Sampath Bank pre-tax profit marginally down in 1H2022
View(s):Sampath Bank continued to maintain a solid capital base and stable liquidity profile in the first half of 2022 notwithstanding multiple economic challenges.
However the bank posted a post-tax profit (PAT) of Rs.7.1 billion and pre-tax profit (PBT) of Rs.9 billion, for the period ended 30th June 2022, reflecting a marginal increase of 0.3 per cent and decrease of 5.5 per cent respectively compared to the figures declared in 1H 2021.
The Group declared a PAT of Rs. 7.4 billion and PBT of Rs. 9.6 billion, easing by 2 per cent and 5.5 per cent respectively over the first half of 2021, the bank said in a statement.
Total interest income increased by 41.1 per cent year on year to Rs. 59.2 billion in the first half of 2022, compared to Rs.41.9 billion in the same period of the previous year. Interest expenses increased by 22.6 per cent compared to the corresponding period of last year due to rising interest rates. The bank’s total interest expense was Rs. 27.8 billion at the end of the current reporting period compared to Rs. 22.7 billion reported in 1H 2021.
The bank recorded a significant increase of 69.9 per cent in its net fee and commission income (NFCI) in 1H 2022 compared to the same period of the previous year. NFCI is made up of income from a variety of sources, including loans and advances, credit cards, trade, and electronic channels. In the period under review, significant growth was noted in card-related business volumes and as well as fee and commission income from trade-related activities.
During the first half of 2022, net other operating income increased to Rs.16 billion, an unprecedented 378 per cent increase compared to Rs.3.4 billion recorded in the corresponding period of the previous year. This was mainly due to the 80 per cent depreciation of the LKR against US Dollar. Meanwhile, the bank posted a net trading loss of Rs. 2.5 billion, compared to a gain of Rs. 46 million reported during the corresponding period of the previous financial year. Total exchange income for the first six months of 2022 was a phenomenal Rs. 13 billion compared Rs. 3 billion registered in 1H 2021.
The bank recognised a total impairment charge of Rs. 28.2 billion for 1H 2022 compared to Rs. 5 billion reported in the corresponding period of last year, representing a 464 per cent increase.
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