Sampath Bank gearing up for the future
View(s):Sampath Bank has recorded profit before tax (PBT) of Rs. 22 billion and profit after tax (PAT) of Rs. 12.3 billion for the nine months ended 30th September 2023, reporting a growth of 136.4 per cent and 71.5 per cent respectively against the financial figures reported during the corresponding period in 2022.
In a media release, Sampath Bank reported gross interest income of Rs. 153.4 billion for the period under review, up 44.6 per cent from the Rs. 106.1 billion recorded in the corresponding period of the previous year.
The bank continued with its conservative and prudent provisioning policy and posted a total impairment charge of Rs.14.4 billion for the period, though 70.4 per cent less than the charge for the corresponding period in the previous year. The impairment charge for the current review period comprises Rs. 12.5 billion on account of loans and advances (corresponding period in 2022: Rs.37.7 billion) and Rs.1.8 billion on other financial instruments.
Toans declined by Rs.55 billion from Rs.920 billion as at 31st December 2022 to Rs.865 billion at the end of the reporting period.
Despite the LKR appreciation, Sampath Bank’s total deposit book increased from Rs.1.10 trillion reported as at 31st December 2022 to Rs.1.21 trillion at the end of September 2023, an increase of Rs.110.1 billion. LKR deposits increased by Rs.112 billion in the first nine months of 2023 to reach Rs.996 billion as at 30th September 2023. The CASA ratio as at the same date was 33.8 per cent compared to 32.7 per cent reported at the end of 2022.
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