PAT more than doubles in six months:

Pan Asia Bank records 165 percent growth in profits

Pan Asia Bank has more than doubled its profit after tax for the six months ended June 30,2009 recording Rs. 299 million, an impressive 165 percent growth compared to the corresponding period last year when it recorded Rs. 113 million.

The six months results have even exceeded the full year 2008 bottom line of Rs. 224 million by Rs. 75 million a spokesman for the Bank said.

Growth in net interest income and other income, and sustainable cost control measures contributed to the impressive bottom line.

Results would have been even better if not for increased provision mainly on account of the bank's credit card portfolio, which resulted in increased NPAs, as seen right across the industry. The Management has taken steps to address these issues, which are expected to yield results during the latter part of this year.

Customer deposits and advances grew by 19.2 percent and 13 percent when compared to June 30, 2008. The advances to Deposit ratio remains healthy, below 80 percent which allows the bank to grow its advances.

Liquidity, a paramount requirement for banks and capital adequacy ratios remain comfortably above minimum Basel requirements.

The Liquidity Ratio was impressive at 32 percent against a requirement of 20 percent, Tier I Capital Ratio and Tier II Capital Ratio stood at 14.13 percent and 14.85 percent against the requisite ratios of 5 percent and 10 percent.

CEO Pan Asia Bank, Kimarli Fernando said, "I am pleased that in just over a year under the new management, we have more than doubled our profits.

This is the highest profit ever recorded by the bank in its 15 year history."