Sampath Bank posts steady results in Q1 2024
View(s):Sampath Bank posted a profit before tax (PBT) of Rs. 6.2 billion and a profit after tax (PAT) of Rs. 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs. 4.3 billion due to the appreciation of the LKR against the USD by Rs. 23.70. These figures signify growth rates of 39.1 per cent and 27.8 per cent respectively, in comparison to the financial results reported in the first quarter of 2023.
The Sampath Group also reported PBT and PAT figures of Rs. 6.9 billion and Rs. 3.8 billion respectively, reflecting growth rates of 38 per cent and 26 per cent, the bank said in a media release.
During the period, Net Interest Income (NII) reached Rs. 20.5 billion, marking a growth of 12.7 per cent compared to Rs. 18.1 billion recorded in the corresponding period of the previous year. This increase in NII primarily stemmed from a reduction in interest expenses which outpaced the decrease in interest income.
In 1Q 2024, the bank experienced a significant 75.3 per cent decrease in its total non-fund-based income, declining from Rs. 2.8 billion reported in the corresponding period of last year to Rs. 0.7 billion in the current period.
The bank reported a net trading loss of Rs. 4.5 billion in 1Q 2024 whereas there was a gain of Rs. 1.7 billion recognised in the previous period. This was primarily due to revaluation losses incurred on forward exchange contracts.
In the first quarter of 2024, the bank reported a total impairment charge of Rs. 4.4 billion, a 36.8 per cent decrease compared to the charge for the comparative period in the previous year.
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