Pan Asia Bank (PAB) in a bid to inculcate the savings habit of children launched a unique children's account titled 'Daskam' on Friday. "This is unique in the very sense that whenever a parent deposits cash to this account, we add 10% to that deposit and calculate 8% on the whole amount," Nalaka Wijayawardana, Chief Marketing Officer, PAB told the Business Times.
He added that PAB is looking at creating different loan schemes and fixed deposits which are attractive which will give a tangible benefit to the customers. "We will launch other retail banking products as now our main focus is to increase retail banking," he explained.
In this respect PAB is set to open 100 branches by the year end. "We'll be opening our 70th branch soon and plan to increase our retail banking by opening 100 branches by year end," Mr. Wijayawardana added.
He noted that the 18% ceiling on commercial bank loan growth is a challenge- especially for a younger bank such as PAB. "But we are trying to reach this ceiling faster so that the interest income comes to us faster and promote products which gives us a better margin and a lower risk," he added.
PAB continued with its growth momentum with an increase of 52% in its gross interest income which helped them to secure a profit of Rs. 197 million in the last quarter. Gross Non Performing Loan (NPL) ratios improved from 3.58% to 3.43% in this period. As of end of the last quarter, the net NPA of the bank stood at 2.2%.