Pan Asia ups first half net profit
Pan Asia Bank announ- ced completion of a very successful first half
in 2011, with net profit after tax increasing to Rs 406 Mn which is 169
percent better than the corresponding period for 2010. The Bank’s net
interest income for the period rose by 43 percent to Rs 1,024 mn from Rs
716 mn in 2010 which came mainly from the core banking income.
The commission income grew by 64 percent compared to previous year
same period mainly due to the increased volume of trade, guarantees and
other international business handled by the bank. The customer loans
almost doubled with a growth of 97 percent to Rs 29,175 mn. The major
contributors for the higher asset growth came from gold loans and
pawning, leasing, Ranaviru Harasara loans and overdrafts.
During same period the bank’s deposits grew by an impressive 72
percent to Rs 30,792 mn.
Key indicators such as the NPA ratio declined to 4.52 percent from
5.36 percent as at year end 2010, and notably the net NPA ratio is down
to 2.59 percent from 2.74 percent which is well within industry average
and reflects sound asset quality.
In addition to the impressive performance in terms of profit growth
and prudent risk management, Pan Asia Bank also embarked on an
aggressive expansion drive under which 10 new branches were added as of
June 30, 2011 taking the branch network to a total of 51 branches.