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April 11, 2014, 4:23 pm
The Sampath Bank has taken a blow from the sharp decline in gold prices on account of its substantial pawning portfolio with profit after-tax for the year ended December 31, 2013 down to Rs.3.43 billion from Rs.5.23 billion earned a year earlier.
The Bank’s Managing Director, Mr. Aravinda Perera, has told shareholders in the company’s recently released annual report that the impairment charge for loans and other losses was Rs.3.5 billion.
"As all adjustments required to present the impact of the losses on the pawning portfolio in a true and fair manner had been made as our intention had been to recognize all losses relating to pawning this year," he has said.
Consequently, net operating income had declined by 10% from Rs.17.8 billion in 2012 to Rs.16 billion in 2013 ``moderating and otherwise strong performance for 2013.’’
Analysts explained that advances drawn against gold pawned at a time the gold price was high made redeeming such articles uneconomic in the context of present gold prices.
He reported that the impairment charge on the pawning portfolio had impacted the pre-tax operating profit and the profit for the year declining by 39.3% and 34.4% respectively..............................................................................................................
April 11, 2014, 4:23 pm
The Sampath Bank has taken a blow from the sharp decline in gold prices on account of its substantial pawning portfolio with profit after-tax for the year ended December 31, 2013 down to Rs.3.43 billion from Rs.5.23 billion earned a year earlier.
The Bank’s Managing Director, Mr. Aravinda Perera, has told shareholders in the company’s recently released annual report that the impairment charge for loans and other losses was Rs.3.5 billion.
"As all adjustments required to present the impact of the losses on the pawning portfolio in a true and fair manner had been made as our intention had been to recognize all losses relating to pawning this year," he has said.
Consequently, net operating income had declined by 10% from Rs.17.8 billion in 2012 to Rs.16 billion in 2013 ``moderating and otherwise strong performance for 2013.’’
Analysts explained that advances drawn against gold pawned at a time the gold price was high made redeeming such articles uneconomic in the context of present gold prices.
He reported that the impairment charge on the pawning portfolio had impacted the pre-tax operating profit and the profit for the year declining by 39.3% and 34.4% respectively..............................................................................................................
