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Sampath Bank stands committed to reinvigorate Lankan economy

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As a responsible corporate citizen and a premier private sector bank in Sri Lanka, Sampath Bank has once again showcased its unwavering commitment to supporting the Sri Lankan economy and its people throughout the past four to five years. Despite facing significant challenges, including the aftermath of the Easter attack, the COVID-19 pandemic, foreign currency crisis, and social unrest, the Bank has remained steadfast in its dedication to customers, the community, and deposit holders.

In a show of solidarity during tough times, the Bank has extended various forms of moratoria and concessionary repayment plans, providing much-needed relief to its customers. This commitment to alleviating economic pressure has been a cornerstone of Sampath Bank’s approach in these turbulent times.

Furthermore, the Bank has continued its strong contribution to public financing, with an effective tax rate exceeding 56% for the period ending June 2023. These contributions, which include Income Tax, VAT on Financial Services, Social Security Contribution Levy, Crop Insurance Levy, and other indirect taxes, underscore the Bank’s role as a significant participant in Sri Lanka’s economic landscape.

Sampath Bank’s dedication extends beyond financial matters, as demonstrated by its impactful Corporate Social Responsibility (CSR) initiatives. The Bank’s flagship project “Weweta Jeewayak,” a tank restoration endeavor, and the “A Breath to the Ocean” initiative aimed at restoring the oceanic ecosystem, reflect the Bank’s commitment to sustainability, environmental preservation, and community well-being.

During the first half of 2023, Sampath Bank reported robust financial performance, with a profit before tax (PBT) of Rs 13.2 Bn and a profit after tax (PAT) of Rs 7.7 Bn, representing growth of 46.6% and 8.1% respectively compared to 1H 2022.

Key financial highlights for 1H 2023 compared to the same period in 2022 include:

Growth in Net Interest Income (NII) supported by higher AWPLR.

A 13.6% increase in net fee and commission income driven by trade-related operations.

A decline of exchange income due to LKR appreciation against USD.

A significant 74.4% decline in impairment provision on loans and investments.

Operating expenses increased by 19.1%.

A 104% increase in total tax expenses due to the upward revision in income tax rate and the introduction of SSCL.

The Group’s PBT and PAT for 1H 2023 were Rs 13.4 Bn and Rs 7.6 Bn respectively, reflecting growth of 39.3% and 3.6% respectively.Sampath Bank’s capital adequacy ratios continued to improve, with CET 1, Tier 1, and total capital ratios standing at 13.89%, 13.89%, and 17.36% respectively as of June 30, 2023. This improvement is attributed to several factors, including a Tier 2 capital infusion, profit generation in 2023, and a decline in risk-weighted assets due to LKR appreciation.

In recognition of its exceptional performance, Sampath Bank was honored with the esteemed title of “Best Bank in Sri Lanka for 2023” at the Euromoney Awards ceremony held in Hong Kong. This prestigious award, the fifth time the Bank has received it, underscores Sampath Bank’s enduring excellence and positive impact on society.

Sampath Bank’s total assets increased by Rs 97 Bn (an annualized growth of 14.6%) from Rs 1.3 Tn as of December 31, 2022, to Rs 1.4 Tn as of June 30, 2023. Despite the LKR’s appreciation against the USD, the Bank’s total deposit book grew from Rs 1.1 Tn to Rs 1.14 Tn during the same period, demonstrating strong customer confidence.

Looking ahead, Sampath Bank remains committed to navigating challenges, contributing to the economy, supporting its customers, and positively impacting society through its sustainable initiatives. The Bank’s enduring resilience and commitment to excellence position it as a cornerstone of stability in the Sri Lankan financial landscape.



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ComBank hands over fully refurbished wards at De Soysa Hospital for Women

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Pictured here are the representatives of the Bank and senior officials of the hospital at the ceremonial handing over of the refurbished ward.

The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.

Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.

Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.

Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.

The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.

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IIHS expands global nursing pathways

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Dr. Renuka Jayatissa and Dr. Kithsiri Edirisinghe speaking to the media

The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.

Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.

Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.

Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.

Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.

“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.

IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.

The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.

The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.

Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.

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Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair

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Sampath GPay customers can enjoy 25% cash back on Book Fair purchases

Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.

Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.

Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”

The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.

Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.

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