Sampath Bank’s strong financial performance in 2024
View(s):Sampath Bank has announced its financial results for the year ending 31st December 2024 – a strong performance with Profit Before Tax (PBT) at Rs.46.7 billion, a 57 per cent year-on-year increase, and Profit After Tax (PAT) of Rs.27.3 billion, up by 59.4 per cent compared to the previous year. The Sampath Group reported a PBT of Rs.49.2 billion and a PAT of Rs.28.7 billion, reflecting growth rates of 57.6 per cent and 60.1 per cent, respectively, the bank said in a media release.
Total interest income for the year was Rs.183 billion, a 10 per cent decrease from 2023, primarily due to lower Average Weighted Prime Lending Rate (AWPLR) and reduced interest rates on government securities. In December 2024, the government of Sri Lanka finalised the restructuring of Sri Lanka International Sovereign Bonds (SLISBs). Sampath Bank opted for the ‘Local Option,’ receiving 30 per cent of its exposure in LKR bonds and accepting a 10 per cent nominal haircut on the remaining 70 per cent of SLISBs. This resulted in a reversal of previously booked impairment of Rs.15.8 billion, an additional loss of Rs.8.4 billion due to the restructuring and a net after-tax impact of Rs.2.6 billion on the bottom line for the year.
Total assets grew by 15.3 per cent to Rs.1.8 trillion, driven by increased investments in government debt securities and an expanded loan portfolio. Gross loans increased by Rs.87.3 billion to Rs.964.6 billion.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!