Pan Asia Bank posts record first half performance
View(s):Pan Asia Banking Corporation PLC has posted a record post tax profit of Rs.450.7 million for the first half of 2015 fiscal year (1H15), sharply up 156 per cent from the corresponding period last year.
This has resulted in an earnings’ per share of Rs.3.08 from Rs.1.20 a year ago. This performance has amply been supported by the bank’s second quarter (2Q’15) net profits which grew by as much 204 per cent to Rs. 273.8 million,” the bank said in a media release.
The bank said it was able to record this exceptional performance due to strong growth in its loan book, improved margins and the closer tab on costs coupled with operational efficiencies achieved during the period.
During the 1H15 the bank has grown its loans and receivables by 13.7 per cent to Rs.72 billion. Pan Asia Bank closed the 2014 financial year expanding its loan book by 34 per cent, among the highest credit growth by a licensed commercial bank in the country.
The bank also doubled its return to its shareholders, the Return on Equity (ROE) from 9.81 per cent to 18.38 per cent within a very short span of six months. Commenting on the 1H15 financial performance, the bank’s Director and CEO, Dimantha Seneviratne said this performance had been possible due to the bank’s well balanced, sustainable growth in all areas of Retail, SME and Corporate banking coupled with improved efficiency and commitment from all staff. The bank said it expects the pick-up in credit growth to continue for the remainder of the year.