SC Securities maintains ‘Buy’ on Sampath Bank

Summary

Sampath Bank group (SAMP) posted a net profit of Rs. 1,135 m for the quarter ended 30 June 2011, up by 52% YoY from a net profit of Rs. 746 m. SAMP’ EPS for the first half of 2011 (1H11) rose to Rs. 13.53 on a profit of Rs. 2,115 m, rising by 57% YoY.

Total loans and advances (Gross) of the bank rose by 37.36% & 19.60% during the last 12-month and six-month period respectively. Total deposits of the bank increased by 24.50% during the one year period ended 30 June 2011 and by 15.60% during the last six months. Total assets rose by 18.70% during the six months ended 30 June 2011.