Pan Asia Bank increases interest income by 11% to Rs. 7,433.6 Mn.

Pan Asia Banking Corporation PLC reflected resilience amidst a multitude of adversities emanating from challenging macro-economic conditions increasing its net interest income by 11% to Rs. 7,433.6 million as testament to the enhanced management of its asset and liability portfolio, making the most of the rising rates.

For the nine-month period, the Bank reported a Pre-Tax Profit of Rs. 626 million and a Post-Tax Profit of Rs. 433 million.

“Our performance was achieved while managing the assets and liabilities to generate returns from our existing portfolio, along with keeping a closer tab on operational expenses amid runaway inflation,” noted Nimal Tillekeratne, the Bank’s Managing Director/Chief Executive Officer.

Bank’s Net Fee and Commission Income recorded a growth of 6% mainly due to increased volumes and rates of international trade activities, guarantees and remittances. The Net Gains from Trading increased by 264% mainly resulting from reporting high premiums in forex swap agreements. The Bank strived for earnings maximization through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed since last year. The Bank’s Cost-to-Income Ratio improved during the period under review, owing to excellence in core banking performance. In fact, the Bank managed to contain the increase in Other Operating Expenses at 15% during the period under review compared to the previous period despite rising commodity prices.

The Bank’s Total Asset base stood at Rs. 205 billion as at 30th September 2022, after posting a growth of 8% during the nine-month period, supported mainly by the expansion in investments and loan book. The Gross Loans and Advances book recorded a growth of 4% to reach Rs. 157.04 billion, with major contributions from the Retail segment. The Customer Deposits recorded a growth of 8% to reach Rs.157.64 billion as at 30th September 2022.

The Bank maintains all its Capital and Liquidity Ratios well above the regulatory minimum standards.