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Pan Asia Bank Profit after Tax soars by 50% to post Rs. 1,356 mn

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Bank’s Operating Profits before VAT on Financial Services reached Rs. 2,245Mn with an increase of 25% reflecting the excellence in core banking performance.

The Bank increased impairment provision buffers in 1H prudently taking into consideration increased risks and uncertainties due to COVID 19 pandemic through experience adjustments. As a result, total Impairment expenses for 1H and 2Q increased by 29% and 58% respectively. The Bank’s Net Interest Income for the period witnessed an increase of 17% due to a significant reduction in the financial cost of funds at a rate faster than the drop-in interest yields of interest-earning assets.

The cost management culture embedded across the Bank assisted in curtailing Operating Expenses by 7% in 2021 1H compared to 2020 1H. The Bank’s Post-Tax Profits for 1H also gained to an extent due to the application of a lower Corporate Income Tax Rate of 24% for tax provisioning following the guideline issued by CA Sri Lanka on April 23, 2021.

MD/CEO Nimal Tillekeratne said, “This performance has been hard-won on account of a proactive approach to business while leveraging on emerging opportunities in the market prudently.”

Chairman Jayantha S B Rangamuwa said, “For a banking institution to record profitability amidst a global pandemic and unfavourable macroeconomic conditions, points to the outstanding systems and governance within the institution.”

The Bank’s Total Asset Base stood at Rs.187.41Bn as of 30th June 2021after reporting a growth of 6% during the period. The Bank’s Gross Loans and Advances Book recorded a growth of 6% to reach Rs. 138 Bn.

Further, the Bank reported a stunning Return on Equity (ROE) of 16.95%.

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