Financial Times

Sampath Bank Post Tax Profit up by 29.8% in 1H 2009

Sampath Bank posted a 29.8% increase in profits for the first half of this year to Rs.829.7 million from Rs.639 million for the same period in 2008, the bank said, announcing the results to the Colombo Stock Exchange on Thursday.

Sampath's net interest income increased from Rs. 2,980.8 million during this period in 2008 by 21.4% to Rs. 3,619.1 million for 2009 which the bank achieved through improving the net interest margins. The net interest margin rose from 4.44% in the first half of 2008 to 5.16% in the first half of 2009.

Total other income of the Bank rose from Rs.1,204.9 million in the first half of 2008 to Rs. 1,569.8 million in the same period in 2009, reflecting a growth of Rs.364.9 million or 30.3%. Foreign Exchange income, one of the main sources of other income, rose from Rs.110.356 million in the first half of 2008 to Rs.454.2 million in the same period 2009.

“This was mainly due to the improvement in revaluation gains, on the foreign currency business units (FCBU’s) retained profits kept in US dollars, arising from the depreciation of Sri Lankan rupee against the US dollar from Rs.107.68 at the end of June 2008 to Rs.114.95 at the end of June 2009,” the bank has said.

Sampath’s non-performing loans rose to 9.92% as at the end of June 2009, compared to 6.87% as at the end of June 2008 and 7.47% as at December 2008. The Liquidity Ratio improved from 23.08% as at the end of June 2008, to 28.08% as at the end of June 2009 and the Total Capital Adequacy Ratio improved to 11.47% as at the end of June 2009, compared to the total Capital Adequacy Ratio of 10.81%, as at the end of same period 2008.

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