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| Sunday, 10 April 2005 |
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Business |  |
| News Business Features Editorial
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PABC records Rs. 69.7m pre-tax profit in 2004 PABC Bank, earlier known as Pan Asia Bank made a remarkable turnaround by recording a pre tax profit of Rs. 69.7 million and after tax net profit of Rs. 41.2 million for the financial year 2004. The Bank recorded a net loss of Rs. 95.3 million the previous year. Due to prudent strategies adopted by the Bank it was able to overcome losses, its Chairman W.M. Abeyratne Bandara said. "The Bank was in a position to improve performance in 2004, mainly due to far thinking and effective strategies adopted to overcome losses," he said together with the Deputy Chairman Dhammika Perera and board of directors at a media conference last week. Provisions for bad and doubtful loans in 2004 were Rs. 91 million bringing the cumulative figure for the past six years to Rs. 450 million. Creditable achievement was the reduction in the non performing loan ratio to 15.7 per cent in 2004 from 27.5 per cent six years ago, he said. PABC is in the process of bringing down the non performing loan ration to the industry average of 12 per cent by reducing losses this year, Bandara said. PABC got listed on the Colombo Stock Market and on the first day the cost of a share reached Rs. 40, he said. Managing Director/ CEO R. Nadarajah said in the year 2001 the Bank had a shake up, which continued until 2003. In 2004 they began on a good note by having a clear balance sheet cleared and providing for non performance loans. Deputy CEO Bradly Emerson said that the Bank made a remarkable turnaround last year, and did a lot of image building to come to the present position. The Bank opened two strategically located branches last year one is at Old Moor Street and the other at Panadura. HS |
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