Pan Asia Bank PAT grows by 128%
Capping a record breaking year of performance, Pan Asia Bank recorded
another phenomenal quarter which saw its 2011 Profit After tax (PAT)
growing by 128% to Rs 824 million compared to 2010. Historically, this
is the highest growth recorded by the bank in a financial year during
its 17 years of operations and even after taking into account benefits
received from reduced taxation, this growth significantly exceeds that
of previous year.
Inspirational team work and a focused strategy resulted in the bank's
total deposit base witnessing growth of over 65% in absolute numbers to
top Rs. 35,532 million during 2011. Profit before tax grew by 70% with
its main contribution coming from core banking areas.
Total interest income for the year increased by 47% and non fund
based income grew by 55%. This performance was achieved despite total
expenses going up by 37% due to an increase in the branch network.
Furthermore, advances picked up admirably during the year with Net loan
book growing by over 64% while total assets of the bank have grown from
Rs. 31,181 million to Rs. 46,954 million during 2011.
This exceptional performance came mainly from three areas namely
retail banking, corporate banking and treasury.
Although bank's business volumes grew at a rapid pace, great emphasis
was placed on credit risk and controls due to which Non Performing Loan
(NPL) ratios were maintained well under control. In 2011 the gross NPL
ratio improved from 5.36% to 3.58%. In addition to recording superior
financial performance, Pan Asia Bank also earned the reputation of being
one of the fastest growing banks in 2011 by adding 23 new branches to
reach a total of 64 branches. With this mammoth growth, the bank has
made strong inroads into the northern and eastern regions of the
country, which are experiencing an economic revival in the post-war
climate.
Commenting on the exceptional performance of the bank, its CEO Claude
Peiris stated that Pan Asia Bank has grown in all aspects, adding that
growth in profitability was supported with improved financial ratios and
the pivot on which this exceptional growth has been achieved is his
team, which is clearly bank's biggest asset - with their efforts shining
through in this year's financial results. |