Pan Asia Bank PBT increases by 258% to Rs. 2,328 Mn

Pan Asia Banking Corporation PLC reflected a steady performance reporting a Pre-tax Profit of Rs. 2,328 Mn for the year ended December 31, 2023, which is 258% increase compared to corresponding period last year.

This was supported by improved net interest income, increased trading gains from government securities and reduced exchange losses. The Bank recognised an impairment charge of nearly Rs. 2 Bn regarding International Sovereign Bonds during 2023.

The interest income for the year 2023 rose by 39% due to the high interest rates that prevailed during the period under review compared to corresponding period of the last year and the re-pricing effect of facilities in response to the market conditions. The Bank reported a Profit After Tax (PAT) for the year of 2023 of Rs. 1,855 Mn having dropped by 7% compared to 2022 since the prior year PAT was positively impacted by a one-off, sizable, deferred tax reversal although the bank’s operating profitability marked a three-fold figure rise during 2023.

The Bank reported an Earnings Per Share (EPS) for the year 2023 of Rs. 4.19. Further, the Board of Directors has proposed a first and final cash dividend of Rs. 0.25 per share. Meanwhile, the Bank reported a Return on Equity (ROE) of 8.62% and a Pre-Tax Return on Assets (ROA) of 1.06% for the year under review. Meanwhile, the Bank’s Net Asset Value Per Share as of December 31, 2023 stood at Rs. 51.06 after an appreciation of 10%.

The Bank’s total assets experienced an increase of 12% In the meantime; Bank’s total customer deposits recorded a growth of 8% to reach Rs. 175 Bn as of December 31, 2023. The Bank maintains all its capital and liquidity ratios well above the regulatory minimum standards. The Bank’s Tier 1 Capital Ratio and Total Capital Ratio as of December 31, 2023 stood at 16.45% and 18.52% respectively. The Total Bank Level Statutory Liquid Assets Ratio (SLAR) as of 31st December 2023 stood at 38.55%.

Director and CEO of Pan Asia Bank Naleen Edirisinghe said, “Our resounding performance for the year 2023 demonstrates that we are well on track to meet our ambitious targets post economic crisis. A growth in PBT of over 250% for year 2023 affirms the efficacy of our strategy which will be accelerated for generating greater earnings from core banking while infusing operational efficiencies.”

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