Sampath Bank. reports profit after tax (PAT) of Rs.17.8 bn
View(s):Sampath Bank has reported a profit before tax (PBT) of Rs.29.9 billion and a profit after tax (PAT) of Rs.17.8 billion for the nine months ending September 2024, despite an exchange loss of Rs.3.6 billion due to the rupee’s appreciation.
This reflects a year-on-year growth of 36 per cent in PBT and 44 per cent in PAT, underscoring strong performance. Sampath Group achieved a PBT of Rs.31.9 billion and PAT of Rs.19.1 billion, with respective growth rates of 40 per cent and 50 per cent, it said in a media release.
Total interest income declined by 9.6 per cent to Rs.139 billion, mainly due to lower interest rates, while interest expenses fell by 22.2 per cent. The Net Interest Margin (NIM) was slightly reduced to 5.01 per cent, driven by lower yields on interest-earning assets.
The total impairment charge dropped by 63 per cent to Rs.5.4 billion, with Rs.3.1 billion allocated to loans and advances. This improvement is due to prudent provisioning and stronger economic activity, bolstering repayment abilities. Additionally, Rs.1.2 billion was set aside for financial instruments, covering anticipated losses from restructured Sri Lanka International Sovereign Bonds (SLISB), the bank said.
Operating expenses rose by 15.5 per cent, largely due to salary increments, with personnel costs up by 20.5 per cent. This led to a cost-to-income ratio (CIR) of 38.9 per cent. The tax charge increased to Rs.20.9 billion, though the effective tax rate decreased to 54 per cent.
As of September 30, 2024, total assets reached Rs.1.68 trillion, driven by a Rs.38 billion increase in rupee loans. Total liabilities increased by 9.6 per cent, with deposits rising to Rs.1,393.8 billion, contributing to a CASA ratio of 33.9 per cent.
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