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Sampath Group’s 9-month PBT up 42% to Rs.7.4 bn

13 November 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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Sampath Group recorded an outstanding financial performance with a pre-tax profit of Rs 7.5 billion, for the 9 months ended 30th September 2015, achieving a growth of 42 percent over the previous year’s corresponding period’s pre-tax profit of Rs 5.3 billion.

The profit after tax for the first 9 months in 2015  crossed the Rs.5.0 billion mark and stood at Rs 5.1 billion,  which reflected an increase of 29.4 percent over the first nine months in 2014.

The Bank too recorded a pre-tax profit of Rs 7.0 billion during the first nine months of 2015, compared to Rs 4.9 billion recorded in the corresponding period of 2014, achieving a growth of 41.3 percent. The post–tax profit for the nine months ended 30th September 2015 of the Bank  also improved by 27.8 percent, from Rs 3.7 billion in 2014 to Rs 4.7 billion in 2015.

The Group and the Bank posted a lower growth rate in post-tax profits compared to the respective pre-tax profits due to reversal of certain tax over provisions of the previous years in 2014,  upon finalization of the relevant tax returns.  

Net interest income (NII), which is the main source of income from the fund based operations and representing over 67 percent of the total operating income of the Bank increased by Rs 1.3 billion during the first nine months of 2015,  as compared to the corresponding period in 2014. 

Operating expenses of the Bank which stood at Rs 8.8 billion for the nine months ended 30th September 2014 increased to Rs 10.0 billion in the corresponding period of 2015, reflecting an increase of 13.3 percent.

This variance was mainly due to the salary increments given to staff members, increase in credit card acquiring charges and    increase in  business promotional expenses. 

Total deposits recorded a growth of 12.1 percent from Rs 342 billion as at the end of 2014 to Rs 383 billion as at 30th September 2015. The Bank’s total gross advances which stood at Rs 311 billion as at 31st December 2014, increased to Rs 354 billion as at 30th September 2015,  reflecting a growth of 13.8 percent. This growth was achieved despite the drop in pawning advances by Rs 9.8 Bn during the period. As at 30th September 2015, the Bank’s total asset base reached Rs 489 billion achieving a growth of 13.3 percent compared to the total asset base of 31st December 2014,  which amounted to Rs 432 billion.

 As at the reporting date, the Bank’s network comprised of 224 branches (including 12 super branches) and 356 ATMs. The Bank opened 4 new branches and 30 new ATMs during the period under review. Further, Sampath Vishwa, the virtual banking product made further inroads in to  the IT savvy customer segments. 

ROE (after tax) improved to 19.4 percent in 2015 as compared to 16.35 percent recorded in 31st December 2014,  while ROA (before tax) stood at 2.02 percent as at 30th September 2015 improving from 1.69 percent recorded as at 31st December 2014. Earnings per share for the nine months ended 30th September 2015 improved to Rs 27.55, compared to Rs 21.56 for the corresponding period of 2014, which was a growth of 27.8 percent. 

The Core Capital (Tier I) and Total capital (Tier I+ Tier II ) adequacy ratios as at 30th September 2015 have dropped by 0.88 percent and 1.5 percent respectively compared to 31st December 2014, mainly due to the credit growth and resultant increase of risk weighted assets, as  result in the drop in pawning portfolio in the lending-mix. 

Year 2015 continued to be a rewarding year for the Bank.
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