Pan Asia Banking Corporation PLC for the six-month period ended 30 June 2023, reported a Pre-Tax Profit of Rs. 1,516 million, which is 206% increase compared to corresponding period last year.
The Bank’s Post-Tax Profit has increased by 179% to Rs. 926 million in 2023 1H from Rs. 332 million in 2022 1H due to the overall excellence.
The interest income for 2023 1H rose by 73% due to increased market lending rates that prevailed during the period under review compared to 2022 1H and the re-pricing effect of facilities in response to the market conditions.
The interest expense for 2023 1H has also gone up significantly by 148% due to the steep increase in deposit rates, re-pricing effect of deposits as a response to the market conditions and growth in deposit base.
The Bank reported a Net Interest Margin (NIM) of 4.24% during 2023 1H. Meanwhile, the Bank reported a Return on Equity (ROE) of 8.90% and a Pre-Tax Return on Assets (ROA) of 1.41% during the period under review.
The Bank’s Earnings Per Share (EPS) for 2023 1H increased to Rs. 2.09 from Rs. 0.75 improved profits. Meanwhile, the Bank’s Net Asset Value Per Share as of 30th June 2023 stood at Rs. 48.68 after an appreciation of 5%.
Pan Asia Bank Director and CEO Naleen Edirisinghe said, “Our resounding performance demonstrates that we are well on track to meeting our ambitious targets for the year. A growth of PAT of over 179% and 418% during 2023 1H and 2Q respectively and affirms the efficacy of our strategy which will be accelerated for generating greater earnings from core banking while infusing operational efficiencies.”
The Total Assets of the Bank stood at Rs. 226 Bn as of 30th June 2023 after posting a growth of Rs. 18.3 Bn or 9% during first Half 2023 supported mainly by the expansion in investments in LKR government securities classified under FVPL.
Meanwhile, supported by the expansion in time deposits, the Total Customer Deposits recorded a growth of 5% to reach Rs. 171 Bn.
The Bank’s Impaired (Stage 3) Loan Ratio stood at 4.15% and Stage 3 Provision Cover stood at 45.59% as of 30th June.
The Bank’s Tier 1 Capital Ratio and Total Capital Ratio as of 30th June 2023 stood at 15.73% and 17.65% respectively. Further, the Bank’s Leverage Ratio stood at 7.69% as of 30th June 2023.
The Total Bank Level Statutory Liquid Assets Ratio (SLAR) as of 30th June 2023 stood at 32.58%.