Pan Asia Bank records steady performance in 1stQ 2023
View(s):Pan Asia Banking Corporation PLC has seen a positive performance amidst a multitude of adversities emerging from challenging macro-economic conditions with a sharp rise in profits in the first quarter of 2023
For the quarter ended March 31, 2023, the bank reported a Pre-Tax Profit of Rs. 540 million, which reflects a 72 per cent increase compared to 1Q2022, the bank said in a media release.
It said Pan Asia Bank is geared for a stronger future after delivering this superlative performance and is confident of strengthening its financial position over the coming months.
Impairment charges for 1Q2023 came down by 37 per cent compared to the comparative period due to strong collection and recovery efforts.
The interest income for 1Q, 2023 rose by 8 per cent due to an increase in market lending rates and re-pricing effect of facilities in response to the market conditions while the interest expense for 1Q2023 rose significantly by 197 per cent due to the same reasons.
Meanwhile, the bank’s Post-Tax Profit increased by 50 per cent to Rs. 324 million in 1Q2023 from Rs. 216 million in 1Q2022.
Commenting on the bank’s performance, Naleen Edirisinghe, Director/ CEO of Pan Asia Bank said, “Our resounding performance in the 1Q2023 demonstrates that we are well on track to meeting our ambitious targets for the year.”
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