Sampath Bank Archives - Page 2 of 13

November 6, 2023

Sampath Bank PLC is delighted to announce the renewal of its partnership with the National Chamber of Exporters (NCE). This strategic partnership underscores Sampath Bank’s commitment to bolstering the growth of Sri Lankan exports on the global stage and builds upon the Memorandum of Understanding (MoU) signed between the NCE and Sampath Bank last year, signifying a shared commitment to fortify Sri Lanka’s export industry.

In recognition of w and outstanding contributions to international trade, Sampath Bank will also sponsor the coveted NCE Certificate of Ethical Trading.

Sampath Bank’s dedication to supporting its invaluable export clients goes beyond this partnership with the NCE. The bank has proactively engaged in various initiatives, aimed at facilitating their ventures on the global stage.

One notable action is the bank’s membership in USA, Canada, UK, Germany, China, Japan, Italy, and India’s Business Councils of the Ceylon Chamber of Commerce. These councils play a crucial role in facilitating and developing trade investment and business relations between key markets and Sri Lanka. These connections act as vital stepping stones for the bank’s clients, enabling them to explore new markets and establish meaningful international trade relationships.

Recognizing the paramount importance of access to information in international trade, Sampath Bank has set up its dedicated Advisory desks in the International Trade Department. This department comprises specialised personnel poised to assist clients in accessing a wealth of critical information, whether related to trade agreements or other indispensable resources, equipping clients with knowledge to make informed decisions.

In addition, Sampath Bank has made substantial investments in a cutting-edge digital compliance system. This system automates trade compliance procedures, offering an extra layer of protection for local exporters. Before any transaction is initiated, the bank’s system checks whether the receiving party has been flagged or blacklisted, thus ensuring the security of the local exporter and promoting ethical international trade practices.

In the wake of the COVID-19 pandemic, many of Sampath Bank’s clients have faced the challenge of rebuilding their pre-pandemic operational capacities. Prior to the pandemic, these clients were well on their way to achieving an impressive 20-25% year-on-year growth. Today, they find themselves operating at only half their previous capacity, grappling with survival in a challenging economic environment.

In response to these pressing circumstances, Sampath Bank has emerged as a strong pillar of support. The bank has extended additional financing to some clients, while others have seen their facilities restructured to better suit their current needs. Clients seeking to diversify or adapt to local markets have found steadfast support from the bank, ensuring their continued existence and growth in the market.

Furthermore, the recent Russia-Ukraine conflict presented unforeseen challenges. Several of Sampath Bank’s clients encountered difficulties in repatriating funds from Russia. Leveraging its extensive network of over 600 correspondent relationships, the bank has stepped in to ensure the seamless transfer of funds for its clients, demonstrating its commitment to their success.

Shashi Kandambi Jassim, Senior Deputy General Manager – International Banking, emphasised the bank’s dedication, stating, “Sampath Bank supports its local export customers in every possible way, even in the face of the challenging economic situation both in Sri Lanka and across the world, as long as they remain compliant with international trade regulations.”

Sampath Bank PLC’s partnership with the NCE and its ongoing commitment to empowering Sri Lankan exports are a testament to its vision of a prosperous and sustainable future for the nation’s exporters.

Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours, slip-less banking, and adaptation of block-chain technology to name a few. As part of its visionary approach, the Bank is steadily transforming itself into a ‘Tech company engaged in banking,’ from the traditional approach of a bank adopting technology.

November 2, 2023

Siyapatha Finance PLC, a fully-owned subsidiary of Sampath Bank PLC, a trusted name in financial services, recently announced the grand opening of its latest branch, Dehiwala , located at No. 249, Galle Road, Dehiwala. The doors were open to the public from the 24^th of October 2023. The event was graced by the presence of esteemed Chief Guests, Mr. Ananda Seneviratne, Managing Director of Siyapatha Finance PLC, Mr. Jayanath Gunawardena, Director of Siyapatha Finance PLC, Mrs. Sriyani Ranathunga, Director of Siyapatha Finance PLC, Mr. Saman Jayasekara, Assistant Superintendent Police Station -Dehiwala, Mr. Anuradha Herath OIC Karagampitiya Police Station.

The opening of Dehiwala branch marks the 46th addition to Siyapatha Finance’s extensive branch network, further solidifying its commitment to delivering exceptional financial solutions to the people of Sri Lanka. With a core focus on empowering the business sector, including small businesses and entrepreneurs, the Dehiwala Branch will offer a comprehensive product portfolio to cater to diverse financial needs. The range of services includes Leasing, Fixed Deposits, Savings Accounts, Gold Financing, Business Loans, Personal Loans, Fast Draft Loan, and Factoring.

In addition to delivering financial services, Siyapatha Finance PLC is deeply committed to environmental sustainability and community well-being. To mark the opening of Dehiwala Branch, Siyapatha Finance has planted 100 trees in the Dehiwala area, as part of its CSR initiative ‘Siyapathen Mihikathata,’ the nationwide tree planting project that promotes a greener and healthier environment, demonstrating the dedication to a sustainable future. The financial institution is fully committed to actively participating in this initiative by planting over 10,500 trees across various locations in Sri Lanka, with the invaluable support of its island-wide branch network. Furthermore, as part of this grand effort, 50 trees planted at WP/PILI/Lalith Athulathmudali Vidyalaya on sameday.

Managing Director of Siyapatha Finance PLC, Mr. Ananda Seneviratne added, “We see this expansion as an opportunity to make a significant contribution to the economic development of the Dehiwala area. Siyapatha Finance PLC remains dedicated to providing top-notch financial services and being a catalyst for financial success in every community we serve.”

Siyapatha Finance PLC has a rich history of eighteen years in Sri Lanka’s financial landscape, contributing substantially to the growth of small and medium-sized businesses and fulfilling the financial needs of individuals across the island. The company’s commitment to continuous expansion reflects its dedication to helping communities to achieve their financial objectives.

The management invites everyone in the Dehiwala area to join them in celebrating this exciting milestone in Siyapatha Finance’s journey towards financial prosperity. For more information about Siyapatha Finance and its comprehensive range of services, please visit www.siyapatha.lk or contact the Dehiwala Branch at 0117 605 665. Siyapatha Finance PLC remains steadfast in its mission to empower individuals and businesses, making dreams a reality through financial empowerment.

November 2, 2023

Sampath Bank is pleased to announce its Annual Platinum Corporate Partnership with The Sri Lanka Institute of Directors (SLID), effective from July 2023. This strategic collaboration signifies a milestone in advancing Corporate Governance in Sri Lanka, as both organizations join hands to promote and advocate good governance in the private and public sector.

We take great pride in being recognized as an Annual Platinum Corporate Partner of SLID, and this partnership underscores our commitment to drive positive changes in corporate governance practices. Representing Sampath Bank in this pivotal partnership will be Mr. Tharaka Ranwala, whose wealth of experience will be instrumental in ensuring the success of this collaboration.

Sampath Bank through this partnership will be able to facilitate organizations adopt ethical and transparent practices, and be a responsible corporate citizen whilst optimizing shareholder value.

SLID, renowned for its steadfast commitment to fostering effective Corporate Governance practices, boasts a membership of over 900 influential business leaders from both the private and public sectors. Sampath Bank through this partnership will also be able to nurture a culture of excellence in today’s boardrooms while cultivating a dynamic new generation of Boardroom Leaders prepared to face the challenges of tomorrow.

Both organizations serve as pioneers in guiding forums dedicated to educating and enhancing the capabilities of their members in their respective roles. With more than eight forums currently in operation, SLID maintains a prominent position in this endeavor. For instance, the Audit Committee Forum plays a pivotal role in providing invaluable insights to support members in effectively fulfilling their roles on audit committees. This is achieved through knowledge exchange among peers, the dissemination of pertinent information, and a focused approach to key performance areas.

Such initiatives significantly contribute to the enhancement of effective governance and sustainability within organizations, ultimately elevating the economic environment. Similarly, Sampath Bank, in partnership with SLID, eagerly anticipates advancing the promotion of essential competencies required for effective Corporate Governance.

September 11, 2023

Investment Promotion, proudly unveiled the comprehensive Banking Guide titled ‘Sri Lanka Banking Guide for Investors and BOI Companies’.

The event was held at the Sampath Bank’s corporate office on the 28^thof August 2023, with the participation of senior dignitaries from the BOI and Sampath Bank PLC.

This Banking Guide serves as a strategic initiative to support the nation’s drive to attract foreign direct investments. It further offers comprehensive banking insights tailored for investors and BOI companies, addressing key areas such as investment accounts, operational banking, borrowing solutions, and related financial services.

The Banking Guide also includes an insightful economic outlook, offering a holistic perspective that extends beyond markets and imparts valuable knowledge. Available in both print and electronic formats, the guide ensures convenient access to investors and BOI companies – a substantial stride towards streamlining and enriching the banking experience for the Bank’s esteemed partners, reflecting Sampath Bank’s commitment to fostering growth and progress.

August 16, 2023

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.

Financial Highlights

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.

Capital Ratios and Awards

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.

Assets, Liabilities, and Growth

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.

Commitment to the Future

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.

August 3, 2023

Sampath Bank, among Sri Lanka’s leading financial institutions, has been honoured with the esteemed “Best Bank in Sri Lanka” award by Euromoney for the year 2023. This recognition acknowledges the bank’s remarkable achievements, reaffirming its commitment to excellence in the banking industry.

The accolade was presented to Sampath Bank’s Managing Director, Ayodhya Iddawela Perera during the grand award ceremony held in Hong Kong recently. Euromoney Awards for Excellence are renowned for recognizing top-performing banks globally, making this recognition a testament to Sampath Bank’s exceptional performance and dedication to delivering world-class financial services.

Speaking on this achievement, Managing Director of Sampath Bank Ayodhya Iddawela Perera said, “We are deeply honoured to be recognized as the ‘Best Bank in Sri Lanka’ by Euromoney for the fifth time in the last 10 years. With a drive to provide world-class financial services, backed by a relentless pursuit of excellence, this award motivates us to strive even harder to meet the evolving needs of our valued customers and deliver innovative solutions that empower their financial aspirations. I would like to extend my heartfelt appreciation to all our stakeholders, including our customers, employees, and partners, for their support and trust in Sampath Bank.”

Sampath Bank has a history of accolades from Euromoney, having secured the “Best Bank in Sri Lanka” award on four previous occasions: in 2013, 2014, 2016, and 2017. Winning this prestigious award for the fifth time in the last 10 years further fortifies Sampath Bank’s position as a trailblazer within the local banking industry. Despite the extremely adverse conditions present in Sri Lanka over the past year, the Bank was still able to display a standout performance.

Country awards in the larger markets in Asia-Pacific included the award for Best Bank in Hong Kong which went to HSBC; Best Bank in Singapore to UOB; Best Bank in China to China Merchant Bank and Best Bank in Malaysia to CIMB Bank.

Euromoney Magazine, a distinguished UK-based publication, bestows these prestigious awards based on detailed submissions by market participants and extensive year-round research into the banking and capital markets in the region. Sampath Bank was assessed on metrics including market capitalization; total revenue; pre-tax profit; net income; return on

tangible common equity; return on assets; net interest margin; cost-to-income ratio; Basel III tier-1 capital; market share of deposits; market share of loans; loan-to-deposit ratio; non-performing loan ratio; and non-performing loan coverage ratio.

The Euromoney Awards for Excellence serve as a platform to highlight the outstanding contributions of banking institutions worldwide. Euromoney Magazine is renowned for its coverage of global banking, macroeconomics, and capital markets, regularly featuring top-ranking chief executives and influential figures within the financial sector.

July 7, 2023

Emergency action aims to tackle issues of child malnutrition against the backdrop of economic challenges.

4^th July 2023, Colombo: UNICEF and Sampath Bank PLC came together to form a ground-breaking partnership aimed to deliver critical support to nearly 120,000 vulnerable mothers and caretakers with young children facing challenges accessing proper nutrition and healthcare services amidst the prevailing economic crisis in Sri Lanka. This collaboration aims to address the pressing needs of those who are most affected, emphasising the importance of compassion and collective action between humanitarian organizations and corporates during trying times.

Before the crisis, available statistics indicated that numerous children and families in Sri Lanka were living in vulnerable conditions. Recent data proved that poverty and vulnerability have escalated over the past three years. Numbers from 2019 reveal that 42.2% of children aged 0 to 4 years old are experiencing multidimensional poverty, with more than one-third of them suffering from underweight or stunted growth. New government data show the dramatic consequences of the crisis, with malnutrition levels in children aged 6 to 59 months increasing from 13.2 per cent in 2021 to 19.8 per cent in 2022.

In recognition of the urgent situation, leveraging its expertise in the financial sector, Sampath Bank has taken on a pivotal role in this partnership by developing an independent payment gateway system exclusively for this purpose. With the touch of a button, UNICEF can initiate cash deposits to beneficiary accounts, ensuring swift and efficient assistance reaches those in need. As a responsible banking and financial organisation deeply rooted in the people of Sri Lanka, Sampath Bank’s active involvement emphasises its commitment to enhancing the quality of life for future generations.

Speaking on this partnership, Mrs. Ayodhya Iddawela Perera, Managing Director, Sampath Bank PLC said “Sampath Bank is extremely honoured to be able to partner with UNICEF to address the pressing concern of child malnutrition in Sri Lanka. We will play the important role of ‘Facilitating Banker’ to effect smooth disbursements of the humanitarian funds to beneficiaries of UNICEF in BULK CEFT modality via our Corporate Front-end ‘Sampath Vishwa Corporate’ with reconciliation assistance as well. As an entity that has always placed paramount importance on contributing to the socio-economic well-being of all Sri Lankans, we are hopeful that the identified young children will have a better start to their fruitful lives ahead.”

Under this programme, mothers and caretakers of young children born between 1 May 2021 and 31 December 2022 in the identified districts are eligible to benefit. To qualify, the mother or caretaker must be a resident of the selected priority districts, including Puttalam, Anuradhapura, Monaragala, Kegalle, Kilinochchi, and Mullaitivu. Each eligible mother or caretaker receives a monthly cash transfer per eligible child for a period of up to four months. This will help to alleviate the financial burdens and empower families to provide their children with the necessary nutrition and care.

Speaking to a beneficiary on how this partnership has assisted her child, Samantha, a mother from Dehiowita, Kegalle District said “Thanks to that money, I could buy fruit and meat for my child. I am working in a factory but with the economic crisis the money is not enough to properly feed him.”

Ensuring the responsible and effective use of these funds, Sarvodaya has been entrusted with the task of following up with beneficiaries. Sarvodaya, renowned for its comprehensive development and conflict resolution programs in villages across Sri Lanka, will play a vital role in ensuring that the transferred funds are utilised for nutrition and other child development activities, thereby maximising the impact of this collaboration.

Through the UNICEF-Sampath Bank partnership, hope emerges for vulnerable mothers, caretakers, and young children in Sri Lanka. Together, they embody the power of unity and compassion in addressing pressing socio-economic issues. By prioritising the most vulnerable members of society and providing them with the means to overcome adversity, this collaboration reflects Sampath Bank’s commitment to act as a beacon of resilience for the people.

July 5, 2023

On July 1st, 2023, Ayodhya Iddawela Perera officially took the reins as the 8th Managing Director of Sampath Bank PLC. To commemorate this momentous occasion, a religious ceremony was held on July 4th, 2023. Following the ceremony, a formal gathering was organised with the Sampath Bank team, and the esteemed Board of Directors.

June 29, 2023

29th June 2023, Colombo: Sampath Bank, one of the leading financial institutions in Sri Lanka, served as the Official Banking Partner of Industry 2023, the National Industry Exhibition held at the Bandaranaike Memorial International Conference Hall (BMICH) from June 22 to June 25. The exhibition served as a platform for industry players, experts, and stakeholders to participate in an exchange of ideas and solutions that fuel Sri Lanka’s industrial growth.

Organised by the Industrial Development Board under the purview of the Ministry of Industries, the event witnessed the convergence of local and foreign stakeholders representing over 21 industry sectors, with more than 700 exhibitors showcasing a diverse range of products and services.

Sampath Bank’s strategic partnership with Industry 2023 highlights the financial institution’s commitment to foster collaborative industrial development and promote an export-oriented manufacturing economy. At a time when Sri Lanka faces economic challenges, Sampath Bank recognizes the pivotal role of local exporters in driving the nation’s growth and recovery.

As a responsible corporate citizen, Sampath Bank believes that supporting exporters is a national duty. In line with this, the Bank displays a strong dedication to provide exporters with the necessary tools and resources to thrive in a competitive global market. Sampath Bank’s participation in Industry 2023 reinforces its commitment to catalysing the growth of Sri Lanka’s export sector.

Sampath Bank’s comprehensive suite of services for exporters encompasses accessibility beyond the competition. With an extensive network of 229 branches spread across the island, exporters can easily avail themselves of our services, enabling them to focus on their core business operations.

Leveraging over 35 years of experience, Sampath Bank offers expert guidance and practical solutions tailored to the unique challenges faced by export businesses. Recognizing the importance of smooth cash flow for exporters, Sampath Bank strives to provide flexible financing options in both local and foreign currencies.

Its pre and post shipment financing solutions enable exporters to access the necessary funds for importing raw materials and meeting other pre-export expenses, while bridging the gap between product delivery and payment receipt. Sampath Bank’s specialised teams are well-versed in handling the intricate paperwork associated with export activities, providing dedicated support to exporters in managing trade documentation, streamlining the process, and alleviating the administrative burden.

By empowering exporters with these tailored services, Sampath Bank reaffirms its commitment to driving the growth of Sri Lanka’s export sector and contributing to the nation’s economic prosperity.

June 13, 2023

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June 2023, Colombo: Sampath Bank has proudly re-launched its corporate website to better reflect its evolving ethos and ambitious vision for the future while striving to offer an improved customer experience. The new-look website leverages on the latest technology for better navigation and user appeal, thereby attracting more customers to conduct transactions online. As a leading bank in offering digitally transformative banking experiences to customers, Sampath Bank’s new website deploys cutting-edge design, content, and innovation to delight customers.

The information-rich website enables customers to gain insights into how Sampath Bank adds value to their financial needs for a hassle-free and smooth experience. The customer-centric focus of the Bank ensures that the new website prioritizes customer convenience and speed of access to information. There are many unique features on the new website which makes for an enhanced user experience.

Upholding its gratitude towards its customers, a unique feature of the website is the warm Ayubowan you receive each time you log in. The virtual Sampath Bank assistant on the home page graciously assists users navigate the website faster. Moreover, the Digital Banking and Product Wizards enable users to access information and services directly and quickly. For customers looking for information, a chatbot answers questions in real-time in all 3 languages. Customers can also take a virtual tour of Sampath Bank’s ATM and VTM machines to familiarize themselves with the hi-tech facilities offered by the Bank.

Reflecting its digital journey, the Bank offers digital products such as Sampath Vishwa, a unique Internet banking facility that is a complete online process that fits appropriately into customers’ busy lifestyles. With Sampath’s Pay Easy Facility, a safe and secure online payment portal is also available for customers to make utility bill payments via their mobile devices. The Bank’s internet payment gateway offers secure connections between the customers, online store, and internet merchant accounts, facilitating hassle-free online payment.

A spokesperson for Sampath Bank said: “We are delighted to roll out the new and improved website to enhance user experience in our endeavor to serve customers better. The Bank has invested in the latest digital technology to make the new website one of the most advanced and fast to navigate as compared to any bank in Sri Lanka, helping us to place our customer-centric, digital footprint ahead of competitors. A friendly user interface infuses greater value for customers in the spirit of Sampath Bank’s pursuit of technological innovation.”

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider whilst keeping true to its traditions and values.

Newer Posts

Older Posts

Sampath Bank Renews Partnership with National Chamber of Exporters, Reinforcing Commitment to Sri Lankan Exports

Siyapatha Finance extends its reach with the grand opening of Dehiwala branch

Sampath Bank announces Annual Corporate Partnership with The Sri Lanka Institute of Directors

Sampath Bank partners with BOI and Ministry of Investment Promotion to launch ‘Sri Lanka’s Banking Guide for Investors & BOI Companies’ to further attract foreign direct investments

Sampath Bank stands committed to reinvigorate the Sri Lankan economy.

Sampath Bank is Euromoney’s Best Bank in Sri Lanka for the 5th time.

Empowering Vulnerable Families and Caretakers: UNICEF and Sampath Bank Join Hands to Roll Out Essential Cash Assistance

Ayodhya Iddawela Perera Begins Tenure as Managing Director of Sampath Bank

Sampath Bank reaffirms commitment to Sri Lanka’s exporters by sponsoring Industry 2023

Sampath Bank re-launches website backed by latest digital tech and innovation.