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PABC Bank, having completed 10 years in the banking industry in October 2005, has for the first time recorded a profit surpassing the Rs.100 million mark, said PABC Bank General Manager/Chief Executive Officer R. Nadarajah.

Nadarajah said the Bank attributes its achievement to its loyal clients and its supportive staff who work with enthusiasm and dedication to serve the Bank's clients to the best of their ability. The Management also appreciates the advice and cooperation of the Board of Directors and the confidence placed by the shareholders of the Bank, for its turnaround.

He said during the past 10 years the bank has had several experiences of mixed fortunes, erosion of capital and continued losses, and since the beginning of 2003 has emerged victorious overcoming all odds, challenges and turbulent periods.

In 2003 an additional capital of Rs. 110 million had been infused by its shareholders and the Bank raised its tier 2 capital by issue of debentures, which made the Bank comfortable in maintaining the capital adequacy ratio requirement of the Central Bank of Sri Lanka.

Nadarajah said in 2004, the Bank re-launched its corporate identity by changing its logo and name and has undergone a re-engineering process with restructure of the organisation, focusing more on retail and middle market segments.

These strategies helped the Bank to reap its dividends in its financial results for 2005. The Bank has recorded an after tax profit of Rs. 108.329 million as against the profit of Rs.41.173 million the previous year. The total assets of the bank as at end of 2005 was Rs.10.85 billion which is a growth of almost 20% over the previous year.

The total deposits of the Bank were Rs.8.1 billion, which is a growth of 23.5% over the previous year. The net loans and advances is recorded as Rs. 6.8 billion, a growth of 14.29% over the previous year.

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