Sampath Bank reports 46 % PBT growth in 1H 2023

As a responsible corporate citizen and a premier private sector bank in Sri Lanka, Sampath Bank has once again showcased its unwavering commitment to supporting the Sri Lankan economy and its people throughout the past four to five years.

During the first half of 2023, Sampath Bank reported a robust financial performance, with a profit before tax (PBT) of Rs.13.2 billion and a profit after tax (PAT) of Rs. 7.7 billion, representing growth of 46.6 per cent and 8.1 per cent, respectively compared to 1H 2022.

The bank has continued its strong contribution to public financing, with an effective tax rate exceeding 56 per cent for the period ending June 2023.

In a media release, the bank said growth in Net Interest Income (NII) was supported by higher AWPLR while there was a 13.6 per cent increase in net fee and commission income driven by trade-related operations, a decline of exchange income due to Rupee appreciation against USD and saw a significant 74.4 per cent decline in impairment provision on loans and investments.

There was a 104 per cent increase in total tax expenses due to the upward revision in income tax rate and the introduction of SSCL (Social Security Contribution Levy).

Sampath Bank's total assets increased by Rs. 97 billion (an annualised growth of 14.6 per cent) from Rs. 1.3 trillion as of December 31, 2022, to Rs. 1.4 trillion as of June 30, 2023. Despite the Rupee’s appreciation against the USD, the bank's total deposit book grew from Rs. 1.1 trillion to Rs. 1.14 trillion during the same period, demonstrating strong customer confidence.