Managing Director’s and Chief Financial Officer’s Responsibility Statement



AYODHYA IDDAWELA PERERA
Managing Director

AJANTHA DE VAS GUNASEKARA
Executive Director/Chief Financial Officer


The Financial Statements of Sampath Bank PLC (“the Bank”) and the Consolidated Financial Statements of the Bank and its Subsidiaries (“the Group”) as at 31st December 2024 have been prepared in conformity with the requirements of the following:

The Group presents its financial results to its shareholders on a quarterly basis. The formats used in the preparation of the Financial Statements and disclosures made, comply with the formats prescribed by the Central Bank of Sri Lanka, which are also in compliance with the disclosure requirements of the Sri Lanka Accounting Standard - LKAS 1 (Presentation of Financial Statements). The significant Accounting Policies of the Bank and the Group are in compliance with Sri Lanka Accounting Standards (SLFRS/LKAS) issued by the Institute of Chartered Accountants of Sri Lanka. Further such Accounting Policies are appropriate and are consistently applied. The significant accounting policies and estimates that involve a high degree of judgment and complexity were discussed with the Board Audit Committee and External Auditors. Comparative information has been restated wherever necessary to comply with the current presentation. The Board of Directors and the Management of the Bank accept responsibility for the integrity and objectivity of these Financial Statements. We confirm that to the best of our knowledge, the Financial Statements give a true and fair view of the assets, liabilities, financial position, results of the operations and the cash flows of the Bank and the Group. We have reasonable grounds to believe that the Bank and the Group have adequate resources to continue in operational existence for the foreseeable future. As such, even after considering ongoing local and global economic issues and their impact to the Bank’s operations and implications on future performance, we remain confident that it is appropriate to adopt the Going Concern basis for the preparation of the financial statements.

The estimates and judgments relating to the Financial Statements were made on a prudent and reasonable basis; in order to ensure that the Financial Statements reflect in a true and fair manner, the form and substance of transactions and that the Bank’s state of affairs are reasonably presented. To ensure this, the Bank and all its Subsidiaries have taken proper and sufficient care in installing a system of internal controls and procedures for safeguarding assets, preventing and detecting frauds and/or errors as well as other irregularities which are reviewed, evaluated and updated on an ongoing basis. Our Internal Auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures were consistently followed. However, there are inherent limitations that should be recognised in weighing the assurances provided by any system of internal control and accounting.

We confirm that as of 31st December 2024, the Bank’s Internal Controls Over Financial Reporting are adequate and effective and comply with section 3(8)(ii)(b) of the Banking Act Direction No. 11 of 2007 on Corporate Governance and Section 9.2(b) of the Banking Act Direction No. 5 of 2024 on Corporate Governance (Internal Control Over Financial Reporting - ICOFR) issued by the Central Bank of Sri Lanka. The Annual Report of the Directors on pages 255 to 263 briefly covers the Group’s Internal Control Over Financial Reporting. In addition, the Directors’ Statement on Internal Control Over Financial Reporting is also provided on pages 264 and 265. The Bank’s External Auditor, Messrs Ernst & Young, have audited the effectiveness of the Bank’s Internal Controls Over Financial Reporting and have given an unqualified opinion on page 266 of this Annual Report.

The Financial Statements of the Group were audited by Messrs Ernst & Young, Chartered Accountants, the independent External Auditor. Their Report is given on pages 270 to 272 of this Annual Report. The Board Audit Committee of the Bank meets periodically with the Internal Auditors and the independent External Auditor to review the manner in which these auditors are performing their responsibilities and to discuss issues relating to auditing, internal controls and financial reporting. To ensure complete independence, the External Auditor and the Internal Auditors have full and free access to the members of the Board Audit Committee to discuss any matter of substance. The Board Audit Committee report is given on pages 199 to 201.

Sampath Bank is publishing an Integrated Report using GRI standards in accordance with the Banking Act Directions No. 05 of 2022. Sampath Bank is also preparing for the mandatory adoption of SLFRS S1 and SLFRS S2 for the reporting period commencing 1st January 2025. A dedicated Board Sustainability Committee and a management level ESG Committee have been established with responsibility for oversight and implementation respectively. External consultants were engaged to conduct a gap analysis, support capacity building and facilitate a smooth transition to compliance with the standards.

The Board Audit Committee approves the audit and non-audit services provided by Messrs Ernst & Young, in order to ensure that the provision of such services does not impair Messrs Ernst & Young’s independence.

We confirm that to the best of our knowledge:




17th February 2025
Colombo, Sri Lanka

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