PAB records 169% increase in PAT

Pan Asia Bank (PAB) has achieved remarkable growth during the first half of 2011, recording a 169% increase in net profit compared to the corresponding period in 2010.

Pan Asia Bank Chairman AG Weerasinghe said that the bank has shown a growth in all sectors increasing the balance sheet value up to Rs. 40 billion which is nearly a 70% growth.

With this achievement Pan Asia Bank has accomplished a unique feat of recording above 100% growth in profit after tax for two consecutive quarters. The Bank's Net Interest Income for the period rose 43% to Rs. 1,024 Mn from Rs. 716 Mn in 2010 which came predominantly from the core banking income.

The bank's non interest income from opening LCs and other businesses increased by 60%. Weerasinghe said that it was significant that Pan Asia Bank has also performed very well in the North and the East even allowing those branches to breakeven sooner than anticipated.