Sampath Bank achieved Rs.14.2 billion in Profit Before Tax (PBT) within the first 3 quarters of 2018, 20.3% higher than the PBT of Rs.11.8 billion recorded in the corresponding period in the previous year.
Profit After Tax (PAT) too grew by 13.6% YoY to reach Rs.9.6 billion for the nine months ended 30th September 2018, as against the Rs.8.5 billion reported for the corresponding period in the previous year.
Meanwhile the Sampath Bank Group, which comprises of the Bank and four fully owned subsidiary companies, also posted strong results, with Group PBT and PAT for the nine months ended 30th September 2018 growing by 19.8% and 13.2% respectively over the results reported for the corresponding period in the previous year.
Net Interest Income (NII), the main source of income of the Bank which accounts for more than 71% of the total operating income, recorded an increase of Rs.6.7 billion (32.8%) over the corresponding period in 2017.
This achievement was made possible thanks to a steady 13.1% (annualized 17.4%) growth in the Bank’s advance base, being the result of timely re-pricing of asset and liability products and other fund management strategies adopted by the Bank throughout 2018.
Net fee and commission income, which largely comprises of credit, trade, card and electronic channel related fees increased to Rs.7.3 billion during the period under review, as opposed to Rs.5.9 billion recorded during the corresponding period in 2017.
Other operating income too recorded a YoY increase of 124% for the period under review, led mainly by an increase in realized exchange income.
Notably however, the Bank recorded a net trading loss of Rs.1.4 billion during the 9 months ended 30th September 2018 in contrast to the gain of Rs.291 million recorded in corresponding period (decline of 593%).
Operating expenses of the Bank which stood at Rs.12.2 billion for the first 3 quarters of 2017, increased to Rs.14.1 billion during the period under review, reflecting a YoY increase of 15.2%.
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