Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
INCOME STATEMENT
Rupees in Thousands
BANK GROUP
For the 6 months ended 30th June For the quarter ended 30th June For the 6 months ended 30th June For the quarter ended 30th June
Change Change Change Change
2010 2009 % 2010 2009 % 2010 2009 % 2010 2009 %
Income 11,217,483 12,159,059 (7.7) 5,861,769 6,199,676 (5.5) 11,430,551 12,400,161 (7.8) 5,950,281 6,293,921 (5.5)
Interest Income 9,274,438 10,589,271 (12.4) 4,541,626 5,382,263 (15.6) 9,390,669 10,808,534 (13.1) 4,588,803 5,498,897 (16.6)
Interest Income on Loans and Advances 6,978,838 7,978,125 (12.5) 3,476,438 3,937,560 (11.7) 7,094,135 8,190,607 (13.4) 3,523,274 4,055,160 (13.1)
Interest Income on Other Interest Earning Assets 2,295,600 2,611,146 (12.1) 1,065,188 1,444,703 (26.3) 2,296,533 2,617,927 (12.3) 1,065,529 1,443,738 (26.2)
Less: Interest Expenses 5,008,760 6,970,172 (28.1) 2,475,477 3,504,683 (29.4) 5,059,446 7,166,256 (29.4) 2,498,236 3,588,435 (30.4)
Interest Expense on Deposits 4,528,787 6,008,325 (24.6) 2,236,592 3,071,724 (27.2) 4,526,843 6,004,785 (24.6) 2,235,901 3,068,569 (27.1)
Interest Expense on Other Interest Bearing Liabilities 479,973 961,847 (50.1) 238,885 432,959 (44.8) 532,603 1,161,471 (54.1) 262,335 519,866 (49.5)
Net Interest Income 4,265,678 3,619,099 17.9 2,066,149 1,877,580 10.0 4,331,222 3,642,278 18.9 2,090,567 1,910,462 9.4
Non - Interest Income 1,943,045 1,569,788 23.8 1,320,143 817,413 61.5 2,039,882 1,591,627 28.2 1,361,478 795,024 71.2
Foreign Exchange Income 288,780 454,252 (36.4) 149,135 143,004 4.3 288,780 454,252 (36.4) 149,135 143,004 4.3
Other Income 1,654,265 1,115,536 48.3 1,171,008 674,409 73.6 1,751,102 1,137,375 54.0 1,212,343 652,020 85.9
Net Income 6,208,723 5,188,887 19.7 3,386,292 2,694,993 25.7 6,371,105 5,233,905 21.7 3,452,045 2,705,486 27.6
Less: Non - Interest Expenses 3,044,873 2,626,706 15.9 1,572,267 1,366,637 15.0 3,084,270 2,649,437 16.4 1,593,296 1,376,927 15.7
Personnel Costs 1,304,607 1,129,171 15.5 656,601 593,985 10.5 1,337,351 1,159,497 15.3 673,158 608,482 10.6
Provision for Staff Retirement Benefits 177,717 158,133 12.4 88,859 79,069 12.4 178,107 159,237 11.9 88,640 79,601 11.4
Premises, Equipment and Establishment Expenses 1,022,569 950,394 7.6 544,153 482,009 12.9 1,007,569 935,105 7.7 535,850 472,089 13.5
Other Operating Expenses 539,980 389,008 38.8 282,654 211,574 33.6 561,243 395,599 41.9 295,649 216,755 36.4
Less: Provision for Bad and Doubtful Debts and Loans Written Off 628,874 66,662 843.4 336,259 (209,100) 260.8 626,169 126,481 395.1 322,401 (164,503) 296.0
Provisions - General 44,355 (57,484) 177.2 29,898 (57,484) 152.0 44,355 (57,484) 177.2 29,898 (57,484) 152.0
Provisions - Specific 1,385,959 368,254 276.4 683,390 (40,464) 1788.9 1,383,254 428,073 223.1 669,532 4,134 16,097.1
Recoveries (-) (801,496) (244,187) 228.2 (377,039) (111,176) 239.1 (801,496) (244,187) 228.2 (377,039) (111,176) 239.1
Loans Written Off 56 80 (29.5) 10 23 (56.1) 56 80 (29.5) 10 23 (56.1)
Less: Provision for Decline in Value of Investments (Net) 59,268 372,062 (84.1) 121,339 382,146 (68.2) 59,268 372,075 (84.1) 121,339 382,146 (68.2)
Operating Profit on Ordinary Activities Before Taxes 2,475,708 2,123,457 16.6 1,356,427 1,155,310 17.4 2,601,398 2,085,912 24.7 1,415,009 1,110,916 27.4
Less: Value Added Tax on Financial Services 703,543 590,492 19.1 375,762 320,519 17.2 716,617 595,946 20.2 382,761 323,115 18.5
Operating Profit on Ordinary Activities Before Corporate Tax 1,772,165 1,532,965 15.6 980,665 834,791 17.5 1,884,781 1,489,966 26.5 1,032,248 787,801 31.0
Operating Profit Before Corporate Tax 1,772,165 1,532,965 15.6 980,665 834,791 17.5 1,884,781 1,580,260 19.3 1,032,248 831,309 24.2
Less:Tax on Profits on Ordinary Activities 470,519 703,200 (33.1) 237,629 368,816 (35.6) 519,133 730,930 (29.0) 271,121 379,287 (28.5)
Operating Profit After Corporate Tax 1,301,645 829,765 56.9 743,035 465,975 59.5 1,365,647 849,330 60.8 761,127 452,022 68.4
Operating Profit For the Period 1,301,645 829,765 56.9 743,035 465,975 59.5 1,344,489 846,473 58.8 746,077 449,049 66.1
Earning Per Share - Basic (Rs) 17.18 10.95 56.9 9.81 6.15 59.5 17.74 11.17 58.8 9.85 5.93 66.1
BALANCE SHEET
Rupees in Thousands
BANK GROUP
As At As At
As At 30.06.2010 Change % As At 30.06.2010 Change %
31.12.2009 31.12.2009
(Audited) (Audited) (Audited)
Total on Balance Sheet Liabilities 157,578,908 144,315,716 9.2 158,341,389 145,295,022 9.0
Equity Capital & Reserves 12,674,224 11,846,181 7.0 13,482,680 12,611,801 6.9
Stated Capital 1,581,654 1,581,654 - 1,581,654 1,581,654 -
Statutory Reserv e Fund 504,425 471,013 7.1 504,713 471,301 7.1
Total Other Reserv es 10,588,145 9,793,514 8.1 11,396,313 10,558,846 7.9
Off-Balance Sheet Items and Contra Accounts 68,673,252 62,021,644 10.7 68,673,252 62,021,644 10.7
Contingencies 46,850,187 45,424,724 3.1 46,850,187 45,424,724 3.1
Commitments and Contra Accounts 21,823,065 16,596,920 31.5 21,823,065 16,596,920 31.5
Net Assets Value Per Share (Rs) 167.3 172.0 (2.7) 177.9 183.1 (2.8)
Memorandum Information
Number of Employ ees 2,541 2,388 2,670 2,518
Number of Branches 141 131 149 139
CASH FLOW STATEMENT
Rupees in Thousands
Bank Group
For the six months ended 30th June 2010 2009 2010 2009
Net cash flow from operating activities before income tax 13,387,230 10,373,919 13,736,219 11,318,631
Income tax paid (563,786) (771,720) (598,038) (725,375)
Net cash flow from operating activities 12,823,444 9,602,200 13,138,182 10,593,256
Net Increase/(Decrease) in cash and cash equivalents 428,601 (392,662) 428,615 (392,625)
Cash and cash equivalents at the beginning of the year 2,757,207 2,450,375 2,757,316 2,450,451
Cash and cash equivalents at the end of the period 3,185,808 2,057,713 3,185,931 2,057,826
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30.06.2010 Stated Capital & Reserves
Statutory Risk Revaluation General Income Shareholders
Stated ' Fund
Item Reserve Reserve Reserve Reserves Statement
Capital
Fund Fund
Balance as at 01.01.2010 1,581,654 449,697 21,316 1,152,615 8,167,187 473,712 11,846,180
Issue of Share/Increase of assigned capital - - - - - - -
Bonus Issue - - - - - - -
Rights Issue - - - - - - -
Surplus on revaluation of property - - - - - - -
Net profit for the period - - - - - 1,301,645 1,301,645
Transfer to reserves during the period - 26,033 7380 - - (33,412) -
Final Dividend Paid 2009 - - - - - (473,602) (473,602)
Others - - - - - - -
Balance as at 30.06.2010 1,581,654 475,730 28,696 1,152,615 8,167,187 1,268,342 12,674,224
GROUP
For the six months ended 30.06.2009 Stated Capital & Reserves
Statutory Risk Revaluation General Income Shareholders Minority
Total
Stated ' Fund Interest
Item Reserve Reserve Reserve Reserves Statement
Capital
Fund Fund
Balance as at 01.01.2009 1,581,654 408,019 14,262 1,755,392 6,336,140 724,362 10,819,829 119,590 10,939,419
Issue of Share/Increase of assigned capital - - - - - - - - -
Bonus Issue - - - - - - - - -
Rights Issue - - - - - - - - -
Surplus on revaluation of property - - - - - - - - -
Net profit for the period - - - - - 846,473 846,473 2,856 849,329
Transfer to reserves during the period - - - - - - - - -
Redemption of Preference Shares - - - - - - - - -
Interim Dividend Paid - 2009 - - - - - - - - -
Final Dividend Paid 2008 - - - - - (275,550) (275,550) - (275,550)
Change in Holding Associate Company's Share - - - - - - - - -
Others - - - - - - - - -
Balance as at 30.06.2009 1,581,654 408,019 14,262 1,755,392 6,336,140 1,295,285 11,390,752 122,446 11,513,198
For the six months ended 30.06.2010 Stated Capital & Reserves
Statutory Risk Revaluation General Income Shareholders Minority
Total
Stated ' Fund Interest
Item Reserve Reserve Reserve Reserves Statement
Capital
Fund Fund
Balance as at 01.01.2010 1,581,654 449,985 21,316 1,768,543 7,911,820 878,475 12,611,793 95,228 12,707,021
Issue of Share/Increase of assigned capital - - - - - - - - -
Bonus Issue - - - - - - - - -
Rights Issue - - - - - - - - -
Surplus on revaluation of property - - - - - - - - -
Net profit for the period - - - - - 1,344,489 1,344,489 21,159 1,365,647
Transfer to reserves during the period - 26,033 7,380 - - (33,412) - -
Redemption of Preference Shares - - - - - - - - -
Interim Dividend Paid - 2010 - - - - - - - - -
Final Dividend Paid 2009 - - - - - (473,602) (473,602) (750) (474,352)
Change in Holding Associate Company's Share - - - - - - - - -
Others - - - - - - - - -
Balance as at 30.06.2010 1,581,654 476,018 28,696 1,768,543 7,911,820 1,715,949 13,482,680 115,637 13,598,317
As At As At
As At As At
31.12.2009 31.12.2009
30.06.2010 30.06.2010
(Audited) (Audited)
Regulatory Capital Adequacy Bank (Solo Basis) Group
Core Capital (Tier 1 Capital), Rs. Mn 11,083 9,930 11,593 10,426
Total Capital Base, Rs. Mn 14,082 12,834 14,855 13,592
Core Capital Adequacy Ratio, % of Risk Weighted Assets (Minimum Requirement,
5%) 10.85 10.40 11.09 10.64
Total Capital Adequacy Ratio, % of Risk Weighted Assets (Minimum
Requirement, 10%) 13.79 13.45 14.21 13.87
As At As At
30.06.2010 31.12.2009
(Audited) (Audited)
Bank
Assets Quality (Quality of Loan Portfolio)
Gross Non - Performing Advances Ratio, % (Net of Interest in Suspense) 6.80 7.63
Net Non - Performing Advances Ratio, % (Net of Interest in Suspense and
Provision) 1.68 2.79
Profitability
Interest Margin, % 5.27 5.30
Return on Assets (Before Tax) % 2.19 2.70
Return on Equity (After Tax) % 21.18 19.41
Regulatory Liquidity
Statutory Liquid Assets, Rs.Mn.
Bank 29,895 42,276
Domestic Banking unit 28,660 40,212
Off-Shore Banking Unit 1,476 2,755
CERTIFICATION:
I certify that the above financial statements give a true and fair view of the state of affaris as at 30th June 2010 and its profits for the six months
then ended.
Sgd
Ranjith Samaranayake
Executive Director/Group Chief Financial Officer
We, the undersigned, being the Chairman and the Chief Executive Officer of Sampath Bank PLC. certify jointly that:-
(a) the above statements have been prepared in compliance with the format and definitions prescribed by the Central Bank of Sri Lanka ; and
(b) the information contained in these statements, except for those that relate to the bank only column had been extracted from the unaudited
financial statements. The information relate to the bank had been audited by the external auditor.
Sgd Sgd
I W Senanayake Harris Premarathne
Chairman Executive Director / CEO
4th August 2010
NOTES-ACCOUNTING POLICIES
1 There are no changes to the accounting policies and methods of computation since the publication of the annual accounts for
the year 2009.
The group financial statements comprise a consolidation of the bank and its subsidiaries, Sampath Centre Ltd, SC Securities
(Pvt) Ltd, Sampath Leasing & Factoring Ltd, Sampath Trade Services ( Hong Kong ) Ltd and Sampath Information Technology
Solutions Ltd.
2 Sampath Trade Services (Hong Kong) Ltd. was liquidated w.e.f. 23.07.2010. Due to this, there are no implications to the
Financial Statements of the Bank.
4 During the period, there were no material changes in contingent liabilities, composition of Assets and Liabilities and use of
funds raised through debentures.
5 During the 1st half of year 2010, 1.2 Mn shares received as bonus shares from LankaBangla Finance Ltd. were sold in the
Dhaka Stock Exchange. Due to this, Bank's holding of 13.55% as at 31.12.2009 was reduced to 11.29% as at 30.06.2010.
6 On 6th April 2010, a cash dividend of Rs. 6.25 per share was paid as final dividend for 2009 on 75,776,390 shares, which was
approved by the shareholders at the Annual General Meeting held on 30.03.2010.
7 During the period under review, the Bank made additional provisions on account of collateral values over and above the
amounts recommended by the Central Bank of Sri Lanka.
8 During the period under review, the Bank made full provision of Rs.255 Mn. on account of investment in Union Bank shares as
recommended by the Central Bank of Sri Lanka.
9 As approved by the Board of Directors on 24.06.2010, Sampath Bank has announced a major capital restructuring plan for
2010, which entails a scrip dividend, a share split and an ESOP to the Staff, as detailed below.
9.1 Scrip Dividend
This is an interim dividend for 2010 declared in the form of fully paid shares of the Bank. The basis is Rs.3/- per existing
share, valued at Rs.326/- per share, after providing for the 10% Withholding Tax.
This move will create 627,596 fully paid new shares, which will be allotted to the shareholders as part of their dividend for
2010. The entire cost of the scrip dividend will be funded by the profits of the bank for 2010 and hence there will be no
capitalization of reserves. However, the stated capital of the bank will rise by Rs.204,596,253/- being the value of the new
shares to be created. Consequently, the number of shares in issue too will rise from the existing 75,776,390 to 76,403,986
shares.
As required by section 56(2) of the Companies Act No. 7 of 2007, the Board of Directors has confirmed that the bank has
satisfied the Solvency Test in accordance with section 57 of the Companies Act No. 7 of 2007 and will be obtaining a
certificate from the auditors, prior to the extra ordinary general meeting to be held.
All three proposals contained above will be subject to the approval of the Colombo Stock Exchange, approval of the other
relevant regulatory bodies and adoption of all requisite resolutions by the shareholders of the bank, at an extra ordinary general
meeting to be convened in due course.
10 Two Directors of the Bank, Mr. E A Gunasekara and Mr. J D Bandaranayake have vacated office with effect from 17.07.2010
as per requirement of the Corporate Governance Code of Central Bank of Sri Lanka for Licensed Commercial Banks.
11 Except above, no circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in
the Financial Statements.
The figures relating to the Bank have been extracted from the financial statements that had been audited by the External
Auditor. The Auditor qualified their opinion on the matter discussed in Note 8 above, stating that the estimated recoverable
amount as at 30 June 2010 is greater than the carrying value and thereby a provision is not required as per Sri Lanka
Accounting Standard.
SEGMENTAL ANALYSIS - GROUP
Rupees in Thousands
Segment Result 1,681,764 1,411,517 146,960 51,471 61,892 24,027 52,149 33,847 (57,985) (30,896) 1,884,781 1,489,966
Share of Associate Company's Profit - - - - - - - - - - - 90,294
Profit from Operations - - - - - - - - - - 1,884,781 1,580,260
Income Tax expenses - - - - - - - - - - 519,133 730,930
Minority Interest - - - - - - - - - - 21,159 2,856
Net profit for the period - - - - - - - - - - 1,344,489 846,473
Segment Assets 156,632,881 131,932,178 15,198,506 13,890,137 398,357 1,022,294 1,370,696 1,336,719 (1,660,734) (2,614,941) 171,939,706 145,566,387
Unallocated Assets - - - - - - - - - - - -
Total Assets 156,632,881 131,932,178 15,198,506 13,890,137 398,357 1,022,294 1,370,696 1,336,719 (1,660,734) (2,614,941) 171,939,706 145,566,387
- -
Segment Liabilities 146,001,695 123,322,483 12,715,205 12,077,368 228,937 480,331 226,921 235,010 (831,370) (2,062,007) 158,341,389 134,053,185
Unallocated Liabilities - - - - - - - - - - - -
Total Liabilities 146,001,695 123,322,483 12,715,205 12,077,368 228,937 480,331 226,921 235,010 (831,370) (2,062,007) 158,341,389 134,053,185
Debentures - 2007/2012
Fixed - 17.5% Not Traded Not Traded Not Traded Not Traded Not Traded Not Traded
Fixed - 15.5% 83.99 Not Traded 83.99 Not Traded 83.99 Not Traded
Floating rate Not Traded Not Traded Not Traded Not Traded Not Traded Not Traded
Debentures - 2007/2012
Fixed - 17.5% 17.50% 17.50% 17.50% 17.50%
Fixed - 15.5% 15.50% 16.65% 15.50% 16.65%
Floating rate - - - -
Debentures - 2004/2009
Floating rate is equivalent to the three months Treasury bill rate (net) plus 2% p.a.,
payable quarterly. These debentures were redeemed on 07.06.2009.
Debentures - 2007/2012
Floating rate is equivalent to the three months Treasury Bill rate (gross) plus 1.5%
p.a., payable quarterly.
( e ) Ratios
2010 2009
Debt to Equity Ratio (%) 24.9% 29.6%
Interest Cover ( Times) 14.80 5.99
Quick Asset Ratio (%) 86.5% 88.4%
Directors' holding & Chief Executive Officer's holding in Shares of Sampath Bank PLC