Sampath Bank on major expansion drive

Sanjeevi JAYASURIYA

Sampath Bank COO/ Executive Director Aravinda Perera, Sampath Bank Chairman I.W Senanayake, Sampath Bank CEO / Executive Director Harris Premaratne and Sampath Bank Executive Director Ranjith Samaranayake at the Investor Forum yesterday. Picture by Saman Mendis

In an aggressive branch expansion move the Sampath Bank will add 40 more branches to its banking network. This expansion program is inline with the investment for the future of the bank, Sampath Bank Executive Director, Chief Executive Officer Harris Premaratne said.

The bank plans to reach the volumes of the other two leading private banks in the shortest possible time. It is expected to expand the branch network to reach 200 by next year, thereby making all branches contribute to the bottom line.

“The bank will also have the highest number of branches in the North and East. However, we need to monitor the expansion,” Premaratne said.

The bank is taking efforts to create more liquidity helping the market and brokers to enhance share value. The bank maintains healthy interest margins to ensure profits due to prudent fund management.

He said the bank’s lending will be centralized in 20 regional offices. It will focus on high quality lending and recovery. The bank made progress in recovering bad lending and its NPL ratio has come down to 6.39 percent as at July this year.

Within the next three years the bank will double its size. With the vision to be the number one in the card industry, Sampath bank will also embark on a promotion campaign shortly.