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Pan Asia Banking Corporation PLC has posted a profit after tax (PAT) of Rs. 304 million for the quarter ended March 31, 2016 (1Q’16) recording a 72% growth from the same quarter last year.
In FY 2015, the bank crossed Rs.100 billion asset bases while ending the year in a high note by surpassing the elusive Rs.1 billion profit after tax.
The earnings per share for the quarter rose to Rs. 4.13 from Rs. 2.43 a year ago.
The bank’s performance is especially commendable given the challenging market conditions which set in from the beginning of 2016. The performance largely demonstrates the bank’s robust ability to adapt in to different interest rates scenarios and still keep its profitability unhindered.
Director and Chief Executive Officer, Dimantha Seneviratne said this stellar performance is a clear testament to the Pan Asia Bank’s ability to perform consistently irrespective of the market conditions.
“The fact that our bank performed exceptionally well under these trying market conditions demonstrates our proactive strategies and forward looking decisions which put us well ahead of the peers”. In the backdrop of a 36% growth in our loan book last year, our ability to continue our growth momentum through 2016 also demonstrates that Pan Asia Bank is well poised to effectively manage the risks posed in an uncertain market conditions and capitalize on the opportunities offered,” said Seneviratne said while commending his staff who made this performance possible.
Meanwhile the profit before tax rose at an even higher rate of 79 percent year-on-year (yoy) to Rs.484.5 million in the March quarter.
The quarter saw the bank’s gross loans and receivables expanding by 3.3 percent to Rs. 90.1 billion in line with the slowdown in the private credit growth in the economy as a result of the monetary and fiscal tightening measures in place.
The performance stemmed from the proactive assets and liabilities management, rising asset quality and efficient cost management.
“We had a good start in 2016 on the back of a successful 2015 and this performance demonstrates our ability to sustain the momentum and capacity to touch new heights,” Seneviratne added.
In FY 2015, the bank crossed Rs.100 billion asset bases while ending the year in a high note by surpassing the elusive Rs.1 billion profit after tax.
The earnings per share for the quarter rose to Rs. 4.13 from Rs. 2.43 a year ago.
The bank’s performance is especially commendable given the challenging market conditions which set in from the beginning of 2016. The performance largely demonstrates the bank’s robust ability to adapt in to different interest rates scenarios and still keep its profitability unhindered.
Director and Chief Executive Officer, Dimantha Seneviratne said this stellar performance is a clear testament to the Pan Asia Bank’s ability to perform consistently irrespective of the market conditions.
“The fact that our bank performed exceptionally well under these trying market conditions demonstrates our proactive strategies and forward looking decisions which put us well ahead of the peers”. In the backdrop of a 36% growth in our loan book last year, our ability to continue our growth momentum through 2016 also demonstrates that Pan Asia Bank is well poised to effectively manage the risks posed in an uncertain market conditions and capitalize on the opportunities offered,” said Seneviratne said while commending his staff who made this performance possible.
Meanwhile the profit before tax rose at an even higher rate of 79 percent year-on-year (yoy) to Rs.484.5 million in the March quarter.
The quarter saw the bank’s gross loans and receivables expanding by 3.3 percent to Rs. 90.1 billion in line with the slowdown in the private credit growth in the economy as a result of the monetary and fiscal tightening measures in place.
The performance stemmed from the proactive assets and liabilities management, rising asset quality and efficient cost management.
“We had a good start in 2016 on the back of a successful 2015 and this performance demonstrates our ability to sustain the momentum and capacity to touch new heights,” Seneviratne added.
