Sampath Bank Group posts higher profit in the first half of 2010

Sampath Bank Group published financial results of the first half of 2010 and the group posted an impressive Rs.1.3 billion profit against the same period in 2009.

The group registered a pre-tax profit of Rs 1,884.781 million for the first half of 2010, a 19 percent or Rs 304.5 million growth against Rs 1,580.260 million

pre-tax profit in the first half of 2009. Sampath Bank, the flagship organization of the group, contributed to 94 percent of the profit.

Sampath Bank’s pre-tax profit was Rs. 1,772.165 million in the first half of 2010 as per the audited accounts as at June 30, 2010. This is a 15.6 percent increase or Rs. 239.2 million rise against the pre-tax profit of Rs. Rs 1,532.965 million at the same time last year.

The post-tax profit of the Group rose to Rs. 1,365.647 million reflecting a growth of 60.8 percent against the post-tax profit of Rs. Rs 849.330 million at the same period last year.

This high growth rate is attributed to the improved performance of the four subsidiary companies.

At the August 4, 2010, Board Meeting, the Sampath Bank director board appointed Deepal Sooriyaarachchi as a Director of the Bank. He will take over his office on August 5, 2010. Deepal Sooriyaarachchi will be a non-executive Independent director. The Bank Supervision Director of the Central Bank of Sri Lanka approved the appointment.