieving NIL growth,” the release said. Net fee and commission income, which largely comprises credit, trade, card and electronic channel related fees increased to Rs. 3.8 billion during the period under review from Rs. 3 billion
earlier.