PAB 1q net profit up by 190 percent

Pan Asia Bank (PAB) announced that they had a very successful first quarter in 2011, with a Net Profit after Tax of Rs 196 million which is 190 percent better than the corresponding period of 2010.

Bank's Net Interest Income for the period rose by 49 percent to Rs 507 million from Rs 340 million in 2010 which came mainly from the core banking income.

The commission income grew by an impressive 135 percent compared to the same period previous year mainly due to the increased volume of trade, guarantees and other international business handled by the bank.

The customer loans grew by 114 percent to Rs 24,265 million.

The major contributors for the higher asset growth come from pawning, leasing, Ranaviru Harasara loans and margin trading. During the same period the bank's deposits grew by 58 percent to Rs 26,226 million.