Sri Lanka PABC net down 6-pct in Sept

Nov 05, 2012 (LBO) - Profits at Sri Lanka's Pan Asia Bank fell 6 percent to 195 million rupees in the September 2012 quarter from a year earlier, amid flat net interest income growth, interim accounts showed.

 The bank reported earnings of 66 cents per share. For the nine months to September the bank reported earnings of 1.87 rupees on profits of 551 million rupees down 10 percent from a year earlier.
 Interest income rose 49 percent to 1.74 billion rupees and interest expenses rose at a faster 92 percent to 1.17 billion rupees, leaving net interest income up only 2 percent to 570 million rupees.

Fee income grew 52 percent to 260 million rupees, with forex income growing 109 percent to 92 million rupees.

Performing loans grew 13 percent to 37.5 billion rupees to September 2012 from December 2011, slower than the regulatory ceiling of 18 percent set by the Central Bank in the wake of a balance of payments crisis.

Deposits grew 18 percent to 41.8 billion rupees.

Bad loan grew 7 percent to 2.7 billion rupees over the nine months.

There was a 4.5 million rupee write back of loan loss provisions during the quarter, down from 7.5 million rupees a year earlier.

 Gross assets grew 10 percent to 51.5 billion rupees and net assets grew 7 percent to 3.8 billion rupees.

source - www.lbo.lk