Sampath Bank announced robust financial results for the first quarter of 2024, posting a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion. These figures represent growth rates of 39.1% and 27.8% respectively, compared to the same period last year, despite an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD.
The bank reported a net interest income (NII) of Rs 20.5 billion, marking a growth of 12.7% from the previous year. However, total non-fund-based income experienced a significant decrease of 75.3%, primarily due to lower commission rates and decreased trade volumes.
Operating expenses saw a 7.0% increase compared to the first quarter of 2023, driven by a 16.4% rise in personnel costs. Despite these challenges, Sampath Bank maintained its capital ratios comfortably above regulatory requirements, with its asset base growing by 5.8% to Rs 1.63 trillion by March 31, 2024.