Ramani KANGARAARACHCHI
Pan Asia Bank has made a remarkable growth during the first half of 2011. It has recorded a net profit of Rs 406 million for this period. Pan Asia Bank Chairman AG Weerasinghe told Daily News Business that the bank has shown a growth in all sectors increasing the balance sheet value upto Rs 40 billion which is a 70 percent growth.
The other sectors include deposits which increased by 72 percent and leasing and SME sector loans have also performed well.
Meanwhile, the net non-performing loans ratio has come down to 2.59 percent which is less than industry average and reflecting a sound financial position and an asset quality.
The bank’s non interest income from opening LCs and other businesses increased by 60 percent. Loans and overdraft facilities have been granted to SME sector businesses.
Weerasinghe said it was significant that the PABC has also performed very well in the North and East even before break even time. Kilinochchi, Batticaloa and Kalmunai are the new branches opened after the end of the war.
The bank is planning to expand its customer base by opening 12 more branches this year targeting to have a total of 100 branches by December 2012. Setting up of new branches covering other major cities like Kiribathgoda, Nuwara Eliya, Piliyandala and Kathankudi is underway.
The bank introduced a new product for security forces personnel titled Ranaviru Harasara to provide loans for housing and consumption at special rates on easy payment basis. Loans worth of Rs 1.7 billion have been provided to them under this scheme.
The champion saving is also a new product with eight percent interest rate.
Asked how the bank was able to achieve a success during this period, he said the quality and professional service of the bank has built confidence of existing customers.
The prime customers package gives special individual attentions by specially trained staff.
Customers with over Rs 400,000 in deposits belong to prime customer category and they are offered special rates, PABC Bank CEO Claude Peiris said.
“He was optimistic that future profit margins will continue to grow as it has a bigger role to play in the years to come and it will take every possible opportunity to diversify its products and services islandwide.
source - www.dailynews.lk
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