Sampath Group records 56% growth

Sampath Bank Group recorded a pre tax. profit of Rs. 2,977 m growth of Rs. 1,092 m or 57.9 percent over the previous year’s pre-tax profit of Rs. 1,885 m, in the first half of 2011 with Sampath Bank contributing the bulk (94.24 percent) of the profit, as the main entity of the Group.

The profit after tax (PAT) of the Group for the 1H 2011 was Rs. 2,131 m, a growth of Rs. 765 m or 56 percent over the PAT of Rs. 1,366 m for the corresponding period last year. Marked improvements in the performance of all four subsidiary companies during the period under review facilitated recording this higher profit growth rate at the group level in 2011.

The Bank’s pre-tax profit of Rs. 2,805 m in the 1H 2011, reflected an increase of Rs. 1,033 m or 58.3 percent over the pre-tax profit of Rs. 1,772 m for the 1H 2010. The PAT of the Bank recorded a growth of 52.7 percent over the same period of last year, increasing from Rs. 1,302 m in 2010 to Rs. 1,988 m in 2011.

Aided by the increased economic activity in the market, the Bank achieved a rapid growth in its lending activities, amounting to 46.5 percent during the one year of period ended June 30 and 19.6 percent in the 1H 2011. The fee-based and commission income of the Bank recorded an impressive growth of Rs. 409.26m or 44.2 percent in the 1H 2011, over the same period in 2010.