PAB to set up 100 branches

by Lalin FERNANDOPULLE

Pan Asia Bank (PAB) will set up 35 branches this year taking the number of branches to 100, said PAB Chairman A.G. Weerasinghe outlining the bank's exceptional performance last year.

A.G. Weerasinghe

Pan Asia Bank recorded another phenomenal quarter in 2011 with Profit After Tax (PAT) increasing 128% to Rs. 824 million compared to 2010.

Weerasinghe said that it was the highest growth recorded by the bank in a financial year during its 17 years of operations and that even after taking into account benefits received from reduced taxation, this growth significantly exceeds that of previous year.

PAB has currently 65 branches across the country with the small and medium sector as its main market segment.

The bank ventured into corporate banking in major way during the first quarter last year.

"We hope to set up branches in Trincomalee and Ampara shortly increasing the number of branches to12 in the North East regions", Weerasinghe said.

Pan Asia Ban introduced the five-year fixed deposits with a 15 percent interest on maturity and a 11.84 percent annual return.

In the Treasury sector, the Bank invests in Treasury Bill and Treasury Bonds. Weerasinghe said that the bank met the minimum capital requirement of Rs. 3 b by June 2011.

The bank is well on its way to achieve Rs. 4 b by end of 2013 and Rs. 5 b by 2015.

He said all branches will have a prime counter to treat high net-worth customers on the spot.

The bank's deposit base recorded a growth of over 65percent to top Rs. 35.5 billion during 2011.

Meanwhile, profit before tax grew by 70 percent with its main contribution coming from core banking areas.Total interest income for the year increased by 47 percent and Non Fund based income grew by 55percent.