SAMPATH BANK PLC- review1Q 2011

862019 SAMPATH BANK PLC- review1Q 2011

httpslidepdfcomreaderfullsampath-bank-plc-review1q-2011 113

SAMPATH BANK PLC

INTERIM UPDATE 1QFY2011

Anal st Minoli Mallawaarachchi minoliasiaca itall



Page 1

SAMPATH BANK PLC

Sampath Bank Plc (SAMP) LKR28000 is a registered licensed commercial

bank under the purview of the Central Bank of Sri Lanka and being regulated

under the Banking Act No 3 of 1988 SAMP is currently the 3rd

largest private

sector commercial bank with an asset base of LKR2024bn as at end of March

2010 and 188 branches supported by a staff force of 2688 (as per the 2010

annual report)SAMP has its presence over a vast geographical area includingNorth and East which reflects its continued focus on both corporate clients

and retail customers

In 1QFY11 the overall interest income has shown a 2 QoQ improvement

whilst a minute 03 dip was seen YoY Interest expenses for 1QFY10 have

shown an increase of 44 YoY and a 10 QoQ though the interest rates

were relatively low Net interest income for the 1QFY11 has dipped by 56

YoY and 6 QoQ due to decreased income on other interest earning assets

(inclusive of government securities) and increase in overall interest expenses

In addition during 1QFY11 the bank has recorded a 469 YoY improvement

in non interest income While the same income compared with the previous

quarter it is a dip of massive 53

The profit attributable to equity holders of SAMP is an improvement of 638

YoY However apart from the loan book growth and strengthened deposit

base the net profit has improved YoY on the back of accelerated non interest

income reversal of provisions and overall tax reductions

Healthy advances momentum and continuation of improvement in asset

quality

During 1QFY2011 the bankrsquos loans and advances increased by healthy 138

YoY and the asset quality showed further improvement during 1QFY2011with loan loss provisions showing a reversal during the period

The Tier I and Total Capital adequacy ratios stands at 951 (minimum

requirement is 5) and 1141 respectively as at 31st

March 2011 oppose to

1071(Tier I) and 1291(Total Capital) recorded in 4QFY2010

Outlook and Valuation

A lower risk balance sheet is expected to drive down loan loss provisions which

we believe will enable ROE of 28 by FY2011E (existing 23)

The share is trading at 88X based on forecasted earnings for FY2011 compared

to a sector PE of 1522X and a market PE of 1903X



Page 2

SAMPATH BANK PLC

Corporate profile

Sampath Bank Plc (SAMP) is a registered licensed commercial bank under

the purview of the Central Bank of Sri Lanka and being regulated under

the Banking Act No 3 of 1988 SAMP is currently the 3rd

largest private

sector commercial bank with an asset base of LKR2024bn as at end of

March 2010 and 188 branches supported by a staff force of 2688 (as per

the 2010 annual report)

SAMP has its presence over a vast geographical area including north and

east which reflects its continued focus on both corporate clients and

retail customers

The bank has pioneered in many technological and new product

advancements over the years including introduction of ATM technology

to Sri Lanka being the first bank to introduce credit cards to Sri Lanka in

1989 etc

The SAMP group comprises of 5 subsidiaries namely the bank which

contributes to 94 of pretax profits Sampath Leasing and Factoring SC

Securities (Pvt) Ltd Sampath Information Technology Solutions Ltd and

Sampath Centre Ltd- the property development arm

Banking Sector

As per the Central Bank annual report 2010 there are 22 commercial

banks in the country with a network of 1932 branches 965 extension

offices and 2977 other banking outlets Commercial bankrsquos can be

further categorized as public sector banks private sector banks and

foreign banks

As at the end of 2010 total assets of LCBrsquos stood at LKR 2969 trillion an

increase of 185 compared with a 108 previous year In addition the

2 state owned commercial banks Bank of Ceylon and Peoples Bank

account for a circa 50 of the sector asset base The sector is getting

more attractive with recent changes in regulatory measures The

corporate tax rate has reduced from 35 to 28 Whereas VAT on

financial services has reduced from 20 to 12 In addition the new low

interest rate regime emphasized by the Central Bank would drive the loan

growth in the sector However as oppose to lower rates being paid on

deposits more funds would flow in to the system as a result of previously war affected areas getting banked Further enhancing the

attractiveness of the banking industry the Central Bank is focusing on

raising a mandatory deposit insurance scheme The purpose of the

scheme is to build up a fund which can be utilized to compensate

depositors in a crisis situation hence all these would result in delivering

confidence to the investors



Page 3

SAMPATH BANK PLC

Interim Results- 31st March 2011

Interest income


whilst a minute 03 dip was seen YoY The dip of 03 is a combination of

143 YoY improvement in interest income on loans and advances and

426 YoY dip in interest income on other interest earning assets The

considerable dip in interest on other interest earning assets is

due to long prevailed lower yields recorded in government

securities and a similar movement was also evident

throughout the sector In order to mitigate the impact from

lower yield the bank has kept on reducing its exposure

towards government securities (during the period

31122010-3132011 3 months T- Bill rate has come down

from 724 to 698) Therefore the reduction is 34 from

the investment trading account and 285 from the

investments held to maturity yet the regulatory minimum

levels are accomplished

However the elevated loans and advances by 138 during the period has

assisted in boosting the interest income on loans and advances by 143

YoY and 4 QoQ amidst the prevailing low interest rate environment



Page 4

SAMPATH BANK PLC

Interest expenses

The interest expenses for 1QFY10 have shown an increase of 44 YoY and

a 10 QoQ though the interest rates were relatively low This is due to a

34 YoYand 10 QoQ increase in interest paid on deposits while interest

paid on other interest bearing liabilities have elevated by 127 YoY and

QoQ

Particularly interest paid on deposits has increased due to accelerated

deposits by 79 over the 3 months period and a shift in the deposit mix

towards more expensive longer term deposits During the period less

expensive demand deposits have narrowed to LKR129bn from a previous

level of LKR136bn which is a dip of 47 and expensive time deposits have

grown by 125 Particularly this has been the companyrsquos strategy towards

generating more deposits in a low interest environment and mobilizing

them to grant more loans where the credit demand is high

Apart from that during the period borrowings have increased by more than26 where a considerable portion coming from banks and financial

institutions in Sri Lanka

Net interest income

Net interest income for the 1QFY11 has dipped by 56 YoY and 6 QoQ

due to decreased income on other interest earning assets (inclusive of

government securities) and increase in overall interest expenses

Non Interest income

During 1QFY11 the bank has recorded a 469 YoY improvement in noninterest income While the same income compared with the previous

quarter it is a dip of a massive 53 However the dip of 53 QoQ is due to

the decline in income generated through other sources including

investments and fee based income As a result the significance of non

interest income in operating income has come down in 1QFY2011 to 32 as

oppose to a previous level of 49 (4QFY10)

Net income Operating income

The net interest income is a 66 increase on a YoY basis despite a dip of

18 QoQ due to the contraction in both net interest income and

noninterest income

Noninterest expenses



Page 5

SAMPATH BANK PLC


Noninterest expenses have increased by 255 YoY and 10 QoQ The

increase is a result of the organic growth strategies of the bank In this

regard new branch openings and new recruitments accompanied by recent

wage hike have increased personnel costs and premises and establishment

expenses by 146 and 289 YoY respectively

Provision for bad and doubtful debts and loans written off

The loan loss provisions have shown a reversal during the period on the

back of dip in allocations for specific provision by 74 (QoQ) and

improvement in recoveries by more than 100 (QoQ)

VAT on financial services and corporate tax

VAT on financial services and Corporate tax have shown a clear dip of more

than 30 YoY and 88 YoY respectively owing to the rate change from 20

to 12 on VAT on financial services and 35 to 28 on corporate taxes

Net profit

The profit attributable to equity holders of SAMP is an improvement of

638 YoY But at the same time compared with the previous quarter it is a

decline of 27 However apart from the loan book growth and

strengthened deposit base the net profit has improved YoY on the back of

accelerated non interest income reversal of provisions and overall tax

reductions

Asset Quality

The asset mix has historically been dominated by loans and advances which

accounts f or 66 of the bankrsquos assets as at 31st

December 2010 Liquid

assets in the form of cash and investment securities have made up 24 of

its asset base as at the same date and going forward we expect the bankrsquos

asset base to reflect its historical composition as SAMP expands its loan

base in light of the improving macroeconomic environment

Therefore as a consequence of more weight given to loans and advances

within the asset mix the quality of the bankrsquos assets is highly dependent on

the quality of the loan portfolio

In addition the loan portfolio of SAMP is more diversified covering all the

credit demanding sectors whilst putting more weight on Pawning (21 of

the overall loans) Trading (16) Manufacturing (154) Agriculture and

Fishing (10) Particularly in FY2010 the non performing loans and

advances as a percentage of total gross loans and advances have come



Page 6

SAMPATH BANK PLC

down to 45 as opposed to a previous level of 86 and during the 1QFY11

this has further come down to 41 depicting an improvement in the asset

quality Consequently the improvement in the ratio can be attributable to

the awakening economic activities bankrsquos stringent loan policies and

putting more emphasis on Pawning which is a loan backed by gold

collateral However during the 3 months period the non performing loansand advances show a 33 due to a loan growth of 138 and a revision of

regulations in categorizing the non performing loans

Furthermore SAMPrsquos provisioning is deemed strong as the bankrsquos gross NPL

coverage is 795 in FY2010 which has improved from a lower base of

499 in FY2009

Finally the provision for decline in value of investments has shown a

reversal over the 3 months period indicating an improvement of the quality

of investment securities



Page 7

SAMPATH BANK PLC

Funding and Liquidity

SAMPrsquos funding and liquidity positions are adequate backed by a funding

base that is dominated by low cost deposits and shareholdersrsquo funds

Bankrsquos funding base is dominated by deposits which account for 82 of its

total funding as at end 1Q2011 (end 4Q2010 83) this was followed by

shareholders funds (9) and borrowings (9) Also during the 1QFY2011

the banks deposit base expanded 79 to LKR1622 bn irrespective of lower

rates offered by the overall banking sector

The deposit base is comprised of 46 short term deposits (including

demand deposits and savings deposits) and 54 long term deposits (term deposits) Even though the long term deposits deemed to be expensive the

bank has continued with expanding long term deposits Consequently the

time deposit growth for 1QFY2011 is 125 However bankrsquos underlying

strategy had been collecting more deposits in a competitive market and

mobilizing them to enhance loan volume despite compressed margins

Moreover the bankrsquos loan to deposit ratio is 86 as at end 1QFY2011

compared with a ratio of 82 at the end of FY2010 thus an indication of

bankrsquos active lending and condensed liquidity position

Nevertheless Bank is maintaining its liquidity above the regulatory levels

where the liquid assets are in the form of government securities balance

with the Central Bank and cash and short term funds

However during the period the bank has reduced its exposure to

government securities due to lower yields hence liquidity has come down

to 2320 from a previous level of 2629 in 4QFY2010 yet satisfying the

regulatory minimum of 20



Page 8

SAMPATH BANK PLC

Capital Adequacy

SAMPrsquos capital adequacy is deemed strong given the Core capital and Total

capital adequacy ratios stands at 951 (minimum 5) and 1141

(minimum 10) respectively However the current levels are below the

previous ratios of Core capital 1071 and Total capital 1291 which is

due to the bankrsquos expansion strategies including an impressive loan growth

of 138 over the 1Q2011



Page 9

SAMPATH BANK PLC

Future Outlook

The economic developments taking place throughout the country

coupled with low interest rates have posed a continued demand

for credit Hence this is a good opportunity for the bank to further

expand its loan portfolio being benefited through the availability

of funding The current levels of capital adequacy ratios tier 1

95 (minimum is 5) total capital adequacy ratio 1141

(minimum is 10) are well above the regulatory minimums so

that the bank has adequate buffer to absorb more risk and expand

the loan book

Adding further the bankrsquos novel scrip dividend policy would further

strengthen the fund availability as a consequence of dividends getting

injected back to the company rather than being paid out from the bank

SAMPrsquos organic growth strategies in terms of branch expansions

and new product developments would yield favorable resultsgoing forward During the FY2010 the bank has established more

than 40 branches and this momentum would be further continued

with the objective of covering all the unbanked areas and fulfilling

all the banking needs of the nation However the expansion

strategies would expand the cost base where the current cost to

income ratio is 53 slightly above the sector This is due to the

fact that an average new branch taking 15- 2 years to break even

and during this period the bank is not generating adequate

revenues to curtail the expenditure base But once a new branch

reaches its breakeven level it would boost the overall income

levels bringing down the cost to income ratios to par with thesector

The Pawning segment of the bank comprise of 23 of the overall

loan portfolio as at 31st

December 2010 and during FY2010 total

loans granted under pawning has shown a massive growth of

535 YoY This segment has its ability to grow further Generally

pawning is favorable to a bank due to the loan being gold backed

hence generating no risk of nonperforming loan losses and thereby

improving asset quality while strengthening the bottom line due to

no allowances required

Apart from SAMPrsquos organic growth strategies the bank is also

laying plans for inorganic growth Accordingly these would enhance

the competitive position of the bank as while generating

economies of scale



Page

10

SAMPATH BANK PLC

Risk Management

The key risk categories of credit risk market risk liquidity risk operational

risk and reputation risk are common to every bank therefore in order to

mitigate these risks SAMP is adopting an integrated approach with a clear

understanding of these multiple risks

Credit risk is arising from the inability of a borrower or counter party to

meet their obligations in accordance with the agreed terms In this regard

in order to mitigate the credit risk SAMP has a well structured and

standardized credit approval process and a post credit monitoring

mechanism Consequently these stringent policies and practices have

resulted in improving the NPL ratios of the company (Gross NPL for as at

31st

March 2011 is 364 and improvement from a previous level of 395

as at 31st

December 2010)

Market risk management- this is the risk that can incur through movementsin equity and interest rate markets currency exchange rates and

commodity prices However the committees are placed in handling these

risks via planning the optimum mix of assets and liabilities stipulating the

liquidity gap position and formulating benchmark lending rates etc

Liquidity risk management

Liquidity risk arises due to unmatched maturities of assets and liabilities

These would deteriorate the bankrsquos ability to honor its commitment as and

when they fall due However SAMP manages these risks through their

deposits and investment portfolios

Reputational risk management

Reputational risks arise due to the negative effect of public opinion which

can cause damage to the brand image The bank has mitigated this by

implementing a customer grievance handling policy



Page

11

SAMPATH BANK PLC

Valuation

Share offers good value at 88x forecast 2011 net profit

For the FY2011E the profits are forecasted considering corporate tax

revisions (35 to 20) and the expected credit growth in the low interest

economy The earnings would approximate to LKR 49510 mn in FY2011

and LKR 53159 mn in FY2012

Having hit a low of LKR1402 in May 2010 SAMPrsquos share price has risen

strongly by 972 YTD Following this gain SAMP trades at 88X projected

FY11E net profit whilst on a PER of 82X for FY12E forecasted profit Based

on an analysis of a historic 52 week price movement we derived a price

movement of +-5001 on a mean of LKR24144 Hence the flux is

approximately +-21 Furthermore if it is assumed that the same upside

price movement is seen pushing the price to LKR33101 (from a current

level of LKR2800) the forward PE multiples would be 1045X for FY11E and

973X for FY12E

Furthermore when adjusting SAMPrsquos returns to its risk (deviation of the

share price) sharp ratio of the counter is at 217 whilst the Banking Finance

and Insurance sector is at 305 SAMPrsquos return volatility is much higher at

29 as opposed to the sectorrsquos deviation of 20 over the past 52 week

trading period Hence SAMP shows a marginal volatility in its return

compared with the sector



Page

SAMPATH BANK PLC

Researchhelliphelliphelliphelliphelliphelliphelliphellip

d of Research Saminda Weerasinghe Senior Analyst Amali Perera

11)5320250 (94-11)5320256

indaasiacapitallk amaliasiacapitallk

porates Economy

ela Rasheed (94-11)5320252 Umayangana Randeniya (94-11)5320254

wan De Silva (94-11)5320258 Dhanusha Pathirana (94-11)5320257

hani Perera (94-11)5320251 Nuwan Pradeep (94-11)5320257

oli Mallwaarachchi (94-11)5320360

mala Samarawickrama (94-11)5320253

hara Fernando (94-11)5320256

n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253

aleshelliphelliphelliphelliphelliphelliphelliphellip

STITUTIONAL SALES RETAIL SALES

ri Marikar (94-11) 5320224 077 3576868 sabriasiacapitallk Shiyam Subaulla (94-11) 5320218 0773502016 shiyamasiacashan Wijayakoon (94-11) 5320208 0777 713645 niroshanasiacapitallk Gagani Jayawardhana (94-11) 5320236 0714084953gaganiasiacap

az Aboobucker (94-11) 5320213 0777-727352 niyazasiacapitallk Priyantha Hingurage (94-11) 5320217 0773502015priyanthaasiara Hedigallage (94-11) 5320211 0777 713663 anuraasiacapitallk Neluka Rodrigo (94-11) 5320214 0777366280nelukaasiacaplaka Hapugoda (94-11-5320240 0777 256740 chelakaasiacapitallk Subeeth Perera (94-11) 5320227 0714042683subeethasiaca

minda Mahanama (94-11) 5320223 0777 556582 mahanamaasiacapitallk n Bibile (94-11) 5320238 0777 352032 hiranasiacapitallk

ANCHESbathgoda Asian Alliance Building No04 Sirimawo Bandaranayake Mw Kadawatha Asiri Perera 011-5734773 0773-692812 asiriasiacapitallk

unegala CSE 1st Floor Union Assurance Building No06 Rajapihilla Rd Kurunegala Asanka Samarakoon 037-5628844 0773-690749 asankaasiacapita

ara Asian Alliance Building No 312Galle Road Nupe Matara Sumeda Jayawardena041-5677525 0773-6873sumedaasiacapita

e Capital Reach Building 2nd Floor No 16A Gamini Mw Galle Ruchira Silva 091-5629998 0773-687027 ruchiraasiacapitLasitha Wijewardena 091-5676766 077-6681884lasithaasiacapita

E Floor CSE01-04 World Trade Centre Colombo ndash 1 Thushara Adhikari 011-5735122 0773-688202adhikariasiacapit

ombo Asia Asset Finance 1711 Station Road Negombo Uthpala Karunatilake 031-5676881 0773691685uthpalaasiacapit

nnappuwa No176 Negombo Road Katuneriya Sajith Iroshan 032 5673881 077 3740208 sajithasiacSandun Athulathmudali 032 5673882 077 2533331 srangaasia

RVICE CENTRESdy Capital Reach Building No165 Katugodella Veediya Kandy Nilupul Hettiarachchi 081-5628500 0773-691816nilupulasia

Radhika Hettiarachchi 081-5625577 0777-810694radhikaasiac

mbantota Hambanthota Chember of Commerce Thangalle Road Hambantota Gayan Anusha Muthumali 047-5679241 0772-351716Shermin Ranasinghe 0772378352 sherminasiacapitallk

para 2nd Floor TKS Building DS Senanayake Street Ampara Ravi De Mel 063-5679071 0772-681995 ravideasiacapital lkMadushanka Rathnayaka063-5679070 0779-036577 shankaasia

na 11-8 First Floor Stanley Road Jaffna Sutharshan 021-5671800 0772-395811suthanasiacapitallkNirmalan 021-5671801 0778-449773 nirmalasiacapitallk

ort has been prepared by Asia Wealths (Private) Limited The information and opinions contained herein has been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith Such information has not been independently verified and no guaranty

ntation or warranty express or implied is made as to its accuracy completeness or correctness reliability or suitability All such information and opinions are subject to change without notice This document is for information purposes only descriptions of any company or companies or their secu

ned herein are not intended to be complete and this document is not and should not be construed as an offer or solicitation of an offer to buy or sell any securities or other financial instruments In no event will Asia Securities be liable for any loss or damage including without limitation indirect

uential loss or damage or any loss or damage whatsoever arising out of or in connection with the use of this report and any reliance you place on such information is therefore strictly at your own risk curities may to the extent permissible by applicable law or regulation use the above material conclusions research or analysis in which they are based before the material is disseminated to their customers Not all customers will receive the material at the same time Asia Securities their resp

representatives employees related persons andor Asia Securities may have a long or short position in any of the securities or other financial instruments mentioned or issuers described herein at any time and may make a purchase andor sale or offer to make a purchase andor sale of any su

nancial instruments from time to time in the open market or otherwise in each case either as principal or agent Asia Securities may make markets in securities or other financial instruments described in this publication in securities of issuers described herein or in securities underlying or

es Asia Securities may have recently underwritten the securities of an issuer mentioned herein

ormation contained in this report is for general information purposes only This report and its content is copyright of Asia Securities and all rights reserved This report- in whole or in part- may not except with the express written permission of Asia Securities be reproduced or distributed or c

ed in any material form by any means whether graphic electronic mechanical or any means Nor may you transmit it or store it in any other website or other form of electronic retrieval system Any unauthorised use of this report will result in immediate proceedings



Page 1

SAMPATH BANK PLC

Sampath Bank Plc (SAMP) LKR28000 is a registered licensed commercial

bank under the purview of the Central Bank of Sri Lanka and being regulated

under the Banking Act No 3 of 1988 SAMP is currently the 3rd

largest private

sector commercial bank with an asset base of LKR2024bn as at end of March

2010 and 188 branches supported by a staff force of 2688 (as per the 2010

annual report)SAMP has its presence over a vast geographical area includingNorth and East which reflects its continued focus on both corporate clients

and retail customers


whilst a minute 03 dip was seen YoY Interest expenses for 1QFY10 have

shown an increase of 44 YoY and a 10 QoQ though the interest rates

were relatively low Net interest income for the 1QFY11 has dipped by 56

YoY and 6 QoQ due to decreased income on other interest earning assets

(inclusive of government securities) and increase in overall interest expenses

In addition during 1QFY11 the bank has recorded a 469 YoY improvement

in non interest income While the same income compared with the previous

quarter it is a dip of massive 53

The profit attributable to equity holders of SAMP is an improvement of 638

YoY However apart from the loan book growth and strengthened deposit

base the net profit has improved YoY on the back of accelerated non interest

income reversal of provisions and overall tax reductions

Healthy advances momentum and continuation of improvement in asset

quality

During 1QFY2011 the bankrsquos loans and advances increased by healthy 138

YoY and the asset quality showed further improvement during 1QFY2011with loan loss provisions showing a reversal during the period

The Tier I and Total Capital adequacy ratios stands at 951 (minimum

requirement is 5) and 1141 respectively as at 31st

March 2011 oppose to

1071(Tier I) and 1291(Total Capital) recorded in 4QFY2010

Outlook and Valuation

A lower risk balance sheet is expected to drive down loan loss provisions which

we believe will enable ROE of 28 by FY2011E (existing 23)

The share is trading at 88X based on forecasted earnings for FY2011 compared

to a sector PE of 1522X and a market PE of 1903X



Page 2

SAMPATH BANK PLC

Corporate profile




largest private






retail customers




1989 etc





Banking Sector





foreign banks


















Page 3

SAMPATH BANK PLC


Interest income





















Page 4

SAMPATH BANK PLC

Interest expenses





QoQ











Net interest income




Non Interest income










noninterest income




Page 5

SAMPATH BANK PLC















Net profit






reductions

Asset Quality


















Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 2

SAMPATH BANK PLC

Corporate profile




largest private






retail customers




1989 etc





Banking Sector





foreign banks


















Page 3

SAMPATH BANK PLC


Interest income





















Page 4

SAMPATH BANK PLC

Interest expenses





QoQ











Net interest income




Non Interest income










noninterest income




Page 5

SAMPATH BANK PLC















Net profit






reductions

Asset Quality


















Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 3

SAMPATH BANK PLC


Interest income





















Page 4

SAMPATH BANK PLC

Interest expenses





QoQ











Net interest income




Non Interest income










noninterest income




Page 5

SAMPATH BANK PLC















Net profit






reductions

Asset Quality


















Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 4

SAMPATH BANK PLC

Interest expenses





QoQ











Net interest income




Non Interest income










noninterest income




Page 5

SAMPATH BANK PLC















Net profit






reductions

Asset Quality


















Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 5

SAMPATH BANK PLC















Net profit






reductions

Asset Quality


















Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 6

SAMPATH BANK PLC










499 in FY2009






Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 7

SAMPATH BANK PLC



























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 8

SAMPATH BANK PLC

Capital Adequacy









Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page 9

SAMPATH BANK PLC

Future Outlook









the loan book




























economies of scale



Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page

10

SAMPATH BANK PLC

Risk Management











31st


as at 31st

December 2010)
















Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page

11

SAMPATH BANK PLC

Valuation














973X for FY12E









Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253





























Page

SAMPATH BANK PLC



11)5320250 (94-11)5320256


porates Economy







n Wijekoon (94-11)5320253

na Ukwatta (94-11)5320253



























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SAMPATH BANK PLC- review1Q 2011

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