PABC Bank posts Rs. 100m after tax profit in nine months

PABC Bank has completed its 11th year of operations having been established as a commercial bank in October 1995. The Bank has started reaping the benefits of its new corporate image, organisational changes and business strategies focused on retail and middle market segments during the last few years said General Manager/Chief Executive Officer R. Nadarajah.

Having seen two consecutive profitable years in 2004 and 2005 after its turnaround, the bank continues its satisfactory performance in the year 2006 as well achieving an after tax profit of Rs.100.281 million during the nine months ending September 30, 2006 compared to the corresponding period of the previous year of Rs.64.1 million recording an increase of over 50%.

Nadarajah said the Bank has taken steps to increase the number of employees of the bank from 394 as at December 2005 to 432 as at September 30, 2006 to deliver efficient services to its valued clients.

He said the annualised earnings per share based on the nine months profits have increased to Rs.2.41 from Rs.1.95 in the previous year. The Tier 1 and Tier II capital adequacy ratio of the bank was maintained at 10.28% as at September 30, 2006.