“Sampath Bank achieves robust financial performance in 2024”

Sampath Bank announced its financial results for the year ending 31st December 2024, demonstrating significant growth and resilience amidst Sri Lanka’s economic recovery.

Financial Highlights:

Profit Before Tax (PBT): Rs 46.7 billion, a 57.0% year-on-year increase.

Profit After Tax (PAT): Rs 27.3 billion, up by 59.4% compared to the previous year.

Group Performance: The Sampath Group reported a PBT of Rs 49.2 billion and a PAT of Rs 28.7 billion, reflecting growth rates of 57.6% and 60.1%, respectively.

Key Financial Metrics:

Dividend: A first and final cash dividend of Rs 9.35 per share has been declared, an increase of Rs 3.50 per share from the prior year.

Return on Equity (ROE): Improved to 17.74% from 12.65% in 2023.

Net Interest Income (NII): Grew by 10.7%.

Loan Growth: LKR loan book expanded by Rs 82.6 billion.

Deposit Growth: LKR deposit portfolio reached Rs 1,247.3 billion by year-end 2024.

Capital Adequacy Ratios: Tier 1 at 16.75% and Total Capital at 19.38%, both well above regulatory requirements.

Operational Performance:

Total interest income for the year was Rs 183 billion, a 10.0% decrease from 2023, primarily due to lower Average Weighted Prime Lending Rate (AWPLR) and reduced interest rates on government securities. Interest expenses declined by 21.4% to Rs 103 billion, attributed to effective deposit repricing and management of Current and Savings Account (CASA) levels. This strategic approach led to a 10.7% increase in Net Interest Income, totalling Rs 80 billion.

The Net Interest Margin (NIM) slightly contracted by 26 basis points, from 5.16% in December 2023 to 4.90% at the end of 2024, due to reduced yields on interest-earning assets amid declining market interest rates.