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Sampath Bank records Rs 3.82 b PAT

Sampath Bank will consider tier two funding to broad-base its capital structure and boost up the reserves by issuing rupee and dollar bonds and debentures.

We are already in discussions with three to four interested parties on dollar bonds and still the options are open. The funding process will start after the second quarter where Sampath Bank has posted strong financial performance for the last year, Sampath Bank Managing Director Aravinda Perera said at the Investor Forum held on Wednesday in Colombo.

The Bank has laid the foundation for long-term profitability. The 35 branches opened during the last year will breakeven and will add to our bottom line this year. The branch consolidation will take place with plans to open 10 more during the year, he said. While closely concentrating on core banking profits and activities, Sampath Bank has received the nod from the Central Bank to set up subsidiaries in the fields of merchant banking and insurance.

We are on the right track and tier one capital and ratios are sound. As past two months have indicated we are confident of improved performance this year too. With special emphasis on skill upgrading and development to meet the customer requirements better, the bank is poised to serve the country efficiently in all the areas within the scope of the business, Perera said. Sampath Bank Group which consists of Sampath Bank and four subsidiary companies continued its growth momentum in 2011, by posting impressive results in many key areas over the last year.

The consolidated pre-tax profit of Rs 5.984 billion of the Group was a growth of 24.8 percent over the previous year. Sampath Bank’s contribution was 93 percent as the main entity of the Group. The post tax profit of the group was Rs 4.172 billion, a growth of 19 percent over the previous year, Sampath Bank Group Chief Financial Officer and Executive Director Ranjith Samaranayake said.

Sampath Bank recorded post tax profit of Rs 3.819 billion, a growth of 15.6 percent over the last year. The Bank declared a final dividend of Rs 9 per share recording the dividend pay-out ratio of 36.9 percent in 2011. Sampath Bank also continued with its strong organic business growth in 2011 as reflected by sound growth recorded in deposits, advances and total assets surpassing the industry averages.

Total deposits were Rs 19 billion recording a 27 percent growth, total advances were Rs 174 billion recording a growth Rs 35 percent and total assets stood at Rs 245 billion recording a growth of 32 percent. We are more deposit oriented bank and our borrowings are comparatively low. The NPAs were Rs 4.65 billion and the ratio stood at 2.69 percent. The volume and ration was decreased in absolute terms and the bank is in a strong position. There was a drop in the net interest margins from 5 percent in 2010 to 4.3 in 2011. However, most ratios remained at sound level, he said.

Sampath Bank opened the highest number of branches among the other banks during the past three years and its branch network stands at 203 branches on fully-pledged basis.

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