‘Sampath Bank, backed by a one trillion rupee balance sheet, works hand in hand with all stakeholders’

The global economy took a steep downward trend with the COVID-19 pandemic epicentre shifting from China and East Asia to the United States and Europe. Most countries declared prolonged lockdowns and movement restrictions with a view to controlling the disease, which severely hampered worldwide economic activity and global trade from March 2020.

Domestically, the COVID – 19 outbreak weakened the country outlook substantially as it brought further stress to an already challenged macroeconomic situation. Responding to these economic challenges, the Central Bank of Sri Lanka took steps to cut policy rates twice during the second quarter, resulting in the Standard Deposit Facility Rates and the Standard Lending Facility Rates dropping to 5.5% and 6.5%, respectively by June 30, 2020. At the same time, the Statutory Reserve Requirement (SRR) was reduced in two stages from 5% to 2% during 1H 2020, in a bid to improve liquidity levels in the market.

While the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, Sampath Bank is pleased to announce that its total assets crossed the Rs one trillion (1 Tn) mark for the first time in its history. Reaching this milestone in the span of just 33 years, probably makes Sampath Bank the youngest business organisation in Sri Lanka to achieve this significant milestone.

During this difficult period the bank redoubled efforts to serve its valued customers, who were severely impacted by the prolonged lockdown, to overcome the challenges and hardships faced by them. By leveraging its IT supremacy, substantial investments made in technology platforms and its widespread branch network, Sampath Bank was able to operate seamlessly during this time of disruption. The bank was quick to implement all the relief measures introduced by the government, with approximately 50% of the bank’s loan portfolio being granted relief under the government announced moratorium scheme.

Further, the bank actively engaged in providing working capital loans under the ‘Saubhagya’ scheme introduced by the government and took proactive steps to provide necessary assistance to customers across all segments who required special attention, including re-scheduling of loan repayments of those customers who were severely impacted.

(Sampath Bank)