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03 March, 2014 06:35 AM Source: Financial Times - Sri Lanka

Sampath Bank Group has recorded a profit before tax of Rs. 4.79 b for year ended 31 December 2013 with the bank recording a profit before tax of Rs. 4.5 b.
The post-tax profit of the Group and the bank for the same period amounted to Rs. 3.64 b and Rs. 3.43 b respectively.
Sampath said 2013 another challenging year, with a moderate growth due to many challenges posed by the external market forces, which included excess liquidity, lower credit demand and worldwide decrease in gold prices, etc.
The Bank achieved strong growth recorded in key core banking income areas such as net interest income and commission income.However profit growth was adversely affected  due to several reasons.
Bottom line was impacted by high FX revaluation gains in 2012 and significant impairment provisioning made against pawning advances in 2013, consequent to the drop in gold prices.
The Group comprises Sampath Bank Plc and four subsidiaries providing diverse financial services. The bank is the main entity of the group contributing 94% to the Group’s pre-tax profit and Sri Lanka’s third largest non-government bank, with an asset base of Rs. 382 b and a network of 212 branches throughout the country.

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