Sampath Bank profit tops Rs 2 bn
Sampath Bank pre-tax profit for 2009 crossed the Rs 3.9 bn mark,
registering a growth of Rs 1.4 bn or 55.1 percent, over the previous
year, the bank said. The post tax profit of the Bank crossed the Rs 2.1
bn mark, rising by Rs 684.4 mn or 48.4 percent and over 2008.
Sampath Bank Chairman I.W. Senanayake and CEO/Executive Director
Sampath Bank Harris Premaratne. Picture by Saliya Rupasinghe |
The above profit growth rates are well above the asset-growth of 12.7
percent for the year.
Prudential management of the Bank’s fund-base, aimed at achieving the
desired growth, whilst improving its composition, maturity patterns and
financial returns, helped to increase Net Interest Income of the Bank
from Rs 6,649.6 mn in 2008, to Rs 7,805.1 mn in 2009, with an impressive
growth of Rs 1,155.5 mn or 17.4 percent, which was much above the
asset-growth of 12.7 percent, referred to above.
Total deposit base of the Bank grew from Rs 106.9 bn as at December
31, 2008 to Rs 125.7 bn as at December 31, 2009 by Rs 18.8 bn or 17.5
percent, which was a reasonably good growth, considering the market
conditions that prevailed and industry data available.
Particulars 2009 2008 Growth
Rs Mn Rs Mn Rate
(%)
Pre-Tax Profit 3,976.2 2,564.1 55.1
Post-Tax Profit 2,098.3 1,413.9 48.4
Total Deposits 125,689.9 106,931.5 17.5
Total Advances 98,685.3 95,655.5 3.2 |
Foreign Exchange income showed a moderate growth of 19.7 percent from
Rs 647.2 mn in 2008 to Rs 774.5 mn in 2009. However, the commission and
fee based income of the Bank, the bulk of which is relating to the
lending activities, recorded a decrease from Rs 1,355.0 mn in 2008, to
Rs 1,205.5 mn in 2009, largely due to the slowdown in lending activities
in the economy.
Another notable development was the sale of 4.12 mn shares,
(inclusive of the bonus shares so far received) of the Bank’s Overseas
Associate LankaBangla Finance Ltd to take the advantage of the high
share prices currently prevailing in the Dhaka Stock Exchange. Despite
the global and local economic downturn, the Bank was able to manage the
Non Performing Ratio experiencing only a very marginal increase from 7.5
percent at the end of 2008 to 7.6 percent at the end of December 2009.
Nevertheless, the provision for specific loan losses for 2009
amounted to Rs 456.188 mn, as against Rs. 746.410 mn for 2008.
At the group level too, the post-tax profit crossed the Rs 2 mn mark
and reached Rs 2.083 bn, recording a growth of Rs 558.7 mn or 36.6
percent over 2008.
The Bank’s Total Capital Adequacy Ratio improved to 13.45 percent as
at the end of December 2009, compared to 11.95 percent, as at the end of
December 2008, which were well above the minimum statutory requirement
of 10 percent. |