Friday, July 29, 2011

Pan Asia first half net up 169%

Pan Asia Bank announced the completion of a very successful first half in 2011, with Net Profit after Tax increasing to Rs 406 Mn which is 169 % better than  the  corresponding period for 2010.

Bank’s Net Interest Income for the period rose by 43% to Rs 1,024 Mn from Rs 716 Mn in 2010 which came mainly from the core banking income.  The commission income grew by 64% compared to previous year in the same period mainly due to the increased volume of trade, guarantees and other international business handled by the bank. The customer loans almost doubled with a growth of 97% to Rs 29,175 Mn. 

The major contributors for the higher asset growth came from Gold Loans/Pawning, Leasing, Ranaviru Harasara Loans and Overdrafts. During the same period, the bank’s deposits grew by an impressive 72% to Rs 30,792 Mn.   Key indicators such as the NPA ratio declined to 4.52% from 5.36 % as at year end 2010, and notably the Net NPA ratio is down to 2.59% from 2.74% which is well within industry average and reflects sound asset quality. In addition to the impressive performance in terms of profit growth and prudent risk management,  Pan Asia Bank also embarked on an aggressive expansion drive under which 10 new branches were added as of  June 30, 2011 taking the branch network to a total of 51 branches.

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