Sampath Bank further extended its growth momentum in the secopnd quarter of the year and recorded a post-tax profit of Rs 5.7 bn for the six months ended June 30, 2017.
This registered an impressive 35.1% YoY growth in comparison to the Profit After Tax (PAT) of Rs 4.2 Bn recorded for the six months ended 30th June 2016. Profit Before Tax (PBT) too grew by 36.6% YoY and reached Rs 7.8 Bn by June 30, 2017.
The Sampath Group, which comprises of Sampath Bank and four fully owned subsidiary companies, also posted a growth of 36.8% and 35.0% at PBT and PAT levels respectively.
Net Interest Income (NII), which is the main source of income representing almost 70% of the total operating income of the Bank, recorded an increase of Rs 3.0 Bn (29.0%) during the period under review. Accordingly, the Bank recorded Rs 13.1 Bn as NII for the 1st half of 2017, as against Rs 10.2 Bn recorded for the corresponding period in 2016.
The above achievement was made possible due to the robust growth recorded in the Bank’s fund base, as indicated by 11% (annualized 22%) growth in deposits and 12% (annualized 24%) growth in advances. The timely re-pricing of asset and liability products and other fund management strategies adopted by the Bank too played a pivotal role in achieving the 29% growth in NII.
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