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Sunday, 30 October 2011

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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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