Pan Asia Bank Q1 net profit exceeds Rs.350 mln

Pan Asia Banking Corporation PLC has reported an after tax profit of Rs. 353.4 million for Q1 2017, up by 16 per cent from the same period last year.

The performance was largely supported by the significant increase in the fee and commission income, slightly lower tax liability and the closer tab kept on the costs. However, the core-banking performance became subdued in response to the tighter credit conditions remained throughout the period, the bank said in a media release.

The bank’s earnings per share was Rs.3.41 by the end of the 1Q’17, slightly less than Rs.3.91 reported in same period of 2016 due to the increase in bank’s equity resulted by the Rs.2 billion rights issue in March 2017 which was promptly oversubscribed.

Speaking on the bank’s recent perfor- mance, the bank’s newly appointed Director/ Chief Executive Officer, Nimal Tillekeratne said this performance was a true reflection of the bank’s and ability to report consistently higher financial performance even amid challenging conditions. “I am happy to announce our financial performance for the first quarter because the bank operated under less than favourable conditions such as rising interest rates, slowdown in demand for new loans and risk of new addition to non-performing loans. By the end of March 31, 2017, the bank had a core capital base of Rs.8.7 billion and a total capital base of Rs.10.5 billion.

The bank’s earnings per share was Rs.3.41 by the end of the 1Q’17, slightly less than Rs.3.91 reported in same period of 2016 due to the increase in bank’s equity resulted by the Rs.2 billion rights issue in March 2017 which was promptly oversubscribed.