Sampath Bank assets reach Rs. 1 trillion in challenging 1H2020
View(s):Sampath Bank, while the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, has announced that its total assets crossed the Rs.1 trillion mark for the first time in its history.
However the bank recorded a decline in profit. A media release from the bank said the institution registered a profit before tax (PBT) of Rs. 5.32 billion and a profit after tax (PAT) of Rs. 3.97 billion for the six months ended June 30, 2020.
“Despite the unique challenges that prevailed since mid-March 2020, the bank was able to limit the decline in PBT and PAT to 8 per cent and 3.2 per cent respectively compared to the corresponding period in 2019. The bank made solid progress towards its targets set for 2020, which together with diversified product portfolio embedded with technological advancements and strong cost control measures helped the bank to control the impact on profits,” it said adding that PBT and PAT of the group also declined by 7.7 per cent and 4.2 per cent respectively for the same period under review.
During this difficult period the bank redoubled efforts to serve its valued customers, who were severely impacted by the prolonged lockdown, to overcome the challenges and hardships faced by them.
By leveraging its IT, substantial investments made in technology platforms and its widespread branch network, Sampath Bank was able to operate seamlessly during this time of disruption.