Business Times

Pan Asia bullish on retail; launches new children's product

By Duruthu Edirimuni Chandrasekera

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%.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
NSB Chairman, directors must step down - BT Poll
Lies and deception surround NSB-TFC deal
Sri Lanka's postal service goes hi-tech amidst falling mail volumes
Legendary hotelier in Rs.2.5 bln enhancement, upgrade
No decision on tea imports -Samarasinghe
Comment -Lying, cheating and silence
“Bring those responsible to justice” – BT poll respondents say
TEA assertion on revenue gains doesn’t add up
Importing tea is akin to French wine makers importing cheaper grapes
Debate continues: Tea exporters strongly defend their tea hub proposal
Sri Lanka aims to modernise plastic sector
India’s Wizcraft Entertainment and local party set up Sri Lankan JV
Singer in deal to import high-quality office furniture
BAM GREEN selects REC Solar in Sri Lanka
Community-driven taxi service at Jetwing Era Beach hotel
Community-driven taxi service at Jetwing Era Beach hotel
NDB revenue up 42% in 1Q 2012
SLT hurt badly by rupee depreciation
Steady decline in software piracy in Sri Lanka last year
Tourism industry gets rewarded with new award categories
World Bank’s Chief Economist - South Asia keynote speaker at Sri Lanka’s Economic Summit
Papyrus offers access to more than 30 million digital images
Expolanka Freight crowned for the 7th consecutive year at the global awards event
3M introduces Privacy Filter to local market
Caltex partners Traffic Police to reduce road deaths, injuries
DPL does well but notes cost pressure in fuel, power and wages
Singapore Foreign Minister visiting next week
Pan Asia bullish on retail; launches new children's product
EDB Chairman on issues over EXPO 2012 budget
End of the road for the apparel industry?
Tokyo Cement collaborates with the University of Peradeniya
Transfer of TFC shares purchased by the NSB through the CSE
StanChart Bank picks DHL to pioneer carbon neutral courier service
Lanka Hospitals partners with Fortis for a lab subsidiary
Former WB advisor to speak at Corea lecture series
Intel-inspired laptop soon in Sri Lanka
IPM conference on new HR issues
Future demand for rubber continues


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution