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Sampath Bank Posts Steady Results for the First Quarter of 2024

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Sampath Bank posted a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD by Rs 23.70. These figures signify growth rates of 39.1% and 27.8% respectively, in comparison to the financial results reported in the first quarter of 2023. The Sampath Group also reported PBT and PAT figures of Rs 6.9 billion and Rs 3.8 billion respectively, reflecting growth rates of 38.0% and 26.0%.

Key Highlights for the Period Ended 31st March 2024:

A significant increase of 27.8% in the Bank’s PAT, reaching Rs 3.4 billion.

12.7% growth in Net Interest Income (NII).

17.1% decrease in net fee and commission income due to decreased trade-related operations.

An exchange loss of Rs 4.3 billion due to the appreciation of LKR against USD by Rs 23.70.

36.8% decline in impairment charges.

Robust LKR deposit growth of Rs 68 billion.

Tier 1 and Total Capital Adequacy Ratios stood at 15.18% and 18.22% respectively, as of 31st March 2024, comfortably above regulatory minimum requirements.

During the period, Net Interest Income (NII) reached Rs 20.5 billion, marking a growth of 12.7% compared to Rs 18.1 billion recorded in the corresponding period of the previous year. This increase in NII primarily stemmed from a reduction in interest expenses which outpaced the decrease in interest income. The Bank’s prudent asset and liability management strategies played a pivotal role in driving the notable growth of NII, especially amid declining interest rates. Additionally, the Net Interest Margin (NIM) witnessed an increase, rising from 5.16% as of 31st December 2023, to 5.24% as of the reporting date.

In 1Q 2024, the Bank experienced a significant 75.3% decrease in its total non-fund-based income, declining from Rs 2.8 billion reported in the corresponding period of last year to Rs 0.7 billion in the current period. Net fee and commission income recorded a 17.1% decrease compared to 1Q 2023, primarily due to reduced income from trade-related activities. The decline was driven by several factors including lower commission rates for import-related transactions, decreased trade volumes, and the appreciation of LKR against the USD. However, fees generated from credit, electronic channels, cards, and remittance-related activities showed growth compared to the same period last year.

The Bank reported a net trading loss of Rs 4.5 billion in 1Q 2024 whereas there was a gain of Rs 1.7 billion recognised in the previous period. This was primarily due to revaluation losses incurred on forward exchange contracts. The Bank managed to mitigate the impact of this loss through realised exchange gains reported under net other operating income as opposed to the loss of Rs 4.5 billion recorded in 1Q 2023. Consequently, the Bank’s net exchange loss from foreign exchange operations for the period under review amounted to Rs 4.3 billion, compared to the Rs 2.9 billion loss reported in the corresponding period of the previous year.

In the first quarter of 2024, the Bank reported a total impairment charge of Rs 4.4 billion, a 36.8% decrease compared to the charge for the comparative period in the previous year. Of this total, Rs 2.4 billion was attributed to loans and advances (1Q 2023: Rs 6.2 billion), while Rs 0.9 billion related to other financial instruments (1Q 2023: Rs 0.4 billion). In addition, an impairment charge of Rs 1.1 billion was recorded for commitments and contingencies (1Q 2023: Rs 0.4 billion).



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The Ceylon Chamber’s Commercial Document Registration Division expands export support

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The Commercial Documents Registration Division (CDRD) of The Ceylon Chamber of Commerce has expanded its export support services with the introduction of the Free Sale Letter for Pharmaceuticals, providing Sri Lankan pharmaceutical manufacturers and exporters with an additional document certification service to support their export processes and compliance requirements in international markets.

The new service expands CDRD’s portfolio of trade documentation solutions, which includes Certificates of Origin and the certification of key commercial documents required by overseas buyers, customs authorities, and regulatory bodies. These services assist exporters across sectors by helping ensure their documentation meets applicable requirements for international trade.

Established in 1925 as one of the authorised institutions to issue Certificates of Origin in Sri Lanka, CDRD has supported the country’s international trade for nearly a century. Today, the Division provides certification and verification services to exporters, manufacturers, freight forwarders, logistics providers, and other trade stakeholders, supporting businesses in meeting documentation requirements for global markets.

In addition to pharmaceutical certification, CDRD facilitates the certification of Commercial Invoices, Packing Lists, Price Lists, Health Certificates, Phytosanitary Certificates, Certificates of Analysis, Bills of Lading, Survey Reports, Beneficiary Certificates, and other export-related documents. The Division also issues Free Sale Letters and Surveyor Appointment Letters, while supporting exporters through the Ministry of Foreign Affairs’ Electronic Document Attestation System (e-DAS), enabling secure and efficient document authentication.

Through established processes, digital solutions, and its e-service platform, CDRD continues to enhance the efficiency and accessibility of trade documentation services. Available 24/7 and 365 days of the year, the platform enables exporters to submit and manage documentation requirements conveniently while ensuring that certified documents meet internationally accepted requirements. By providing reliable documentation support and adapting its services to changing trade needs, the Division assists Sri Lankan businesses in managing export requirements and accessing international markets.

For more information on obtaining commercial document registration services, contact Achala via achala@chamber.lk / 0115588886

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Siyapatha Finance unveils newest branch in Bandarawela

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Siyapatha Finance PLC recently expanded its island-wide footprint with the successful inauguration of its 64th branch in Bandarawela. Strategically located in scenic hill town in the Badulla District, the latest branch offers convenient and wider access to tailored, customer-centric financial solutions.

The branch was ceremoniously declared open by Siyapatha Finance PLC Chief Executive Officer (CEO) Mathisha Hewavitharana, joined by Chief Operating Officer (COO)Rajeev De Silva, Ms.D.M. Dewmi Tharindi, a student of Bandarawela Dharmapala Vidyalaya who won the Under-18 Girls’ 3,000m event at the Junior National Athletics Championship, the Senior Management and staff members as well as Traffic OIC Kandasami, Trade Association Secretary Sunanda Rathnayaka, representatives of the government and private banks and insurance companies and well-wishers.

Sharing his thoughts, Siyapatha Finance PLC CEO Mathisha Hewavitharana remarked: “We are deeply honoured to be of service to the people of Bandarawela. Opening this branch is a pivotal step in our 2026 expansion strategy and a reflection of our commitment to strengthen our presence in Sri Lanka. It is a region that showcases potential for greater economic development primarily through the country’s traditional agricultural practices. We look forward to reaching as many different communities as possible in the coming years.”

The Bandarawela branch offers a comprehensive product portfolio including leasing, fixed deposits, gold financing, business loans, personal loans, fast draft, and factoring to Smart Pay, the Company’s bill payment facility. With a thorough understanding about the current socio-economic dynamics of the region, the well-trained team at the newest branch is dedicated to providing flexible financial solutions to aspiring individuals as well as small and medium-scale enterprises (SMEs).

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Dialog recognised as Sri Lanka’s Most Loved Service and Telecommunications Brand for third consecutive year

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Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has once again been recognised as Sri Lanka’s Most Loved Brand in the Service and Telecommunications sectors, while also ranking among the top Corporate Brands in the LMD Brands Annual. Marking its third consecutive year at the top of both categories, the recognition reflects the company’s commitment to enriching Sri Lankan lives and enterprises through technology, while creating value for customers, communities and the nation.

The accolades were awarded through the LMD Brands Annual survey, conducted independently by PepperCube Consultants on behalf of Media Services. Based on responses from 400 readers across Sri Lanka, representing a broad demographic and geographic mix, the survey identified the brands that resonated most strongly with consumers in terms of trust, loyalty and brand affinity.

Lasantha Theverapperuma, Group Chief Marketing Officer of Dialog Axiata PLC said, “Being recognised as Sri Lanka’s Most Loved Brand across both the Service and Telecommunications sectors is a meaningful endorsement of the trust and confidence that Sri Lankans continue to place in Dialog. This recognition reflects our commitment to understanding and serving the evolving needs of our customers while expanding access to digital connectivity, services and opportunities. As we continue to innovate and grow, we remain focused on creating value for communities and supporting Sri Lanka’s digital and socioeconomic progress.”

The recognition also reflects Dialog’s continued focus on innovation, customer-centricity and investments that support Sri Lanka’s digital future, including expanded 5G connectivity, AI-powered digital experiences and broader access to digital services.

Beyond connectivity, Dialog continues to support communities, livelihoods and the environment through initiatives such as Govi Mithuru, which provides AI-driven agricultural advisory services to over one million farmers, and Shishyadhara, which has enabled subsidy distribution to more than 450,000 underprivileged students. The company also continues to advance its Net Zero 2050 ambition through energy optimisation, renewable energy adoption and the expansion of solar-powered network infrastructure.

Further underscoring the brand’s standing among Sri Lankan consumers, Dialog was also recognised as the ‘Service Brand of the Year’ for the fifth time and the ‘Telecommunication Brand of the Year’ for the 15th consecutive year at the SLIM-KANTAR People’s Awards 2026.

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