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    PABC.N0000   LK0346N00003

PAN ASIA BANKING CORPORATION PLC

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End-of-day quote Colombo Stock Exchange  -  05-16
10.10 LKR   -3.81%
05/12Pan Asia Banking Corporation PLC Reports Earnings Results for the First Quarter Ended March 31, 2022
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04/25Pan Asia Banking Corporation PLC Announces Retirement of Directors
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02/21Pan Asia Banking Corporation PLC Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
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Pan Asia Banking : Bank pre-tax profit sharply up by 53% in 1Q2020

05/07/2020 | 11:59pm EDT

Pan Asia Banking Corporation PLC has concluded 2020 Q1 with the best ever financial results in a first quarter of any year in its 25 year history,

'It has reported a profit before tax of Rs.652 million and profit after tax of Rs.416 million, recording an impressive growth of 53 per cent in both, demonstrating resilience amidst challenging conditions,' the bank said in a media release.

The bank's operating profit before taxes on financial services for the quarter increased by 22 per cent reflecting solid overall core banking performance, effective assets and liabilities management and excellence in NPL management, although prudential impairment provisioning undermined the bank's operating profits to an extent.

The bank consciously increased impairment provision buffers during Q1 to deal with probable general deterioration in asset quality due to the impact of COVID 19 pandemic. As a result, the total impairment charge for the quarter increased by 46 per cent to record Rs. 529 million compared with Rs. 361 million during the same period a year ago.

The bank's net interest margins improved from 4.36 per cent to 4.78 per cent during the past three months which is a 'commendable feat' given the industry-wide deterioration in credit quality and steps taken by the government to bring down market interest rates despite the increased credit risk of borrowers.

The bank's total asset base stood at Rs.168 billion at the end of the quarter after posting a growth of 10 per cent supported by the expansion in gross loans and advances and other financial instruments.

Customer deposits recorded a growth of 6 per cent or Rs. 7 billion during the quarter to touch Rs.130 billion.

Commenting on the quarterly performance, the bank's Director/CEO, Nimal Tillekeratne said this performance had been possible due to the bank's well balanced, sustainable overall growth across all business segments coupled with improved efficiency and commitment from all staff. 'This impressive performance reflects the bank's resiliency, foresight, agility and the growing capability to generate strong financial performance even amidst challenging market conditions,' he said.

© Pakistan Press International, source Asianet-Pakistan

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Financials
Sales 2021 9 538 M 26,5 M 26,5 M
Net income 2021 3 075 M 8,54 M 8,54 M
Net Debt 2021 17 164 M 47,7 M 47,7 M
P/E ratio 2021 2,23x
Yield 2021 -
Capitalization 4 470 M 12,4 M 12,4 M
EV / Sales 2020 2,25x
EV / Sales 2021 2,52x
Nbr of Employees 1 396
Free-Float 60,1%
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Managers and Directors
Nimal R. Tillekeratne Chief Executive Officer, Executive Director & MD
Jayantha Sarath B. Rangamuwa Chairman
Gerald Wanigaratne Deputy General Manager-Information Technology
Harsha Kurukulasuriya Assistant GM-Operations & Administration
Anthony Gnanapragasam Chief Compliance Officer