Sampath Bank posts steady results for First Quarter of 2024

Sampath Bank posted a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD by Rs 23.70. These figures signify growth rates of 39.1% and 27.8% respectively, in comparison to the financial results reported in the first quarter of 2023. The Sampath Group also reported PBT and PAT figures of Rs 6.9 billion and Rs 3.8 billion respectively, reflecting growth rates of 38.0% and 26.0%.

Key Highlights for the Period Ended 31st March 2024:

A significant increase of 27.8% in the Bank’s PAT, reaching Rs 3.4 billion.

12.7% growth in Net Interest Income (NII).

17.1% decrease in net fee and commission income due to decreased trade-related operations.

An exchange loss of Rs 4.3 billion due to the appreciation of LKR against USD by Rs 23.70.

36.8% decline in impairment charges.

Robust LKR deposit growth of Rs 68 billion.

Tier 1 and Total Capital Adequacy Ratios stood at 15.18% and 18.22% respectively, as of 31st March 2024, comfortably above regulatory minimum requirements.