Pan Asia Banking Corporation PLC demonstrated a robust performance amidst challenging macro economic conditions and reported a strong operating profit before all taxes of Rs.780.67 million for Q3 with a growth of 36%.
Meanwhile for the quarter ended in September 30, 2019, the bank reported post tax profit of Rs.269.9 million, up 4 percent from the same period last year, despite higher taxes including debt repayment levy. The earnings per share for the quarter rose to 61 Cents from 59 Cents a share in comparative period. The results is a testament to how the bank has been steadily gaining momentum in the growth in its lending portfolio in the third quarter after it reported a de-growth during the first half of the year.
Pan Asia Bank’s Return on Equity and Return on Assets remain among the highest in the industry with 11.60 percent and 1.10 percent respectively by the end of September 2019. Sri Lankan banking sector earnings slowed during 2019 due to higher non-performing loans resulting from higher interest rates which hitherto prevailed and the weak economic condition, slowing down the overall growth in the sector assets.
“Pan Asia Bank too had its fair share of the sector weaknesses but yet again emerged unscathed during the most recent quarter with higher earnings and setting stage for growth”, said Nimal Tillekeratne, Pan Asia Bank’s Director/CEO.
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