Pan Asia Bank records strong growth
Pan Asia Bank completed the first nine months of 2011 reporting a 120
percent increase in net profit reaching Rs. 615m compared to the
corresponding period of 2010. Pan Asia Bank has recorded a growth
momentum in 2011 which includes recording above 100 percent growth in
Profit After Tax for three consecutive quarters.
The Bank's strategy in 2011 to grow revenue by focusing on core
banking proved to be successful with Net Interest Income for the period
increasing by 40 percent to 1,586 m from Rs. 1,130 m in 2010. The
increase in NII was mainly due to the increase in customer loans which
grew by 64 percent to Rs. 29,978 m. The major contributors for the
higher asset growth came from Retail Banking products such as Gold
Loans/Pawning, Leasing and Overdrafts.
The Bank also recorded significant growth from their traditional
areas of SME and mid corporate segments during this period.
The Bank's aggressive growth in its asset base was matched by an
equally growth in its liability base which saw deposits grow by 74
percent to Rs. 33 Bn. The balance sheet as at September 30, 2011 stood
at Rs. 43.5 billion representing a nearly 56 percent growth compared to
a year ago.
The other main contribution towards increased profitability came from
the commission income which grew by 60 percent compared to the previous
year in the corresponding period mainly due to the increased volume of
trade, guarantees and other international business handled by the bank.
Pan Asia Bank offers a highly personalised service, competitive
deposit and loan rates and an array of banking products including
Champion Saver account with an interest of 8 percent for a savings
account, exclusive "Prime" banking services package for the mass
affluent segment, Gold Loans that offer the highest advance amount in
the market, and leasing at attractive rates.
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