PABC Bank posts profit of Rs.163m

COMPANY RESULT: PABC Bank’s growth and the impact they are creating in the industry is well reflected in the Bank’s financials for the year 2006 that have been just released.

The Bank has seen another successful year in its 11-year history, it recorded an operating profit of Rs. 319mn in 2006 before VAT and taxes, yielding a net profit of Rs. 163mn after VAT and corporate taxes.

This is the third consecutive year the Bank has posted positive results, consequent to re-organising and re-engineering Bank’s operation four years ago.

Speaking on the results of the Bank Managing Director/CEO R. Nadarajah said PABC Bank is stronger in terms of its financial stability and the Bank is well managed. The key financial ratios are commendable and well within the industry standards.