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24 February, 2015 07:53 AM Source: Financial Times - Sri Lanka

Sampath Bank yesterday announced that it has achieved a group post-tax profit of Rs. 5.2 billion in 2014, up by 44.8% or Rs. 1.63 billion from the previous year.
Post-tax profit of the bank for the year amounted to Rs 4.914 billion, as compared to Rs 3.430 billion achieved in 2013, which represented a growth of Rs. 1.484 billion or 43.2%. This was achieved despite extremely challenging external conditions of sluggish credit demand, excess liquidity and shrinking net interest margins (NIM).
Nevertheless, improvements in all sources of income namely other operating income (Rs. 968 million), net fee and commission income (Rs. 544 million), net trading income (Rs. 207 million) and a drop in impairment charge for loan and other losses (Rs. 2,471 million) contributed towards this growth in profit.
NII, which is the main source of income from the fund-based operations, representing over 68% of the total operating income, increased from Rs. 15.3 billion in 2013 to Rs. 15.7 billion in 2014, recording moderate growth of 2.5%, despite the continuous decrease in net interest margins (NIM). Net interest margins dropped from 4.39% in 2013 to 3.95% in 2014.This was mainly due to downward pressure on interest rates, lower credit growth in customer advances and the bank being compelled by market factors to invest excess funds in low yielding fixed income securities.

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