Sampath Bank has 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. Despite an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD, the bank achieved significant growth rates of 39.1% and 27.8% for PBT and PAT respectively compared to the same period last year.
Key highlights for the period include a noteworthy increase of 27.8% in PAT, driven by a 12.7% growth in Net Interest Income (NII). However, net fee and commission income experienced a 17.1% decrease due to reduced trade-related operations. The bank also reported a decline in impairment charges and robust LKR deposit growth of Rs 68 billion.
In terms of fund-based income, NII reached Rs 20.5 billion, showing prudent asset and liability management strategies. Additionally, non-fund-based income decreased by 75.3%, attributed to lower trade-related activities and the appreciation of the LKR against the USD. Despite challenges, fees from credit, electronic channels, cards, and remittance-related activities exhibited growth compared to the previous year.