Pan Asia Bank announced that they had a successful first quarter in 2011, with Rs. 196 mn. net profit after tax, a 190 % year on year (YoY) increase.
The Bank expanded its branch network to reach a total of 44 branches at end March 31, 2011; including three new branches opened in 2011 so far. The bank will continue its expansion drive this year (2011) with a view of achieving 25 new branches in 2011.
Bank’s net interest income for the period rose by 49% to Rs. 507 mn. YoY mainly from core banking income. Commission income grew by 135% YoY mainly due to increased trade, guarantees and other international business volumes handled by the bank.
Customer loans grew by 114% to Rs 24,265 mn. The major contributors for higher asset growth come from pawning, leasing, Ranaviru Harasara loans and margin trading. During same period the bank’s deposits grew by 58% to Rs. 26,226 mn.
Key indicators such as the NPA ratio declined from 11.96% in first quarter (1Q) 2010 to 4.84% in 1Q 2011, and notably the Net NPA ratio was down to 2.63% which is well within industry average and reflects sound asset quality.
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