PAN ASIA BANK
Pan Asia Bank concluded the first quarter of 2020 with the best ever financial results for the period in its 25 year history; it reported a profit before tax of Rs. 652 million and profit after tax of 416 million rupees, thereby recording an increase of 53 percent on both counts amid the challenging conditions.
The bank recorded a 23 percent increase in net interest income while its operating profit rose by 22 percent – and it says this reflects solid overall core banking performance, effective asset and liability management, and excellence in the management of non-performing loans (NPLs).
Moreover, the low taxes regime for financial services that prevailed throughout the quarter is also believed to have played a supportive role in the bank’s performance.
Pan Asia Bank’s impairment provision buffers – which were consciously increased during this period to cope with the potential impact of the COVID-19 pandemic – have undermined the bank’s operating profit to a certain degree, it notes.
On the whole, the bank says it strived for revenue optimisation through portfolio realignment and cost management despite the prevalence of sector vulnerabilities, and implemented improvements in various spheres.
Director and CEO Nimal Tillekeratne attributes the bank’s performance to well-balanced and sustainable growth across business segments, coupled with improved efficiency and commitment from all staff.
According to him, this reflects the bank’s resilience, foresight and agility, and a growing capability to generate strong financial performance despite challenging market conditions.
“We have achieved this feat while building additional provision buffers to deal with a possible general deterioration in credit quality due to the impact of the COVID-19 pandemic. The robust performance we recorded in the first quarter with contributions from all segments is in line with our budgets; it also gives us the confidence to record an even better performance going forward,” he adds.
In addition to its record-breaking financial performance, Pan Asia Bank claims to have played a pivotal role in making a positive impact in the sphere of sustainability.
A pioneer promoter of green financing in Sri Lanka, the bank was recently awarded the ‘Global Climate Partnership Award’ by the Global Climate Partnership Fund – which is among the world’s largest climate funds that recognises outstanding performance and impact, across categories such as capacities and skills, institutional capacities and green lending offerings, as well as outstanding energy efficient or renewable energy projects.
Moreover, the bank’s performance in financial year 2018/19 earned it a spot among Business Today’s ‘Top 30’ – an independent ranking of the country’s listed entities based on an evaluation of an entity’s financial and nonfinancial performance for a financial year – for the first time in its history.
Pan Asia Bank is set to celebrate its silver jubilee this year, having looked to transform the financial landscape of the country through its dedication, commitment, and innovative banking products and services over the years.
The bank assures that it continues to stay true to its vision of delighting customers and creating a better future for employees while enhancing stakeholder value.
Acknowledged as one of the fastest growing banks in Sri Lanka, it lays claim to having earned a reputation for being an agile and robust banking institution, which conducts business on a framework of good governance and ethical operations.
