Sampath Bank’s assets crossed the Rs One Trillion mark for the first time

Sampath Bank’s assets crossed the Rs One Trillion mark for the first time

13 August 2020 03:22 pm

While the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, Sampath Bank’s 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 organization 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 and substantial investments made in technology platforms and the 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 “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 registered a profit before tax (PBT) of Rs 5.32 Bn and a profit after tax (PAT) of Rs 3.97 Bn for the six months ended 30th June 2020.

Despite the unique challenges that prevailed since mid March 2020, the Bank was able to limit the decline in PBT and PAT to 8% and 3.2% respectively compared to the corresponding period in 2019.

The Bank made solid progress towards its targets set for 2020, which together with diversified product portfolio embedded with technological advancements and strong cost control measures helped the Bank to control the impact on profits.

PBT and PAT of the Group also declined by 7.7% and 4.2% respectively for the six months ended 30th June 2020 and stood at Rs 5.48 Bn and Rs 3.99 Bn respectively.

The Bank's Net Interest Income declined by 11.9% and stood at Rs 17.4 Bn for the 1st half of 2020 compared to the same period in 2019. While closely monitoring the factors affecting this reporting line, the Bank's ALCO continued to take necessary action to manage the net interest income to the best possible level.