Pan Asia Bank’s total assets reach Rs. 208 Bn up by 10%

Pan Asia Banking Corporation PLC reflected resilience amidst a multitude of adversities emerging from challenging macroeconomic conditions, for the year 2022, with interest income for the year rising by 42% due to increase in market lending rates and re-pricing effect of facilities.

The Total Assets of the Bank stood at Rs. 208 billion as of December 31, 2022 after posting a growth of 10% during the year, supported mainly by the expansion in Rupee Treasury Bills and loan book.

The Gross Loans and Advances book recorded a growth of 2% to reach Rs. 154 billion with major contributions from the Retail segment. The Bank’s Profit was weighed down by higher credit loss expenses and exchange losses on loans and advances and foreign currency denominated financial instruments of the Government of Sri Lanka.

“Our performance is a testament that we have put quality over quantity this year, when circumstances dramatically changed from what we witnessed last year.

 The Bank increased the impairment provision buffers on its investments in Sri Lanka International Sovereign Bonds (SLISBs) up to 35%, due to the increased level of credit risk as a result of prevailing external public debt service standstill of the Government of Sri Lanka, and the possible adverse outcomes of the ongoing comprehensive debt restructuring programme.

The amounts charged to the income statement during the year 2022 include provisions made on foreign currency exposures to the Government of Sri Lanka amounting to Rs. 3.80 billion.

Pan Asia Bank strived for earnings maximization through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed since last year.

The Bank reported a Net Interest Margin of 4.70% during the year 2022.