Sampath Bank posts PAT of Rs.11bn in 1H2024
View(s):Sampath Bank registered a profit before tax (PBT) of Rs.18.5 billion and a profit after tax (PAT) of Rs.11.1 billion for 1H 2024 reflecting growth rates of 40 per cent and 45 per cent respectively compared to the corresponding period of the previous year.
The Sampath Group also reported PBT and PAT figures of Rs.19.7 billion and Rs.11.9 billion respectively, reflecting growth rates of 47 per cent and 55 per cent, the bank said in a media release.
During the first half of 2024, the bank reported a total interest income of Rs.95 billion, a 5.7 per cent decline from the same period of the previous year. The continuous decline in market interest rates resulted in the interest expense for the period decreasing from Rs.67 billion in 1H 2023 to Rs.54 billion in 1H 2024.
In 1H 2024, the bank reported a net trading loss of Rs.2.4 billion, compared to a gain of Rs.1.7 billion in the previous period. This was primarily due to revaluation losses incurred on forward exchange contracts.
The bank recorded a total impairment charge of Rs.6.2 billion for the first half of 2024, 14.6 per cent less than the charge for the 1H 2023. Of this total, Rs.3.7 billion was attributed to loans and advances (1H 2023: Rs.8.7 billion), while Rs.1 billion was related to other financial instruments (1H 2023: a reversal of Rs.1.4 billion).
During the reporting period, the bank experienced a 58 per cent decrease in the impairment charge on loans and advances. This improvement reflects the prudent provisioning policies applied in previous years, as well as the resurgence of economic activities, which has enhanced the repayment capacity of the customers. The bank, through its Business Revival Unit, continued to extend support to stressed borrowers by providing a range of measures to assist and revive businesses.
During the reporting period, the bank reported a reversal in collective impairment, reflecting the economic revival of the country and the consequent enhancements in customers’ credit quality.
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