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  • Sri Lanka's Sampath Bank profits down 24-pct; balance sheet contracts

    Profits at Sri Lanka's Sampath Bank fell 24.6 percent to 2.11 billion rupees in the March 2019 quarter from a year earlier, as bad loans grew amid monetary instability and a new tax hit the bottomline, interim accounts show.

    Sampath Bank group reported earnings of 7.39 rupees for the quarter. Interest income grew 13.9 percent to 27.1 billion rupees and interest expenses grew at a slower 9.1 percent to 18.24 billion rupees helping net interest income grow 21.8 percent to 18.9 billion rupees. Group performing loans barely grew by 0.7 percent to 680 billion rupees in the quarter. At bank level loans grew 0.4 percent to 651 billion rupees.

    Loan loss provisions grew 71 percent to 3.6 billion rupees. Gross non-performing loans grew to 4.87 percent of risk assets by end March from 3.69 percent in December.

    Fee and commission income fell 1.1 percent to 2.34 billion rupees. Value added tax on financial services fell 5 percent to 933 million rupees, nation building tax fell 5 percent to 125 million rupees while a new debt repayment levy of 512 million rupees was charged. Customer deposits grew 1.1 percent to 707 billion rupees during the quarter. Gross asset contracted 0.3 percent to 914.2 billion rupees during the quarter. Net assets grew 0.2 percent to 90.24 billion rupees. At bank level net assets grew 0.3 percent to 84.6 billion rupees.

    Total capital adequacy grew to 16.19 percent from 15.73 percent. (Colombo/May15/2019)

    Comment


    • Lets not go into a shell, soon lending will show some healthy expansion across banks and other financial institutions.
      "The best values today are often found in the stocks that were once hot and have since gone cold"

      Comment


      • RI will go ahead. Lets hope share pick gradually with country returning to normal slowly. Hope Gvt give some Tax concessions to industry as many QR are ruined with Debt repayment tax.

        https://cdn.cse.lk/cmt/announcement_...2622184883.pdf

        Comment


        • SP will drop further as Report not good
          Live Today........
          Without compromising your ability to Live Tomorrow………

          Comment


          • In two minds to re RI. Any advice ?

            Comment


            • Originally posted by LukeDeSilva View Post
              In two minds to re RI. Any advice ?
              I decided to buy SAMP.N after rights converted ,may be @ 130

              Comment


              • Originally posted by ruwan326 View Post

                I decided to buy SAMP.N after rights converted ,may be @ 130
                I was thinking the same but now wondering if the price will start to move now that the EPF has entered the market. It can boost investor confidence especially since SAMP is priced very low at the moment.

                Comment


                • wow this is getting interesting at 135-130 range for sure. this would be a very good time to re-enter.
                  "The best values today are often found in the stocks that were once hot and have since gone cold"

                  Comment


                  • We should find psychological support levels backed by fundamentals.
                    RI 136 could find support 135 with an extended drop to possibly 125.
                    The range of 136-125 will also be good to explore if the pessimism continues towards an early election.
                    so lets start to look to find a firm footing to re-enter SAMP for a wonderful journey
                    "The best values today are often found in the stocks that were once hot and have since gone cold"

                    Comment

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