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Sampath Bank registers Rs. 13.1 Bn PAT in 2022

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Chairman, Harsha Amarasekera and Managing Director Nanda Fernando
Chairman, Harsha Amarasekera and Managing Director Nanda Fernando

Sampath Bank registered a profit before tax (PBT) of Rs 15 Bn and a profit after tax (PAT) of Rs 13.1 Bn for the year endedt December 31, 2022.

Net Interest Income increased substantially in the year under review from Rs 41.7 Bn in 2021 to Rs 73.5 Bn in financial year (FY) 2022, reflecting a solid 76.4% growth.

Sampath Bank’s LKR term deposit base increased by Rs 158 Bn while the Bank’s LKR Current and Savings Account (CASA) base reduced by Rs 111 Bn during the year. Proactive and timely asset and liability management ensured that the escalation was well managed.

Meanwhile, Sampath Cards too posted a significant growth of 67% over the previous financial year and accounted for 30% of the total NFCI mix. The net other operating income for the year was Rs 19.7 Bn, an increase of 311% year on year which was driven by Rs 164.75 drop in value of the LKR against USD. Total net foreign exchange income reported for the period increased to Rs 16.3 Bn in 2022, up from the Rs 4.8 Bn recorded last year.

Operating expenses increased by 35.7% year on year, amidst higher personnel costs and a culmination of widespread price increases that drove up other operating expenses. Compared to the previous financial year, personnel costs grew by 30.9% in 2022 mainly owing to salary increases. Total tax expense of the Bank for FY 2022 was Rs 7.1 Bn, which comprises Income Tax (Rs 1.9 Bn) Value Added Tax on Financial Services (Rs 5 Bn), and Social Security Contribution Levy (Rs 0.2 Bn). The Value Added Tax on Financial Services charge increased by Rs 1 Bn in FY 2022 compared to Rs 3.9 Bn charged in 2021.

The Return on Average Shareholders’ Equity (after tax) dropped to 10.95% as at December 2022 compared to 11.05% reported at the end of the year 2021. Total assets of the Bank grew by 10.4% during the year under review to reach Rs 1.3 Tn on December 31, 2022, from the Rs 1.2 Tn registered at the previous year end. The Bank’s gross loans and advances increased to Rs 920 Bn at the end of 31st December 2022 from Rs 813 Bn as at end of December 2021.

Total deposit base of the Bank crossed the Rs 1 Tn mark during 2022. From the Rs 978 Bn recorded at the end of the previous year, the deposit base reached Rs 1.1 Tn, reflecting a growth of 12.76%. The Board of Directors has recommended a final dividend of Rs 4.60 per share (Rs 3.45 per share in cash and Rs 1.15 per share in scrip) for the financial year ended December 31, 2022.

 

Monday, February 20, 2023 – 01:00











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